By: Doug Rosen
Yesterday the Swissy weekly candle broke above the 50.0 fib line of the last move down and was immediately rejection and price is right back down just below the 50.0 fib. I keep wondering if it was the 144 ema just above that forced price down but I not so sure since I don't think price got close enough to the 144 ema to get a rejection. I think price will still take another shot at heading up and will get to the 144 ema before it gets rejected again.
On the daily time frame the Swissy just looks like it just wants to retrace back down to the breakout zone. It will tap the 13 or 21 ema when it reaches what is now support then keep heading upward.
On the 4 hour time frame price is heading down to the 55 ema that overlaps with last month's high that has already been broken and a trend line just below that so I will expect some type of bullish reaction at the .9330 level.
On the hourly time frame price has just landed on the 144 ema which will hold for a bit but I think price still has to come down farther before it starts heading back up.
On the 15 minute time frame price is below the ema's indicating that the trend is down at the moment. I expect price to continue heading down to .9310 then to begin heading back up.