By: Doug Rosen
The new week for the Swissy starts out below the 50.0 fib line it broke last week, however, this pair still looks bullish to me. Price is still above the 5 ema and it can just keep heading up until it reaches the 144 ema around .9750 then drop. The weekly stochastics for the Swissy is in the overbought zone.
On the daily time frame stochastics is also in the overbought zone and price seems to be heading back down a bit but I do not expect it to fall below the 21 ema and I expect it to bounce off the 21 ema and possibly keep heading up.
On the 4 hour time frame price is heading down and it is approaching the 55 ema just above last month's high which I expect will hold as support then price should continue to head up.
On the hourly time frame price action is still bearish since it just recently touched the 55 ema then dropped, however the 233 ema is just 30 pips below and a reaction is surely expected at that ema.
On the 15 minute time frame price has made a couple higher lows but was rejected at the 233 ema at around .9400 but still has not made a lower low so I think price has a good chance of heading back up but will have to break through the 15 minute 233 ema first. Watch for longs above .9400 and shorts below .9340