Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Swiss Franc Ready To Resume Uptrend

Published 01/27/2013, 01:12 AM
Updated 05/14/2017, 06:45 AM
After a sharply lower close the week-ending January 18, the March Swiss Franc futures contract posted an inside week and higher close on Friday. With the main trend up on the weekly chart, last week’s move could be an indication that traders are preparing to resume the trend after a four-week sell-off from the December 20 top at 1.1026.

During the break, it looked as if the market was headed toward uptrending Gann angle support at 1.0655. If this had failed then the market could’ve changed the trend to down while testing a 50 to 61.8 percent retracement zone at 1.0571 to 1.0463.

Weekly-SFH13-Chart
In order to resume last week’s rally, the market will have to overcome a downtrending Gann angle at 1.0786 early in the week. A move through this angle could trigger a further rally to 1.0906. Based on the main range of 1.1792 to 1.0115, a retracement zone was created at 1.0954 to 1.1151. The former could prove to be solid resistance since it forms a cluster with 1.0966.

The main trend is up because of the higher-tops and higher-bottoms. A trade through 1.0555 turns the main trend to down. A move through 1.1026 will mean the uptrend has resumed.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.