2017-09-07
Overview:
Pivot: 0.9636.
The USD/CHF pair is trading with bullish bias from the support levels of 0.9558 on the H1 chart. Currently, the price is in a bullish channel and the price is seen at the spot of 0.9558- 0.9509. The USD/CHF pair will probably continue to move upwards from the level of 0.9558. Yesterday, the pair rose from the level of 0.9558 to a top around 0.9670. Today, the first resistance level is seen at 0.9693 followed by 0.9725, while daily support 1 is found at 0.9558 (38.2% Fibonacci retracement). The USD/CHF pair is still moving between the levels of 0.9550 and 0.9636. Furthermore, if the trend is able to break out through the first resistance level at 0.9693, buy above the level of 0.9558 with the first target at 0.9693 in order to test the daily resistance 1 and further to 0.9725. Also, it might be noted that the level of 0.9725 is a good place to take profit because it will form a major resistance today. However, on the H4 chart the market is shown a bearish trend for that if a breakout takes place at the support level of 0.9500, then this scenario may become invalidated.
Technical analysis of USD/CHF for September 07, 2017
2017-09-07
USD/CHF is expected to trade with a bullish bias above 0.9525. Athough the pair posted a pullback, a support base at 0.9525 has formed and has allowed for a temporary stabilization. The relative strength index lacks downward momentum.
The Institute for Supply Management (ISM) said its non-manufacturing index advanced to 55.3 in August from 53.9 in July. In its Beige Book, the U.S. Federal Reserve pointed out an increase in consumer spending with a modest to moderate growth in the overall economic activity in July and August. Meanwhile, U.S. Federal Reserve Vice Chairman Stanley Fischer announced his intention to resign before the end of his term, citing personal reasons.
To conclude, as long as 0.9525 holds on the downside, a further rebound to 0.9615 and even to 0.9640 seems more likely to occur.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates the bullish position, and the price below the pivot points indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: BUY, Stop Loss: 0.9525, Take Profit: 0.9615
Resistance levels: 0.9615, 0.9640, and 0.9685
Support levels: 0.9490, 0.9460, and 0.9410
Technical analysis of NZD/USD for September 07, 2017
2017-09-07
Overview:
As expected, the NZD/USD pair continues to move downwards from the level of 0.7170. Amid the previous events, the price is still moving between the levels of 0.7170 and 0.7214. Also, the daily resistance and support are seen at the levels of 0.7170 and 0.7131 respectively. Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed. Yesterday, the market moved from its bottom at 0.7170 and continued to rise towards the top of 0.7262. Today, in the one-hour chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 0.7170, the market will indicate a bearish opportunity below the strong resistance level of 0.7262 (the level of 0.7262 coincides with the double top too). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 0.7262 with the first target at 0.7170. If the trend breaks the support level of 0.7170, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.7131.
Technical analysis of USD/JPY for September 07, 2017
2017-09-07
USD/JPY is expected to trade with a bullish outlook. Despite the pair's retreat from 109.40 (the high of September 6), it is supported by a rising 50-period moving average. Even though a further consolidation cannot be ruled out, its extent should be limited.
Hence, above 108.50, we expect a rebound to 109.40. A break above this level would trigger a new advance to 109.80.
Alternatively, if the price moves in the opposite direction, a short position is recommended below 108.50 with a target at 109.40.
Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position, while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.
Strategy: BUY, Stop Loss: 108.50, Take Profit: 109.40
Resistance levels: 109.40, 109.80, and 110.35
Support Levels: 108.30, 107.95, 107.50
USD/JPY analysis for September 07, 2017
2017-09-07
Recently, the USD/JPY pair has been trading downwards. The price tested the level of 108.83. According to the 30M time frame, I found bearish divergence and weak demand in the backgorund, which is a sign that buying looks risky. The short-term trend is bearish and my advice is to watch for potential selling opportunities. The price also broke upward trendline, which is another sign of weakness. The downward targets are set at the price of 108.50 and 108.00.
Resistance levels:
R1: 109.55
R2: 109.95
R3: 110.50
Support levels:
S1: 108.60
S2: 108.00
S3: 108.65
Trading recommendations for today: watch for potential selling opportunities.
GBP/USD analysis for September 07, 2017
2017-09-07
Recently, the GBP/USD pair has been trading sideways at the price of 1.3064. Anyway, the price was rejected to go back into a trading range, which is a sign that selling looks risky and that buyers are in control on the market. The short-term trend is bullish and my advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.3100 and 1.3150.
Resistance levels:
R1: 1.3080
R2: 1.3115
R3: 1.3150
Support levels:
S1: 1.3015
S2: 1.2985
S3: 1.2950
Trading recommendations for today: watch for potential buying opportunities.
NZD/USD Intraday technical levels and trading recommendations for September 7, 2017
2017-09-07
Daily Outlook
In February 2017, the depicted short-term downtrend was initiated around the depicted supply zone (0.7310-0.7380).
However, a recent bullish breakout above the downtrend line took place on May 22. Since then, the market has been bullish as depicted on the chart.
The price zone of 0.7150-0.7230 (Key-Zone) stood as a temporary resistance zone until a bullish breakout was expressed above 0.7230.
This resulted in a quick bullish advance towards the next supply zone around 0.7310-0.7380 which was temporarily breached to the upside.
The recent bearish pullback was executed towards the price zone of 0.7310-0.7380 (newly-established demand-zone) which failed to offer enough bullish support for the NZD/USD pair.
Re-consolidation below the price level of 0.7300 enhances the bearish side of the market. This brings the NZD/USD pair again towards 0.7230-0.7150 (Key-Zone) where recent weak bullish recovery was manifested on August 16.
On the other hand, an atypical Head and Shoulders pattern is being expressed on the depicted chart indicating a high probability of bearish reversal.
Breakdown of the neckline 0.7150 confirms the reversal pattern. Expected bearish targets are located around 0.7050, 0.6925 and eventually 0.6800.
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