John J Hardy
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Short term
Trade view / 05 July 2016 at 10:22 GMT

USDCHF finding a bid at key support

Technical Analyst / FuturesTechs
United Kingdom

USDCHF jumped from 0.9521 to 0.9865 last week on the Brexit shenanigans, breaking resistance at 0.9688 along the way. This was a short-term Fibonacci level that had been the scene of a high/failure in mid June.

Since hitting that high at 0.9865 we have tracked back, and this morning we got back to 0.9688, that old level of focus... and we found buyers.

A couple of Doji candles on the 30-minute chart alerted me to the idea that buyers may be returning on this retest.

If we get long at current levels we can use 0.9688 and 0.9650, a level gleaned from our Market Profile charts, as protection for a stop.

Management and risk description


Entry: Buy at market (currently 0.9700)

Stop: Below 0.9745 initially.

Targets:  0.9860 and 1.0090.

Time horizon: 2 days to 2 weeks.

Chart 1: Daily Candlestick

Chart 2: Weekly Bar Chart

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more
05 July
Hi Clive, did you mean Stop: Below 0.9645 initially?
05 July
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
YES, I DID!!! Thanks Q!
08 July
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
Seems to be struggling with resistance at 09806 which is a shame as Payrolls is looming...
08 July
Payrolls have taken care of that!
08 July
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
Indeed. First target hit for those who decided to hold it...


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