By: Doug Rosen
The Swissy has finally made its way exactly to the 50.0 fib level of the last major move down at .9400 This is a very interesting level since it is a powerful fib level and it is also a psychological level. It is at a level where price can drop or it will make a powerful breakout to the upside. A break could happen since there is a lot of energy on the weekly time frame. The ema's have decent angle and separation from one another and the upper Bollinger band is pointing up. I see lots of upside probability but at the same town there will be sellers at this level.
On the daily chart price is still riding the 5 ema to the upside and the upper Bollinger band is open and pointing up. Currently price is up against the monthly R1 pivot point at .9383, has touched the weekly M5 pivot at .9391 and the daily M3 pivot at .9379 which all combined together make very powerful resistance.
The 4 hour candle has already poked and been rejected by the monthly R1 so this could be the beginning of a retracement to the downside before upside continuation will take place again.
On the hourly time frame the 5 ema is rolling over to the downside but it is too early to see if it will cross below the 13 ema.
Finally on the 15 minute time frame the 5 ema has crossed below the 13 and 21 ema's and price seems to be heading down a bit. It could make contact with the 55 ema not too far below then bounce and keep heading up. If it breaks below the 55 then watch for price to head down to a fib level and look for a short down to a long position. If price breaks above yesterday's high at .9388 then wait for a retracement and look to go long.