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USD/CAD: technical analysis 15 October 2019, 12:43

USD/CAD: technical analysis 15 October 2019, 12:43 Scenario Timeframe Weekly Recommendation BUY STOP Entry Point 1.324...

Oct 11, 2019

USD/CHF: the dollar is growing 11 October 2019, 10:06


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 0.9990
Take Profit 1.0026
Stop Loss 0.9960, 0.9955
Key Levels 0.9876, 0.9897, 0.9925, 0.9964, 0.9982, 1.0000, 1.0026
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9960, 0.9945
Take Profit 0.9925, 0.9897
Stop Loss 0.9990, 1.0000
Key Levels 0.9876, 0.9897, 0.9925, 0.9964, 0.9982, 1.0000, 1.0026
Current trend
Yesterday, the USD/CHF pair rose, although that during the day it was trading mainly in a downward direction. USD was under pressure by the FOMC protocols published earlier, which reflected the ambiguous sentiment of the regulator's leadership and growing signals for a new round of easing monetary policy, including an increase in the Fed's balance sheet. Also, poor macroeconomic statistics on consumer inflation negatively affect the US currency. The US consumer price index for September fell from +0.1% MoM to +0.0% MoM, which turned out to be worse than the forecast that the indicator will stay at +0.1% MoM. In annual terms, inflation remained at the previous level of +1.7% against the forecast of +1.8%. The consumer price index excluding food and energy for September slowed down from +0.3% YoY to +0.1% YoY, while the market expected a decrease to +0.2% YoY.
Support and resistance
On the daily chart, Bollinger bands grow moderately. The price range narrows, reflecting the ambiguous dynamics in the short term. MACD grows, keeping a poor buy signal (the histogram is above the signal line). Stochastic grows but quickly approaches its highs, which indicates that USD may become overbought in the ultra-short term.
The current indicators do not contradict the further development of the “bullish” dynamics in the short and/or ultra-short term.
Resistance levels: 0.9982, 1.0000, 1.0026.
Support levels: 0.9964, 0.9925, 0.9897, 0.9876.


Trading tips
Long positions can be opened after the breakout of 0.9982 with the target at 1.0026. Stop loss – 0.9960–0.9955. Implementation period: 1–2 days.
Short positions can be opened after the rebound from 0.9982 and the breakdown of 0.9964–0.9950 with the target at 0.9925 or 0.9897. Stop loss – 0.9990 or 1.0000. Implementation period: 2–3 days.

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