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USD/CHF: New long after break above and retest of the horizontal support

USD/CHF:

Date: 19 December, 2016

H4 Graph: Long term choppy, Possible change of trend to long

The price here broke horizontal resistance at 1.0180/1.02100 and came back for a retest. Now as the price action shows us is that possibly there is an end of that correction just above of the horizontal support and new impulse for long. Price held above horizontal support and above 50 and 200 ЕМА’s.

DEM (14) – In the Overbought zone

Fundamental: The price of the USD is supported by the future expectation that the FED will increase the rates at least 3 times in the coming year. The same is not expected by the SNB.

Alternative scenario: If the price continue to move lower and move below the previous low and below the horizontal support, this will cancel this bullish scenario. сценарий.

Price for Entry long around: 1.02600

SL: 1.0200

Jr. Trader – S. Fuchedzhiev

 


 Varchev Traders


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