2017-09-12
Overview:
The USD/CHF pair broke resistance which turned to strong support at the level of 0.9520 yesterday. The level of 0.9520 coincides with a golden ratio (38.2% of Fibonacci), which is expected to act as major support today. The Relative Strength Index (RSI) is considered overbought because it is above 30. The RSI is still signaling that the trend is upward as it is still strong above the moving average (100). This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.9520 with the first target at the level of 0.9581. From this point, the pair is likely to begin an ascending movement to the point of 0.9581 and further to the level of 0.9623. The level of 0.9623 will act as strong resistance and the double top is already set at the point of 0.9679. On the other hand, if a breakout happens at the support level of 0.9483 (horizontal blue line). , then this scenario may become invalidated.
Technical analysis of NZD/USD for September 12, 2017
2017-09-12
Our first downside target was hit in our previous analysis. Today NZD/USD is trading upward and expected to post some further advance. The pair posted a rebound from 0.7240 and broke above its 20-period and 50-period moving averages. The relative strength index is above its neutrality level at 50 and lacks downward momentum.
Hence, as long as 0.7255 is not broken, look for a further rebound to 0.7340 and even to 0.7370 in extension.
The black line shows the pivot point. Currently, the price is above the pivot point, which indicates the bullish position. If it remains below the pivot point, it will indicate 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.
Resistance levels: 0.7340, 0.7370, and 0.7415
Support levels: 0.7220, 0.7200, and 0.7150
Technical analysis of GBP/JPY for September 12, 2017
2017-09-12
GBP/JPY is expected to continue its upside movement in today's trading. The pair recorded higher tops and higher bottoms, which confirmed a positive outlook. The upward momentum is further reinforced by both rising 20-period and 50-period moving averages. The relative strength index advocates another upside.
Therefore, as long as 143.70 holds on the downside, a new advance to 145.85 and even to 146.50 seems more likely to occur.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 143.70 with the target at 143.40.
Strategy: BUY, Stop Loss: 143.70, Take Profit: 145.85.
Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates the bullish position; and when it is below the pivot points, it indicates a 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.
Resistance levels: 145.85, 146.50, and 147.15
Support levels: 143.40, 142.65, and 142.00
Technical analysis of USD/CHF for September 12, 2017
2017-09-12
USD/CHF is expected to continue the upside movement. The pair is supported by a bullish trend line since September 8, which confirms a positive outlook. The upward momentum is further reinforced by both rising 20-period and 50-period moving averages. The relative strength index is bullish and calls for another advance.
U.S. stocks and dollar rose, while US Treasury bonds slipped as fears concerning Hurricane Irma and North Korea eased.
To sum up, while the price holds above 0.9510, look for a new rise to 0.9610 and even to 0.9655 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a 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: 0.9510, Take Profit: 0.9610
Resistance levels: 0.9610, 0.9655, and 0.9700
Support levels: 0.9480, 0.9460, and 0.9415
Technical analysis of USD/JPY for September 12, 2017
2017-09-12
USD/JPY is expected to trade with bullish outlook. The pair posted a powerful rebound yesterday striking against the 109.50 mark. Currently, it keeps trading on the upside while being supported by the ascending 20-period moving average, which stays above the 50-period one. The relative strength index continues to stand above the neutrality level of 50, calling for upward momentum for the pair.
Hence as long as the pair is above 108.80, it is expected to target 110.40 once reaching 109.95.
Alternatively, if the price moves in the opposite direction, a short position is recommended below 108.80 with a target at 108.30.
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: 108.80, Take Profit: 109.95
Resistance levels: 109.95, 110.40, and 110.75 Support Levels: 108.30, 107.80, 107.40
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