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USD/CAD: technical analysis 16 July 2019, 11:19

USD/CAD: technical analysis 16 July 2019, 11:19 Scenario Timeframe Intraday Recommendation SELL STOP Entry Point 1.303...

Jul 12, 2019

USD/CHF: instrument consolidated 12 July 2019, 10:20


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 0.9910
Take Profit 1.0000, 1.0020
Stop Loss 0.9860
Key Levels 0.9775, 0.9800, 0.9833, 0.9860, 0.9907, 0.9930, 0.9960, 1.0000
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9855
Take Profit 0.9800, 0.9775
Stop Loss 0.9890
Key Levels 0.9775, 0.9800, 0.9833, 0.9860, 0.9907, 0.9930, 0.9960, 1.0000
Current trend
Yesterday, USD fell steadily against CHF, renewing the lows since July 5. However, it could not consolidate on the new levels, and by the end of the daily session, USD was able to go into the green zone. The US currency was supported by strong data on consumer inflation, which contributed to an increase in the probability of the Fed keeping the interest rates unchanged during the July regulator meeting. The Initial Jobless Claims data also had a positive impact on the USD. During the week of July 5, its number decreased from 222K to 209K, which was significantly better than investors' forecasts of 223K. The number of secondary applications (as of June 28) also decreased significantly from 222,500 to 219,250 against the forecast of 223,426.
Support and resistance
Bollinger bands grow steadily on the daily chart. The price range narrows from above, reflecting the emergence of multidirectional dynamics in the short/extra short term. The MACD tries to reverse downwards and form a new sell signal (the histogram should be located below the signal line). Stochastic is falling more confidently, reflecting enough potential for the development of a downtrend in the super-short term.
The formation of a full-fledged “bearish” trend in the short and/or super short term is possible.
Resistance levels: 0.9907, 0.9930, 0.9960, 1.0000.
Support levels: 0.9860, 0.9833, 0.9800, 0.9775.


Trading tips
Long positions can be opened after the breakout of 0.9907 with the target at 1.0000 or 1.0020. Stop loss is 0.9860.
Short positions can be opened after the breakdown of 0.9860 with the target at 0.9800 or 0.9775. Stop loss is 0.9890.
Implementation period: 2–3 days.

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