Overview:
- The NZD/USD pair fell from the price of 0.7238 again towards 0.7191. Then, it rebounded from the bottom of 0.7191. Right now, the price is set at 0.7225. It should be noted that volatility is very high for that the NZD/USD pair is still moving between 0.7238 and 0.7180 in coming hours. Furthermore, the price has been set below the strong resistance at the levels of 0.7257 and 0.7272. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the NZD/USD pair is continuing in a bearish trend from the new resistance of 0.7238 which acts as a daily pivot point. The price spot of 0.7238/0.7257 remains a significant resistance zone. Therefore, a possibility that the NZD/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.7238, sell below 0.7238 or 0.7257 with the first targets at 0.7207, 0.7180 and 0.7154. On the other hand, the stop loss should be located above the level of 0.7300. Alos, it should be noticed that the price of 0.7281 coincides with the golden ratio on the H1 chart.
Technical analysis of USD/CHF for August 25, 2017
2017-08-25
Overview:
- The USD/CHF pair is still trading upwards from the area of 0.9639/0.9600. The USD/CHF pair didn't make any significant movements yesterday. There are no changes in our technical outlook. The bias remains bullish in the nearest term testing 0.9693, 0.9763 or 0.9800. The market has been trading around the zone of 0.9639/0.9600. The pair rose from the levels of 0.9639 and 0.9600 (these levels coincide with the ratios of 61.8% Fibonacci retracement and 50%) to a top around 0.9733. The first support level is seen at 0.9639 followed by 0.9600, while daily resistance 1 is seen at 0.9763. The USD/CHF pair is still moving between the levels of 0.9693 and 0.9763 in coming hours. On the one-hour chart, the immediate resistance is seen at 0.9763 which coincides with the double top. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100). Therefore, if the trend is able to break through the first resistance level of 0.9763, we should see the pair climbing towards the second daily resistance at 0.9800 to test it. On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9600, a further decline to 0.9515 can occur. It would indicate a bearish market.
Observation:
- The trend is still calling for a strong bullish market as long as the trend is still above the level of 0.9600.
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