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USD/CHF Technical Analysis - Forex

LeighRiley

By LeighRiley
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LeighRiley Newbie

LeighRiley

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A look at the USDCHF on the hourly chart and it is evident that the USD has been off on a tare since the beginning of February with a strong upward trend denoted in blue below. The currency pair looks to have formed a double top; normally seen by technicians as a bearish reversal signal in an upward trend, wherein the price of the instrument fails to make a consecutively higher high. It is also interesting to note the Stochastic Oscillator dropping as the momentum of the buyers is seeming to wane. 

 

The signal for the reversal would be confirmed with a break below the neckline of the pattern at 1.00266 with an anticipated downside target at 0.99962; indicating a devaluation or weakening in the USD or conversely strengthening in the CHF. The target is calculated by taking the height of the double top from the neckline to the high and extrapolating or projecting it downward. It is interesting to note this ends up at the previous resistance, now new support at around 0.99962. A failure for the current setup would be considered with a close of the currency pair above the highs at 1.00575, denoting further strength in the dollar. 

 

1701642609_USDCHF13022017.png.afb52c508f823dc10a9884895e4a6a06.png

Purply Newbie

Purply

Posted
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I like it!

 

Forex is definitely something I'd like to get involved in since I get the idea this is something I can do outside of work hours?

 

Likewise, that's one area I haven't explored yet, but get the feeling you need quite a bit if time figuring all that out.

 

Would be awesome if trading at night is an option, which platform you thinking of?

 

PS..... welcome Leigh and thank you for the post.

Spreadsheet Ranger Newbie

Spreadsheet Ranger

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@Purply I was thinking because of the costs involved since I will literally be a novice noob I was thinking of starting with GT247 because of the low fees although the platform itself is quite lacking in places.

 

So the idea is use GT247 to get the feel and then move in towards something proper like IG markets, I have used them before and I do recall without a shadow of a doubt that they where one of if not the best platforms around.

 

That and everyone I follow on twitter uses them too.

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