2017-12-06
Overview:
The USD/CHF pair sets new record high of 0.9882 in overnight trading. The price is still trading around the zone of 0.9860. The USD/CHF pair continues to move upwards from the level of 0.9818 (major suppor today).
Since the price is above this level, the market is still in an uptrend. Furthermore, the trend is still strong above the moving average (100). The USD/CHF pair didn't make any significant movements yesterday. Hence, the market is indicating a bullish opportunity above the mentioned support levels. The bullish outlook remains valid as long as the 100 EMA is headed to the upside.
Therefore, strong support will be found around the spot of 0.9818 providing a clear signal to buy with a target seen at 0.9882. If the trend breaks the first resistance at 0.9882, the pair will move upwards continuing the bullish trend development to the level of 0.9910 in order to test the daily resistance 2.
However, if the USD/CHF pair succeeds to break through the support level of 0.9818 today, the market will decline further to 0.9778 in order to retest the double bottom on the H1 chart. Also, it should be noted that the major resistance is seen at 0.9946. Moreover, RSI is extremely overbought.
Technical analysis of NZD/USD for December 06, 2017
2017-12-06
Technical analysis of NZD/USD for December 06, 2017
2017-12-06
Overview:
The NZD/USD pair is currently discontinuing around the prices of 0.6816 and $0.6944. The level of 0.6944 represents the double top.
The pair has already formed minor resistance at 0.6895 and the strong resistance is seen at the level of 0.6944 because it represents the weekly resistance 1. So, major resistance is seen at 0.6944, while immediate support is found at 0.6831.
If the pair hits below the price of 0.6831, the NZD/USD pair may resume its movement to 0.6816 to test the daily support 2. Consequently, the NZD/USD pair is trying to test a major resistance level and it remains to be seen whether bulls have enough power to push for new highs in coming hours.
The NZD/USD pair to move between the levels of 0.6940 and 0.6816. The RSI is still calling for a strong bearish market. The current price is also below the moving average 100. As a result, sell below the price of 0.6940 with targets at 0.6831 and 0.6816.
However, stop loss should always be taken into account; accordingly, it will be useful to set the stop loss above the last bullish wave at the level of 0.6960.
Elliott wave analysis of EUR/JPY for December 6, 2017
2017-12-06
Wave summary:
The break below 132.90 add confidence in our expectation that wave (D) completed with the test of 134.50 and wave (E) towards the ideal target of 123.43 is developing.
Short-term, we expect minor resistance at 133.22 to cap the upside for more downside pressure towards 131.70 and then important support at 131.14. A break below the later will confirm wave (E) developing towards 123.43.
R3: 133.75
R2: 133.50
R1: 133.22
Pivot: 132.62
S1: 132.28
S2: 131.70
S3: 131.14
Trading recommendation:
We are short EUR from 133.75 and will move our stop lower to break-even.
Elliott wave analysis of EUR/NZD for December 6, 2017
2017-12-06
Wave summary:
We continue to look for more downside pressure towards at least 1.7077 and 1.7035 as the next downside targets. Support is now seen at 1.7215 and again at 1.7243. The latter is expected to be able to cap the upside for more downside pressure towards 1.7077 and below.
R3: 1.7318
R2: 1.7243
R1: 1.7215
Pivot: 1.7140
S1: 1.7099
S2: 1.7077
S3: 1.7035
Trading recommendation:
We sold EUR at 1.7450 and will move our stop lower to 1.7250. Take profit remains at 1.7050.
EUR/USD bouncing nicely, remain bullish
2017-12-06
Price has touched our buying entry and bounced up nicely. We remain bullish above 1.1805 support (Fibonacci retracement, Fibonacci extension, horizontal overlap support, bullish divergence) for a push up to at least 1.1928 resistance (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance).
Stochastic (34,3,1) is bouncing nicely off our 3.2% support and has good upside potential. We can also see bullish divergence vs price signalling that a reversal is impending.
Buy above 1.1805. Stop loss at 1.1749. Take profit at 1.1928.
USD/CHF right on major resistance, time to sell
2017-12-06
Price is now testing our major selling area resistance at 0.9881 (Fibonacci retracement, horizontal overlap resistance) and we expect to see a strong reaction from this level to push price down to at least 0.9738 support (Fibonacci retracement, horizontal swing low support, price gap).
Stochastic (34,3,1) is seeing major resistance at 97% where we expect a corresponding drop from.
Sell below 0.9881. Stop loss at 0.9948. Take profit at 0.9738.
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