2018-10-12
Overview:
The GBP/USD pair continues to move upwards from the level of 1.3170. Today, the first support level is currently seen at 1.3170, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 1.3055, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend.
According to the previous events, we expect the GBP/USD pair to trade between 1.3170 and 1.3297. So, the support stands at 1.3170, while daily resistance is found at 1.3297. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.3170. In other words, buy orders are recommended above the spot of 1.3170 with the first target at the level of 1.3297; and continue towards 1.3432. However, if the GBP/USD pair fails to break through the resistance level of 1.3170 today, the market will decline further to 1.3055.
Technical analysis of USD/CHF for October 12, 2018
2018-10-12
The GBP/USD pair continues to move upwards from the level of 1.3170. Today, the first support level is currently seen at 1.3170, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 1.3055, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend.
According to the previous events, we expect the GBP/USD pair to trade between 1.3170 and 1.3297. So, the support stands at 1.3170, while daily resistance is found at 1.3297. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.3170. In other words, buy orders are recommended above the spot of 1.3170 with the first target at the level of 1.3297; and continue towards 1.3432. However, if the GBP/USD pair fails to break through the resistance level of 1.3170 today, the market will decline further to 1.3055.
Technical analysis of USD/CHF for October 12, 2018
2018-10-12
Overview:
The USD/CHF pair continues to move upwards from the level of 0.9875. The pair rose from the level of 0.9875 to a top around 0.9865. Today, the first resistance level is seen at 0.9865 followed by 0.9922, while daily support 1 is seen at 0.9743 (61.8% Fibonacci retracement). According to the previous events, the USD/CHF pair is still moving between the levels of 0.9875 and 0.9999; so we expect a range of 124 pips. Furthermore, if the trend is able to break out through the first resistance level at 0.9865, we should see the pair climbing towards the second resistance (0.9922) to test it. Therefore, buy above the level of 0.9865 with the first target at 0.9922 in order to test the daily resistance 2 and further to 0.9963. Besides, it might be noted that the level of 0.9963 is a good place to take profit because it will form a new double top. On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9875, a further decline to 0.9743 can occur which would indicate a bearish market.
Intraday technical levels and trading recommendations for EUR/USD for October 12, 2018
2018-10-12
On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress (recent bearish engulfing weekly candlestick).
On September 10, the price level of 1.1500 offered temporary bullish recovery. Quick bullish movement was demonstrated towards the upper limit of the price range (1.1750). However, the EUR/USD bulls failed to pursue towards higher bullish targets.
Instead, evident bearish momentum was being demonstrated on the daily chart. On October 10, recent bearish decline below 1.1520 (the lower limit of the consolidation range) found its way towards the price level of 1.1420.
As for the bearish side of the market to remain dominant, the EUR/USD pair should keep trading below the price level of 1.1520.
However, This week, evident signs of bullish recovery were demonstrated around 1.1430 (Note the full-bullish candlestick of Yesterday). This brings the EUR/USD pair again above 1.1520.
Hence, the EUR/USD pair resumes its sideway consolidations inside the depicted consolidation range (1.1520-1.1750) until a bearish breakout occurs later.
The nearest supply level is located around 1.1670 (a potential bullish target).
Intraday technical levels and trading recommendations for GBP/USD for October 12, 2018
2018-10-12
On September 13, the depicted daily downtrend line which came to meet the pair around 1.3025-1.3090 failed to offer enough bearish pressure on the pair. Since then, the GBP/USD pair has been demonstrating a successful bullish breakout so far.
On September 21, the GBP/USD failed to demonstrate sufficient bullish momentum above 1.3296. The short-term outlook turned to become bearish within the depicted H4 bearish channel to test the backside of the broken uptrend.
Recently, the price level of 1.2900-1.2940 (the backside of the broken uptrend) demonstrated significant bullish recovery which led to the recent bullish breakout of the depicted H4 channel.
Evident Bullish momentum was demonstrated above 1.3010 and recently above 1.3090 (61.8% Fibo level) which led to the current bullish movement above 1.3200.
As for the bullish breakout scenario to remain valid, bullish persistence above 1.3200 (KEY-LEVEL) is needed to maintain sufficient bullish momentum initially towards 1.3280.
Any bearish breakdown below 1.3200 invalidates the bullish breakout scenario allowing a further decline towards 1.3090 (61.8% Fibo level) and probably 1.3010 (50% Fibonacci level).
The USD/CHF pair continues to move upwards from the level of 0.9875. The pair rose from the level of 0.9875 to a top around 0.9865. Today, the first resistance level is seen at 0.9865 followed by 0.9922, while daily support 1 is seen at 0.9743 (61.8% Fibonacci retracement). According to the previous events, the USD/CHF pair is still moving between the levels of 0.9875 and 0.9999; so we expect a range of 124 pips. Furthermore, if the trend is able to break out through the first resistance level at 0.9865, we should see the pair climbing towards the second resistance (0.9922) to test it. Therefore, buy above the level of 0.9865 with the first target at 0.9922 in order to test the daily resistance 2 and further to 0.9963. Besides, it might be noted that the level of 0.9963 is a good place to take profit because it will form a new double top. On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9875, a further decline to 0.9743 can occur which would indicate a bearish market.
Intraday technical levels and trading recommendations for EUR/USD for October 12, 2018
2018-10-12
On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress (recent bearish engulfing weekly candlestick).
On September 10, the price level of 1.1500 offered temporary bullish recovery. Quick bullish movement was demonstrated towards the upper limit of the price range (1.1750). However, the EUR/USD bulls failed to pursue towards higher bullish targets.
Instead, evident bearish momentum was being demonstrated on the daily chart. On October 10, recent bearish decline below 1.1520 (the lower limit of the consolidation range) found its way towards the price level of 1.1420.
As for the bearish side of the market to remain dominant, the EUR/USD pair should keep trading below the price level of 1.1520.
However, This week, evident signs of bullish recovery were demonstrated around 1.1430 (Note the full-bullish candlestick of Yesterday). This brings the EUR/USD pair again above 1.1520.
Hence, the EUR/USD pair resumes its sideway consolidations inside the depicted consolidation range (1.1520-1.1750) until a bearish breakout occurs later.
The nearest supply level is located around 1.1670 (a potential bullish target).
Intraday technical levels and trading recommendations for GBP/USD for October 12, 2018
2018-10-12
On September 13, the depicted daily downtrend line which came to meet the pair around 1.3025-1.3090 failed to offer enough bearish pressure on the pair. Since then, the GBP/USD pair has been demonstrating a successful bullish breakout so far.
On September 21, the GBP/USD failed to demonstrate sufficient bullish momentum above 1.3296. The short-term outlook turned to become bearish within the depicted H4 bearish channel to test the backside of the broken uptrend.
Recently, the price level of 1.2900-1.2940 (the backside of the broken uptrend) demonstrated significant bullish recovery which led to the recent bullish breakout of the depicted H4 channel.
Evident Bullish momentum was demonstrated above 1.3010 and recently above 1.3090 (61.8% Fibo level) which led to the current bullish movement above 1.3200.
As for the bullish breakout scenario to remain valid, bullish persistence above 1.3200 (KEY-LEVEL) is needed to maintain sufficient bullish momentum initially towards 1.3280.
Any bearish breakdown below 1.3200 invalidates the bullish breakout scenario allowing a further decline towards 1.3090 (61.8% Fibo level) and probably 1.3010 (50% Fibonacci level).
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