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USDCHF to form a bullish Gartley

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Critical time for Congress and the US dollar. News overnight is that the US House has voted to pass a stopgap funding bill that funds the government into mid-February. The bill now goes to the upper house for a vote

 

USD Index Weekly: Wednesdays bullish outside day is still holding but the long-term trend of lower lows from Q3 2015 to Q2 2016 is being pressured once more.

 

When we have large news events like this we find that technical analysis is ‘less reliant’ and large swings can be seen in either direction. With this in mind, we like to look for higher probability trade set ups that offer solid risk/reward ratios. I believe that USDCHF holds one today. I am only looking at one timeframe, daily.

 

Daily: We have a Fibonacci confluence area at 0.9550. This is the 161.8% extension from 1.0039 to 0.9735 and the 78.6% pullback from 0.9420 to 1.0039. This has formed a bullish Gartley pattern. It should also be noted that DeMark is at a 12 count on the one-hour chart. A 13 count highlights exhaustion. The first resistance is located at 0.9735

usdchf daily ig.png

In regards to the PIA analysis, no representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result.

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