Technical analysis of USD/CHF for February 28, 2014

Show full picture Overview: USD/CHF is expected to trade with bearish bias. It is undermined by the weaker dollar sentiment, flows to haven CHF amid tensions in Ukraine and franc demand on rebounding CHF/JPY cross and on soft EUR/CHF cross. But CHF sentiment are dented by weaker-than-expected Switzerland 4Q GDP growth of +1.7% on-year (versus forecast +2.1%). USD/CHF downside is also limited by the positions adjustment before weekend. Daily chart is mixed as stochastics is bullish at oversold zone, but MACD is still in bearish mode, five-day moving average is meandering sideways, inside-day-range pattern was completed on Thursday. Trading recommendation: The pair is trading below its pivot point. It is likely to trade in a…

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Overview:

USD/CHF is expected to trade with bearish bias. It is undermined by the weaker dollar sentiment, flows to haven CHF amid tensions in Ukraine and franc demand on rebounding CHF/JPY cross and on soft EUR/CHF cross. But CHF sentiment are dented by weaker-than-expected Switzerland 4Q GDP growth of +1.7% on-year (versus forecast +2.1%). USD/CHF downside is also limited by the positions adjustment before weekend. Daily chart is mixed as stochastics is bullish at oversold zone, but MACD is still in bearish mode, five-day moving average is meandering sideways, inside-day-range pattern was completed on Thursday.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8790. A breach of this target will move the pair further downwards to 0.8770. The pivot point stands at 0.8855. In case the price moves in the opposite direction, bounces back from support level, and then moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8875 and the second target at 0.8910.

Resistance levels:



0.8875



0.8910



0.8935

Support levels:



0.8790



0.8770



0.8750

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Technical analysis of USD/CHF for February 28, 2014

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Back to Back Outside Days for SPY

Thursday marked the 2nd day in a row that SPY posted an outside day. (An outside day is a day where the security or index makes a higher high and a lower low than the day before.) It’s quite unusual to see 2 consecutive outside days. I last examined back-to-back outside days for SPY in the 5/23/13 subscriber letter. I have updated that study below.The numbers look very impressive.It is also worth noting that this pattern has also done well with QQQ in the past.

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Thursday marked the 2nd day in a row that SPY posted an outside day. (An outside day is a day where the security or index makes a higher high and a lower low than the day before.) It’s quite unusual to see 2 consecutive outside days. I last examined back-to-back outside days for SPY in the 5/23/13 subscriber letter. I have updated that study below.

The numbers look very impressive.

It is also worth noting that this pattern has also done well with QQQ in the past.

For more info: Back to Back Outside Days for SPY

Quantifiable Edges

Back to Back Outside Days for SPY

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Indian feds raid Bitcoin exchange as other traders suspend service …

On Tuesday, the Reserve Bank of India sent out a stern warning against trade in Bitcoin and other virtual currencies, stating that the currencies were not approved by the central bank and more ominously that “the traders of VCs on such platforms are exposed to legal as well as financial risks.” It was an ambiguous message, seen by many as a restatement of the fundamental risks of virtual currency, but just a few days later, one exchange found out about those legal risks the hard way.On Thursday, officers from India’s federal Enforcement Directorate raided the offices of buysellbit.co.in, a prominent exchange in the Indian city of Ahmedabad. “We have found that through the website 400 persons have recorded 1,000 transactions,” one official told DNA …

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On Tuesday, the Reserve Bank of India sent out a stern warning against trade in Bitcoin and other virtual currencies, stating that the currencies were not approved by the central bank and more…

For more info: Indian feds raid Bitcoin exchange as other traders suspend service …

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Indian feds raid Bitcoin exchange as other traders suspend service …

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SPY Registers 1st 5-day Low In A While – Now What?

Thursday the SPY managed to close at a 5-day low after 16 days without doing so. This triggered the study below, which I last showed on the blog May 25th. Results here suggest a moderate upside edge. As I have said before, persistent uptrends normally wither before they die. They rarely just turn on a dime. It appears unlikely that SPY will be faced with a lot more selling before it manages to bounce.

via Quantifiable Edges:

Thursday the SPY managed to close at a 5-day low after 16 days without doing so. This triggered the study below, which I last showed on the blog May 25th.

Results here suggest a moderate upside edge. As I have said before, persistent uptrends normally wither before they die. They rarely just turn on a dime. It appears unlikely that SPY will be faced with a lot more selling before it manages to bounce.

For more info: SPY Registers 1st 5-day Low In A While – Now What?

Quantifiable Edges

SPY Registers 1st 5-day Low In A While – Now What?

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Google shares jump 8% in after hours trading | Wright Investors …

Stocks continued their rally Thursday following President Obama’s early morning signing of a bill reopening the government (through January 15) and suspending the federal debt ceiling (until February 7), with the S&P 500 closing at a new high. The S&P 500 and NASDAQ, which closed at a 13-year high, climbed 0.7% and 0.6%, respectively. The Dow Jones Industrial Average opened the Thursday down more than 140 points or 0.9% and gradually fought its way back to roughly breakeven on the day, penalized by three stocks that reported disappointing third-quarter results: IBM (-6%), UnitedHealth Group (-5%) and Goldman Sachs (-2%). All three companies missed on Q3 revenues, and UnitedHealth issued reduced guidance for 2014 on changes resulting from the Affordable Care Act. Together the three stocks …

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Stocks continued their rally Thursday following President Obama's early morning signing of a bill reopening the government (through January 15) and suspending the federal debt ceiling (until February 7), with the S&P 500 …

For more info: Google shares jump 8% in after hours trading | Wright Investors …

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Google shares jump 8% in after hours trading | Wright Investors …

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