EURUSD and USDCHF range or do we get a break?

by | November 10th, 2017, 10:52:57 | Technical Analysis | 2 comments

Technical analysis

Monitoring EURUSD 1.1662-76 and USDCHF 0.9917-33

  • EURUSD tried and failed twice to break under 1.1575 when it had the chance on dovish Draghi, weaker German number .We’re now looking at the H&S resistance, the 100 ma on H4 and a fib in this zone as well. There’s a chance we breaks the market is not impressed with the GOP Tax Plan, which should see some run for the exit on technical shorts and a quick move to 1.1750 can be expected.I reckon1.1620/30(a few ma’s there) will hold it for the day. I bought smalls in the 1.1640s, looking to add a bit 1.1625/20 , abandon under 1.1610.
  • USDCHF failed above 1.0025-45 on a couple attempts. Remember it was my target zone lat week.Now we’re on a decent support level here as per attached chart.The incessant EURCHF buying has also waned which puts us rather sideways in a 1.1540-1.1625 range. I haven’t got the position yet, but a break under 0.9915 will trigger a short term short for a look at 0.9865.
  • The levels on both EURUSD and USDCHF coincide , which should make a break relatively powerful imo if it occurs.
  • And if nothing of like occurs dear ladies and gentlemen, the range will get stronger and we can start our XMAS shopping early I reckon.But we’re traders so stay positive something will happen.

EURUSD H4 10.11.2017

USDCHF D1 10.11.2017

K-man
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2 Comments

  1. 5magics
    5magics on November 10, 2017 at 11:27 am

    Hey K, I’m short USDCHF from yesterday at 0.9989. EURUSD resilient under 1.16, we spent 2 weeks trying to push through but no way. Also those tops on USDJPY starting to become a bit too many imho. 0.763 in AUDUSD also holding well, along with 1.29 (50%Fib) in USDCAD. So yes I’m seeing a top for USDX. Ranging or pushing lower we’ll see. Stocks, oil and yields (flattening US curve in particular) vey much in play, focus on tax drivel out of DC as usual.

    • K-man
      K-man on November 10, 2017 at 12:57 pm

      HI 5m sorry late reply ,nice one on CHF . I think you have it right there. And the Tax Plan hasn’t impressed . Funny this morning US yields ticked up but failed to underpin the USD much. Fatigue or reversal? The levels are pretty close so I reckon we’ll know soon enough. Thanks and have a great WE

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