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AUD/USD: technical analysis 15 November 2019, 12:22

AUD/USD: technical analysis 15 November 2019, 12:22 Scenario Timeframe Intraday Recommendation SELL STOP Entry Point 0...

Nov 7, 2019

USD/CHF: the instrument is consolidating 07 November 2019, 09:07

Timeframe Intraday
Recommendation BUY STOP
Entry Point 0.9945
Take Profit 0.9982, 1.0000
Stop Loss 0.9914
Key Levels 0.9853, 0.9876, 0.9897, 0.9914, 0.9939, 0.9969, 0.9982, 1.0000
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9910
Take Profit 0.9876, 0.9853
Stop Loss 0.9939
Key Levels 0.9853, 0.9876, 0.9897, 0.9914, 0.9939, 0.9969, 0.9982, 1.0000
Current trend
USD showed ambiguous dynamics against CHF on Wednesday, having updated local highs of October 30. The development of flat dynamics was facilitated by the publication of macroeconomic statistics from the euro area, which provided moderate support to CHF. German Factory Orders rose by 1.3% MoM in September, after falling by 0.4% MoM in the previous month. Experts expected a growth of 0.1% MoM. Markit Composite PMI in Germany in October rose from 48.6 to 48.9 points, which also exceeded neutral market forecasts. The EU Services PMI in October increased from 51.6 to 52.2 points with the forecast of 51.8 points. Retail sales in September showed an increase of 3.1% YoY, accelerating from the previous +2.7% YoY and with a forecast of +2.5% YoY.
Support and resistance
Bollinger Bands in the D1 chart demonstrate flat dynamics. The price range is narrowing from below, reflecting the emergence of ambiguous dynamics of trading in the short/ultra-short term. MACD is growing, keeping a weak buy signal (located above the signal line). The indicator is also trying to consolidate above the zero level. Stochastic retains an upward direction, but is located in close proximity to its highs, which point to the risk of overbought USD in the ultra-short term.
Technical indicators do not contradict the further development of the uptrend in the short and/or ultra-short term.
Resistance levels: 0.9939, 0.9969, 0.9982, 1.0000.
Support levels: 0.9914, 0.9897, 0.9876, 0.9853.

Trading tips
To open long positions, one can rely on the breakout of 0.9939. Take profit – 0.9982 or 1.0000. Stop loss – 0.9914.
A breakdown of 0.9914 may be a signal for new sales with target at 0.9876 or 0.9853. Stop loss – 0.9939.
Implementation time: 2-3 days.

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