Published On: Tue, Mar 7th, 2017

Bullish bounce from averages for USDCHF

InstaForex

Background


This week’s bias is positive and yesterday’s renewal of buying interest after Friday’s decline confirmed this bias. The move higher was not enough to seriously test last week’s high but did enough to emphasise the importance of the 13-day moving average and a daily Marabuzo line created on February 21. In the background, the daily Keltner channel is angling higher and although an early move to new highs is looked for as confirmation, sentiment is assessed as bullish.

Management and risk description


A move above 1.0176 means the stop can be raised to break-even.

Parameters

Entry: buy in 1.0115/20 area and at 1.0088.

Stop: 1.0053 offered.

Target: 1.0176 and 1.0201.

Time horizon: intraday, ending 1600 GMT.

Marabuzo lines

 

Off the lows

 

Long term

 Source: all charts from CQG. Create your own charts with SaxoTrader; click here to learn more 

– Edited by Gayle Bryant

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