Wednesday, April 27, 2016

USD/CHF: Fibonacci Analysis

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Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9723
Take Profit 0.9680, 0.9640
Stop Loss 0.9750
Key Levels 0.9616, 0.9640, 0.9649, 0.9682, 0.9692, 0.9723, 0.9789, 0.9795, 0.9867, 0.9875

Alternative Scenario
Recommendation BUY STOP
Entry Point 0.9800
Take Profit 0.9875
Stop Loss 0.9755
Key Levels 0.9616, 0.9640, 0.9649, 0.9682, 0.9692, 0.9723, 0.9789, 0.9795, 0.9867, 0.9875

A strong downward correction is possible.
On the 4-hour chart, the price rebounded from two-month highs and is heading towards the level of 0.9723 (23.6% correction), the crossover with the ascending 38.2% fan line and the 23.6% arc. A breakdown of this level can lead to a decline towards the support area 0.9692-0.9682 (61.8% extension and 38.2% correction) and further down to 0.9649 (50.0% correction) and 0.9616 (61.8% correction). A strong growth would start if the level of 0.9789 (overlap between the 0.0% and 38.2% corrections for the short- and medium-term trends) is broken out. In this case, the price might strengthen to 0.9867 (overlap between the 161.8% extension and the 90.0% correction for the medium-term trend).
On the daily chart, the price rebounded from 0.9795 (38.2% correction) and is trading at the level of 0.9740 (61.8% extension) a breakdown of which can lead to a decline towards 0.9686 (23.6% correction) and 0.9640. A growth might start if the price breaks out level of 0.9795 (38.2% correction) and the descending 50.0% fan line. In this case, the target would be at 0.9875 (50.0% correction).

Trading Tips
Sell the pair below the level of 0.9723 with targets at 0.9680, 0.9640 and stop-loss at 0.9750.

Alternative Scenario
Buy the pair if the price turns up and breaks out the level of 0.9795 with the target at 0.9875 and stop-loss at 0.9755.



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