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Haresh Menghani



Articles by Haresh Menghani

USD/CHF Price Analysis: Technical set-up remains tilted in favour of bullish traders

April 7, 2020

USD/CHF traded with a positive bias for the sixth consecutive session on Monday.
Bulls are likely to wait for a sustained move beyond the very important 200-DMA.
The USD/CHF pair built on last week’s goodish positive move of around 300 pips and continued gaining traction for the sixth straight session on Monday.
The pair climbed to near two-week tops in the last hour, with bulls now looking to extend the momentum further beyond the 0.9800 round-figure mark.
The mentioned handle nears the very important 200-day SMA, around the 0.9810 region, which if cleared might be seen as a fresh trigger for bullish traders.
Meanwhile, technical indicators on the daily chart have just started moving into the positive territory and further reinforce prospects for an extension of

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USD/CHF Price Analysis: Intraday positive move stalls near the 0.9590 confluence region

March 31, 2020

USD/CHF finds decent support near 0.9500 mark and snaps four days of losing streak.
The set-up warrants some caution before positioning for any further recovery move.
The USD/CHF pair found a decent support near the key 0.9500 psychological mark and staged a goodish recovery on the first day of a new trading week, snapping four consecutive days of losing streak.
The positive move lifted the pair to a short-term descending trend-channel breakpoint, turned resistance, which coincides with 50-hour SMA and 23.6% Fibonacci level of the 0.9902-0.9502 downfall.
The mentioned confluence region might now act as a key pivotal point for short-term traders, above which the recovery momentum could further get extended towards 38.2% Fibo., around mid-0.9600s.
Given that

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USD/CHF Price Analysis: Bulls await a sustained move beyond 0.9765-70 supply zone

February 7, 2020

USD/CHF trades with a positive bias for the fourth consecutive session.
The 0.9700 mark might now act as a strong base for bullish traders.
The USD/CHF pair edged higher for the fourth consecutive session on Thursday and is currently placed near one-week tops, levels just below mid-0.9700s.
Any subsequent positive move is likely to confront stiff resistance near the 0.9765-70 region (testing twice in January) and kept a lid on any further gains.
The mentioned barrier coincides with 38.2% Fibonacci level of the 1.0024-0.9613 downfall, which if cleared might be seen as a key trigger for bullish traders.
Moreover, technical indicators on hourly/daily charts have been gaining positive traction and support prospects for an extension of the ongoing momentum.
Hence, some

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USD/CHF sits near 1-week tops, just below mid-0.9700s

February 7, 2020

USD/CHF edges higher for the fourth consecutive session on Thursday.
The risk-on mood weighed on the safe-haven CHF and remained supportive.
A pullback in the US bond yields kept a lid on the USD and capped gains.
The USD/CHF pair now seems to have entered a bullish consolidation phase and was seen oscillating in a narrow trading band near one-week tops, just below mid-0.9700s.
The pair added to its positive momentum witnessed since the beginning of this week and edged higher for the fourth consecutive session on Thursday amid the prevailing risk-on mood, which tends to undermine the Swiss franc’s perceived safe-haven status.

USD/CAD remains supported by risk-on mood
More positive development surrounding the coronavirus saga, coupled with hopes the economic

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USD/CHF clings to gains above 0.9700 mark, US data eyed for fresh impetus

February 6, 2020

USD/CHF gains positive traction for the third consecutive session on Wednesday.
Optimism over coronavirus treatment triggered a fresh wave of global risk-on trade.
The USD benefitted from surging US bond yields and remained support ahead of data.
The USD/CHF pair surged through the 0.9700 round-figure mark and climbed to near one-week tops in the last hour, albeit retreated few pips thereafter.
The pair gained some follow-through traction for the third consecutive session on Wednesday and added to its recent positive move amid weakening demand for traditional safe-haven assets. Some positive developments in the coronavirus saga triggered a fresh wave of the global risk-on rally, which dented the Swiss franc’s perceived safe-haven status.

USD/CHF supported by

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USD/CHF consolidates in a range, below 0.9700 handle

January 21, 2020

USD/CHF consolidates Friday’s goodish intraday positive move.
The prevalent cautious mood seemed to have capped the upside.
The USD/CHF pair was seen oscillating in a narrow trading band below the 0.9700 mark on Monday and consolidated the previous session’s goodish positive move.
A combination of supporting factors helped the pair to gain some follow-through positive traction for the second consecutive session on Friday and build on the previous session’s modest recovery from multi-month lows.
Bulls seemed reluctant amid cautious mood
The latest optimism over the long-awaited US-China phase one trade deal remained supportive of the recent risk-on rally across the global financial markets and continued weighing on the Swiss franc’s perceived safe-haven status.
On

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USD/CHF hammered down to sub-0.9900 levels, 2-week lows

December 3, 2019

USD/CHF lost some additional ground for the second straight session on Tuesday.
A subdued USD demand, stability in equity markets did little to provide any respite.
Trump’s latest remarks opened the room for a further intraday depreciating move.
The USD/CHF pair witnessed some follow-through selling on Tuesday and dropped to near two-week lows, below the 0.9900 handle in the last hour.
Having repeatedly failed to find acceptance above the parity mark, the pair came under some aggressive selling pressure on the first day of a new trading week and was being weighed down by a combination of negative forces.

Trade uncertainty continues to exert pressure
The US President Donald Trump’s decision to re-impose tariffs on steel and aluminium from Brazil and Argentina

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USD/CHF technical analysis: Bulls struggle to extend the recovery beyond 0.9900 handle

November 15, 2019

Renewed US-China trade optimism helped regain some traction.
The uptick lacked bullish conviction and warrants some caution.
The USD/CHF pair stalled its recent pullback from levels beyond 200-day SMA and regained some traction on the last trading day of the week. Renewed trade optimism weighed on the Swiss franc’s safe-haven status and led to a modest recovery, though bulls struggled to extend the momentum beyond the 0.9900 handle.
On the daily chart, the pair has been oscillating between two converging trend-lines over the past two months or so and now seemed to have formed a symmetrical triangle.
Meanwhile, oscillators on 4-hourly/daily charts have been recovering but struggled for a firm direction, warranting some caution for aggressive traders.
Given the

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USD/CHF technical analysis: Jumps back closer to over 1-week tops

October 26, 2019

The intraday pullback finds decent support ahead of 0.9900 handle.
Move beyond 0.9935 will set the stage for additional near-term gains.
The USD/CHF pair did witness some intraday pullback but showed some resilience below 38.2% Fibonacci level of the 1.0028-0.9837 recent downfall. The pair managed to find decent support near 200-hour SMA and has now moved back closer to over one-week tops set earlier this Friday.
Meanwhile, technical indicators on the 4-hourly chart maintained their bullish bias and have again started gaining positive traction on the 1-hourly chart. This coupled with the fact that oscillators on the daily chart have just moved in the positive territory support prospects for additional gains.
However, traders are likely to wait for a sustained move

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USD/CHF technical analysis: Breaks below 0.9940 confluence support, turns vulnerable

October 17, 2019

The pair remains under some selling pressure for the second straight session.
The ongoing slide dragged it below a two-month-old ascending trend-channel.
Bears might now aim towards challenging the 0.9900 round-figure mark.
The USD/CHF pair extended this week’s rejection slide from the vicinity of the key parity mark and remained under some selling pressure for the second consecutive session.
The ongoing slide to one-week lows has now dragged the pair below a confluence support near the 0.9940 region, which might now be seen as a key trigger for bearish traders.
The mentioned support comprised of 23.6% Fibonacci level of the pair’s 0.9659-1.0028 recent strong move up and the lower end of a two-month-old ascending trend-channel.
Meanwhile, technical indicators on

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USD/CHF technical analysis: Intraday uptick falters just ahead of parity mark

October 17, 2019

Despite the intraday pullback, the pair has managed to hold above 200-DMA.
The near-term technical set-up support prospects for some dip-buying interest.
The USD/CHF pair failed to capitalize on its intraday positive move and faced rejection near the key parity mark, albeit has still managed to hold above the very important 200-day SMA.
Given the pair’s repeated bounce from a support marked by the lower end of a two-month-old ascending trend-channel, the near-term bias remains tilted in favour of bullish traders.
Moreover, technical indicators on hourly charts have been losing positive momentum but maintained their bullish bias on the daily chart, supporting prospects for some dip-buying interest. Hence, any meaningful slide might still be seen as an opportunity

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USD/CHF technical analysis: Pivots around 200-day SMA, near mid-0.9900s

October 15, 2019

Continued with its struggle to extend the momentum beyond 200-DMA.
Bears eye a decisive break below the ascending trend-channel support.
Bulls are likely to await a sustained strength above the key parity mark.
The USD/CHF pair failed to capitalize on last week’s attempted rebound from a support marked by the lower end of a two-month-old ascending trend-channel and met with some fresh supply on Monday.
The pair’s repeated failed attempts to extend the momentum further beyond the very important 200-day SMA now seemed to suggest that the recent positive move might have already run out of the steam.
Meanwhile, oscillators on hourly charts have struggled to gain any meaningful traction but managed to hold with a mild positive bias, warranting some caution before

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USD/CHF technical analysis: Bulls trying to defend multi-week old ascending trend-channel

September 28, 2019

Fading safe-haven demand undermined the CHF demand and extended some support.
Bears await a sustained weakness below short-term ascending channel support.
The USD/CHF pair struggled to register any meaningful recovery and remained well within the striking distance of near three-week lows set in the previous session, coinciding with the lower end of a multi-week-old ascending trend-channel.
Given that technical indicators on hourly charts maintained their bearish bias and have just started drifting into the negative territory on the daily chart, any follow-through selling will set the stage for an extension of the recent downward trajectory.
However, traders are likely to wait for a sustained break through the mentioned trend-channel support before positioning for

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USD/CHF Technical Analysis: The ongoing corrective slide challenges 200-hour SMA support, around mid-0.9800s

September 5, 2019

Extends overnight retracement slide from an ascending trend-channel resistance.
A follow-through selling has the potential to drag the pair towards channel support.
The USD/CHF pair remained under some selling pressure for the second consecutive session on Wednesday and retreated farther from over one-month tops set in the previous session.
The pair on Tuesday started retreating from a resistance marked by the top end of a short-term ascending trend-channel, extending from multi-month lows touched on August 13th.
The pullback, however, seems to have found some support near 200-hour SMA, which should now act as a key pivotal point and help traders to position for the pair’s intraday movement.

USD/CHF 1-hourly chart(see more posts on USD/CHF, ) – Click to

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USD/CHF technical analysis: Manages to hold above 0.9800 handle, 200-hour SMA

August 28, 2019

The USD/CHF pair struggled to sustain above 61.8% Fibo. level of the 0.9879-0.9714 recent slump and seems to have stalled this week’s recovery move from the 0.9700 neighbourhood.
The intraday downtick remained cushioned near the 0.9800 handle, which coincides with 100/200-hour SMA confluence region and should act as a key pivotal point for intraday traders.
Meanwhile, neutral technical indicators on hourly/daily charts haven’t been supportive of any firm near-term direction and thus, warrant some caution before placing any aggressive bets for the pair’s near-term trajectory.
A decisive breakthrough the 0.9800-0.9795 region – also nearing 50% Fibo. level – might prompt some technical selling and turn the pair vulnerable to accelerate the slide further towards

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