John J Hardy
John Hardy, head of fx strategy at Saxo Bank provides a technical analysis of the following currency pairs: USDJPY, AUDUSD, EURUSD, EURGBP, AUDJPY, AUDCHF, EURCHF, NZDUSD and AUDNZD.
Day trade
Trade view / 07 June 2016 at 7:08 GMT

EURCHF breaking lower through the neckline

Analyst / PIA First
United Kingdom


I sold some EURCHF yesterday and have set a limit order to sell again into any rallies today. Here is why:

The weekly chart highlights the cross grinding higher from the sharp selloff in January 2015. The chart has made higher highs and lows but now looks to be stalling. On the week May 16, we posted a Demark exhaustion 13 count. This highlights that we are at least due a correction lower.

Weekly - DeMark exhaustion 13
Source: Saxo Bank 

The daily chart highlights the cross breaking the neckline of a bearish Head and Shoulders formation. RSI (relative strength index) has broken the 50-line and is trending lower.

Daily - Head and Shoulders breaking
Source: Saxo Bank 

Yesterday’s POC (Point of Control – Market Profile) is at 1.1055. Bespoke resistance is at 1.1054. Yesterday’s Marabuzo level is at 1.1053. This is our ideal zone to get short. If we see an earlier trigger we will update.

Four Hour - Prime short entry is 1.1050
 Source: Saxo Bank

The measured move target is at 1.0920. With a stop at 1.1085 this offers a good risk/reward trade today.

Management and risk description


Entry: selling at 1.1050.


Target: 1.0920.

Time horizon: 2-5 sessions.

— Edited by Martin O'Rourke

Non-independent investment research disclaimer applies. Read more
07 June
Ven78 Ven78
Hi Ian,.any view on the dollar index? thanks
07 June
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
I think its oversold .... would only look to buy it now
07 June
Ven78 Ven78
08 June
Anton Bushin Anton Bushin
HI Ian EurChf hold till the target? I mean correlation with USDCHF, EURUSD
08 June
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
target still good...


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