By: Doug Rosen
For the sixth week in a row the Swissy weekly candle opens nearly at but a bit below the 50.0 fib of the last move down around .9400 This is obviously a very, very important level. It has been breached on the weekly timeframe but we have not had a weekly candle close above that level. Interesting enough, this is the eighth week in a row price has opened up below the weekly 5 ema. The 5 ema today is higher than it has been as well and I keep thinking that the only way price is going to break the .9400 level will be a 5 ema cross above the .9400 level, then when that happens I expect price to head up to the weekly 144 ema at .9760
On the daily timeframe price is maintaining itself above the 21 ema and above 19345 which has acted as both resistance and support several times in the past. The 21 ema is prepping to cross above this level which could very well keep price action above that level and on an upward progression.
On the 4 hour timeframe price is a tough read. Keep in mind This past weekend has been Christmas weekend and since Christmas fell on a Sunday then Monday will be a Bank Holiday in Europe as well as USA and Canada so I don't expect much volatility today.
On the hourly timeframe the lack of volatility is even more apparent since the Bollinger bands have gotten rather narrow. Price is however a tad above the 55 and 144 ema's, however, will the holiday weekend in consideration there is not much significance in that.
I will remind you all once again until you are all used to it that I have provided a table of levels for you all to monitor. We will called it Doug's Matrix since it is of my own design and my name is Doug. It is simply a table that displays every pivot point from the monthly all the way down to the 15 minute, however, by the time you view it the 15 minute and hourly data will already be expired but I do recommend keeping an eye on all the other levels. In addition to the Pivot Point levels I have provided the Fib retracements and extensions of the previous candles also over the monthly to 15 minute timeframes but the same thing applies, pay attention mostly to the monthly to the 4 hour since the hourly and 15 minute will be expired. The 4 hour pivot and fib levels are good until 10:00 AM GMT. The levels indicated in Doug's Matrix will keep you out of danger and put you into profitable opportunities.
