6-19-16
USDCHF@ 0.9588 - bearish bias – Minor double top drives further downside
USDCHF reversed off the .9956 minor double top area (May 30, 2016 weekly high) to post a new 6-week low at .9571 (June 13, 2016). While the .9686/.9796 (June 13, 2016 weekly high/April 18, 2016 prior range high near 50 week moving average) area caps, scope remains for further downside towards 0.9443 (May 2, 2016 YTD low). Below there lies the .9257 support level (August 24, 2015 spike low).
However, a clean upside break back above .9686/.9796 would stabilize the structure and extend further consolidation under the .9956 reversal high.
Outlook:
Intraday: bearish
Daily: bearish
Weekly: bearish
Monthly: neutral
USDCHF@ 0.9588 - bearish bias – Minor double top drives further downside
USDCHF reversed off the .9956 minor double top area (May 30, 2016 weekly high) to post a new 6-week low at .9571 (June 13, 2016). While the .9686/.9796 (June 13, 2016 weekly high/April 18, 2016 prior range high near 50 week moving average) area caps, scope remains for further downside towards 0.9443 (May 2, 2016 YTD low). Below there lies the .9257 support level (August 24, 2015 spike low).
However, a clean upside break back above .9686/.9796 would stabilize the structure and extend further consolidation under the .9956 reversal high.
Outlook:
Intraday: bearish
Daily: bearish
Weekly: bearish
Monthly: neutral
