USD/CHF Technical Analysis | USD/CHF Trading: 2015-01-29 | IFCM UK
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USD/CHF Technical Analysis - USD/CHF Trading: 2015-01-29

Unemployment Claims

Today at 14:30 Unemployment Claims will be released in the US. The data is collected by the Ministry of Labor and published in a weekly report. The indicator allows estimating the domestic demand dynamics, as well as the consumer lending potential in order to stimulate the US economy. Today we expect increased volatility of the US dollar against the most liquid currencies.

USD/CHF

Let’s consider USD/CHF on the H4 chart. The price finished the sideways movement and formed the uptrend channel, which is confirmed by the RSI-Bars signal. Note that the last fractal updated Donchian Channel, which also has the bullish bias. It was accompanied by the formation of bullish candlestick patterns: "absorption" and "hammer" (marked in yellow). The formation of two consecutive bullish patterns is a strong signal to go long. The next volatility momentum is likely to be expected following the resistance level breakout at 0.91747, which will cause Parabolic reversal in the direction of green zone. This mark can be used for placing a pending buy order.
Conservative traders are recommended to wait for oscillator confirmation and the corresponding breakout at 77.1362%. Stop Loss is to be placed below the support level at 0.89616. This mark is confirmed by the trend line and the lower boundary of Donchian Channel. After order opening, Stop Loss is to be moved after Parabolic values near the next fractal low. Thus, we are changing the probable profit/loss ratio to the breakeven point. If the price overcomes Stop Loss level without reaching Buy order, the position is recommended to be deleted: it means that the market is having internal changes, which haven’t been taken into account.

PositionBuy
Buy stopabove 0.91747
Stop lossbelow 0.89616


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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

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