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RBC Technicals: Play A Study Divergence For A Bounce In USD/CHF

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RBC recommended positioning “for a tactical bounce in USD/CHF by going long at current levels (CNF0.9246) and look to add at CNF0.9140. Implement a take profit at CHF0.9550 and a stop loss at CHF0.9080.”

  • “The decline in USD/CHF stalled against support at CHF0.9088 via the formation of a hammer pattern on January 18. This level coincided with a double bottom that formed in November 2021-January 2022 that is also flush with 76.4% retracement of the 2021-2022 advance in prices.”
  • “Adding more weight to the stalled selloff was the fact that a number of bullish study divergences had formed on the daily studies since November. This increases the odds of a corrective bounce in prices - which would be confirmed on a daily close above the descending channel top at CHF0.9283.”
  • “The resulting bullish trend reversal would trigger a corrective phase that would highlight the 2023 highs near CHF0.9400, followed by CHF0.9456 and CHF0.9547.”
  • “Support is located at CHF0.9141/0.9168, with a daily close below CHF0.9088 required to nullify the corrective potential and reassert the downtrend.”
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RBC recommended positioning “for a tactical bounce in USD/CHF by going long at current levels (CNF0.9246) and look to add at CNF0.9140. Implement a take profit at CHF0.9550 and a stop loss at CHF0.9080.”

  • “The decline in USD/CHF stalled against support at CHF0.9088 via the formation of a hammer pattern on January 18. This level coincided with a double bottom that formed in November 2021-January 2022 that is also flush with 76.4% retracement of the 2021-2022 advance in prices.”
  • “Adding more weight to the stalled selloff was the fact that a number of bullish study divergences had formed on the daily studies since November. This increases the odds of a corrective bounce in prices - which would be confirmed on a daily close above the descending channel top at CHF0.9283.”
  • “The resulting bullish trend reversal would trigger a corrective phase that would highlight the 2023 highs near CHF0.9400, followed by CHF0.9456 and CHF0.9547.”
  • “Support is located at CHF0.9141/0.9168, with a daily close below CHF0.9088 required to nullify the corrective potential and reassert the downtrend.”