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USD/JPY: general review 21 May 2019, 14:14

USD/JPY: general review 21 May 2019, 14:14 Scenario Timeframe Weekly Recommendation BUY Entry Point 110.26 Take Prof...

Mar 15, 2019

USD/CHF: general review 15 March 2019, 08:48


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 1.0045
Take Profit 1.0080, 1.0097
Stop Loss 1.0017
Key Levels 0.9961, 0.9980, 1.0000, 1.0017, 1.0041, 1.0062, 1.0097, 1.0123
Alternative scenario
Recommendation SELL STOP
Entry Point 1.0015
Take Profit 0.9980
Stop Loss 1.0035
Key Levels 0.9961, 0.9980, 1.0000, 1.0017, 1.0041, 1.0062, 1.0097, 1.0123
Current trend
On Thursday, the US dollar showed ambiguous dynamics against the Swiss franc. USD was pressured by weak macroeconomic statistics from the USA.
Investors negatively reacted to the dynamics of sales of new homes, which in January collapsed by 6.9% MoM after rising by 3.8% MoM a month earlier. Analysts were expecting a decline of -0.6% MoM. Data on Initial Jobless Claims was also disappointing. For the week of March 8, the number of applications increased from 223K to 229K (with a forecast of 225K). Franc, in turn, negatively reacted to the publication of weak data on the dynamics of consumer prices in Germany, while the Swiss producer prices and import index, on the contrary, was able to support CHF. In February, the index rose by 0.2% MoM against a decline of 0.7% MoM last month.
Support and resistance
Bollinger Bands in D1 chart demonstrate flat dynamics. The price range narrows from below, reflecting the slowdown of the "bearish" trend in the short term. MACD is going down preserving a stable sell signal (being located under the signal line). Stochastic retains a downward direction but is located in close proximity to its minimum values, which indicates oversold instrument in the ultra-short term.
One should keep existing short positions until clarification.
Resistance levels: 1.0041, 1.0062, 1.0097, 1.0123.
Support levels: 1.0017, 1.0000, 0.9980, 0.9961.


Trading tips
Long positions may be opened if the price moves away from 1.0017, as from support, followed by the breakout of 1.0041 Take profit — 1.0080 or 1.0097. Stop loss – 1.0017. Implementation period: 2-3 days.
A confident breakdown of 1.0017 may serve as a signal to further sales with the target at 1.0000 or 0.9980. Stop loss – 1.0035. Implementation period: 1-2 days.

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