Type:
Bullish Rise
Key Levels:
Resistance: 1.06965
Pivot: 1.05910
Support: 1.04780
Preferred Case:
On the H4, with prices moving above the ichimoku indicator and within the ascending channel , we have a bullish bias that price will rise to the pivot at 1.05910 where the swing high resistance and 78.6% fibonacci projection are. Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 1.06965 where the overlap resistance, -27.2% fibonacci expansion , 100% fibonacci projection , 127.2% fibonacci extension and 78.6% fibonacci retracement are.
Alternative Scenario:
Alternatively, price could drop to the 1st support at 1.04780 where the pullback support is.
Fundamentals:
Since there is a surprise rate hike by 50bps to -0.25%, we have a bullish view on the Swiss Franc .
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.