Morgan Stanley made weekly forecast for USD/CHF suggesting to buy at 1.0250 as take profit target with 0.9780 stop loss. Let's evaluate the situation related with this forecast with the technical point of view.
USD/CHF: breakout with multiply resistance levels to be crossed.
This pair is on bullish breakout located to be above 200 period SMA (200 SMA) and 100 period SMA (100 SMA). The price is trying to break some symmetric triangle patterns, ascending triangle pattern and many resistance levels on the way to 1.0239 as the real bullish target in this case.
- If the price breaks 1.0239 resistance from below to above to the bullish breakout will be continuing.
- If the price breaks 0.9475 support from above to above to the bearish reversal may be started in the secondary ranging way.
There are the following news events which will be affected on USD/CHF price movement for this week:
- 2015-11-10 06:45 GMT | [CHF - Unemployment Rate]
- 2015-11-11 13:15 GMT | [EUR - ECB President Draghi Speaks]
- 2015-11-12 13:30 GMT | [USD - Unemployment Claims]
- 2015-11-13 07:00 GMT | [EUR - German GDP]
- 2015-11-13 13:30 GMT | [USD - Core Retail Sales]
- 2015-11-13 15:00 GMT | [USD - UoM Consumer Sentiment]
| Resistance | Support |
|---|---|
| 1.0125 | 0.9475 |
| 1.0239 | 0.9072 |
