To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=fx_trading&ad=2FtMGCA26rk First off, taking a look at our news calendar for the day today. Fairly light for the day today. We have some bank holidays in effect. Switzerland bank holiday. French bank holiday. German bank holiday. So, that would likely cause some muted market movements on the EUR and the CHF pairs, but we definitely could see some movement based on US news. We do have some empire manufacturing data coming up at 8:30AM Eastern US time today. Other than that, fairly light for the US trading session. After the US trading session, during the London session, we do have some news out of Australia and New Zealand that could impact those currency pairs. All right, getting started here on the US Dollar versus the Swiss Franc [USDCHF]. We’re taking a look at the daily timeframe first. We have been studying this downtrend channel between the two red trend lines for quite a long time. Most importantly, in the recent market movement, we’ve seen some upside momentum within the channel and we’re getting very close to the top of that channel. That’s important because the closer it gets, the more potential we have for resistance. Not a guarantee that it won’t continue to go higher, but the very likelihood of resistance as we approach especially the 0.9800, that round handle as it gets just about 40 to 45 pips higher than the current market and we get closer towards that red trend line. Let’s go ahead and zoom it in a couple of times here and you could see there’s the red trend line. There’s the 0.9800-level right there highlighted in orange. We’ve seen historical support and resistance along that 0.9800-level before, so it’s likely we would look for some resistance in there again today. We also have the 100-period simple moving average coming in to play just above there into the 0.9830 or so level as it touches just above the orange-shaded area. Really if we’re going to see some continuation of the upside momentum, we need it to break through there before it’ll go higher. Right now that becomes our resistance. The yellow zone will be our support for the day today. That’s 0.9750, down to 0.9720. What we’re looking for is historical price action. We could see resistance here. Resistance here. So, it has been. Even here last week, we saw resistance and now we’re challenging just above it. If it holds and stays above 0.9750, I think 0.9800 becomes our clear viewed target for the USDCHF. https://www.youtube.com/watch?v=2FtMGCA26rk Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.
Visibility: 617
Duration: 16m 32s
Rating: 4