2018-10-05
Overview:
Pivot : 0.9870
The USD/CHF pair continues to move upwards from the level of 0.9809. The pair rose from the level of 0.9809 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 0.9809 and 0.9922; so we expect a range of 113 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. Also, 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 0.9809, a further decline to 0.9743 can occur which would indicate a bearish market.
Technical analysis of GBP/USD for October 05, 2018
2018-10-05
Pivot : 0.9870
The USD/CHF pair continues to move upwards from the level of 0.9809. The pair rose from the level of 0.9809 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 0.9809 and 0.9922; so we expect a range of 113 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. Also, 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 0.9809, a further decline to 0.9743 can occur which would indicate a bearish market.
Technical analysis of GBP/USD for October 05, 2018
2018-10-05
Overview:
The GBP/USD pair fell from the level of 1.3056 towards 1.2950. Now, the price is set at 1.2959. On the H4 chart, the resistance is seen at the levels of 1.3056 and 1.3176. Volatility is very high for that the GBP/USD pair is still expected to be moving between 1.3000 and 1.2811 in coming days. In the short term, we expect the GBP/USD pair to continue to trade in a bullish trend from the new support level of 1.2979 to form a bullish channel. Besides, it should be noted that major resistance is seen at 1.3056, while immediate resistance is found at 1.2979. According to the previous events, the pair is likely to move from 1.2979 towards 1.2906 and 1.2811 as targets. In the H4 time frame: However, if the pair fails to pass through the level of 1.2979, the market will indicate a bearish opportunity below the level of 1.2979. So, the market will decline further to 1.2906 in order to return to the first support. Moreover, a breakout of that target will move the pair further downwards to 1.2811.
Intraday technical levels and trading recommendations for EUR/USD for October 5, 2018
2018-10-05
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).
Recently, the price level of 1.1500 offered temporary bullish recovery. Another 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 rejection is being demonstrated on the daily chart. Recent bearish movement is currently taking place below 1.1520 (the lower limit of the consolidation range).
As for the bearish side of the market to be dominant, the EUR/USD pair should be able to keep moving below 1.1520. First bearish target would be located around 1.1420.
Otherwise, the EUR/USD pair would remain trapped within the depicted consolidation range (1.1520-1.1750) if no strong bearish momentum is demonstrated below 1.1520.
Intraday technical levels and trading recommendations for GBP/USD for October 5, 2018
2018-10-05
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.
However, On H4 chart, the market failed to maintain its uptrend within the depicted bullish channel on H4 chart. The lower limit of the depicted channel (which came to meet the GBP/USD pair around 1.3190) failed to offer sufficient bullish demand.
Therefore, the GBP/USD short-term outlook turned to become bearish towards 1.3010 (50% Fibonacci level) and 1.2940 (recent demand level).
Moreover, the price level of 1.3190 (the backside of the broken bullish channel) offered significant bearish rejection which initiated the recent bearish decline towards 1.2940.
Recently, the price level of 1.2900-1.2940 (the backside of the broken uptrend) is demonstrating significant bullish recovery where the current bullish movement was initiated.
On the other hand, regarding the price levels (1.3010-1.3090) corresponding to 50% and 61.8% Fibonacci levels. Currently, these price levels turned to become supply levels to be watched for bearish price action on retesting.
The current bearish decline below 1.3010 (50% Fibo level) should be defended to pursue towards lower bearish targets(1.2900-1.2940). Otherwise, further bullish advancement towards 1.3090 (61.8% Fibo) would be expected.
GBP/USD analysis for October 05, 2018
2018-10-05
The GBP/USD pair fell from the level of 1.3056 towards 1.2950. Now, the price is set at 1.2959. On the H4 chart, the resistance is seen at the levels of 1.3056 and 1.3176. Volatility is very high for that the GBP/USD pair is still expected to be moving between 1.3000 and 1.2811 in coming days. In the short term, we expect the GBP/USD pair to continue to trade in a bullish trend from the new support level of 1.2979 to form a bullish channel. Besides, it should be noted that major resistance is seen at 1.3056, while immediate resistance is found at 1.2979. According to the previous events, the pair is likely to move from 1.2979 towards 1.2906 and 1.2811 as targets. In the H4 time frame: However, if the pair fails to pass through the level of 1.2979, the market will indicate a bearish opportunity below the level of 1.2979. So, the market will decline further to 1.2906 in order to return to the first support. Moreover, a breakout of that target will move the pair further downwards to 1.2811.
Intraday technical levels and trading recommendations for EUR/USD for October 5, 2018
2018-10-05
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).
Recently, the price level of 1.1500 offered temporary bullish recovery. Another 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 rejection is being demonstrated on the daily chart. Recent bearish movement is currently taking place below 1.1520 (the lower limit of the consolidation range).
As for the bearish side of the market to be dominant, the EUR/USD pair should be able to keep moving below 1.1520. First bearish target would be located around 1.1420.
Otherwise, the EUR/USD pair would remain trapped within the depicted consolidation range (1.1520-1.1750) if no strong bearish momentum is demonstrated below 1.1520.
Intraday technical levels and trading recommendations for GBP/USD for October 5, 2018
2018-10-05
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.
However, On H4 chart, the market failed to maintain its uptrend within the depicted bullish channel on H4 chart. The lower limit of the depicted channel (which came to meet the GBP/USD pair around 1.3190) failed to offer sufficient bullish demand.
Therefore, the GBP/USD short-term outlook turned to become bearish towards 1.3010 (50% Fibonacci level) and 1.2940 (recent demand level).
Moreover, the price level of 1.3190 (the backside of the broken bullish channel) offered significant bearish rejection which initiated the recent bearish decline towards 1.2940.
Recently, the price level of 1.2900-1.2940 (the backside of the broken uptrend) is demonstrating significant bullish recovery where the current bullish movement was initiated.
On the other hand, regarding the price levels (1.3010-1.3090) corresponding to 50% and 61.8% Fibonacci levels. Currently, these price levels turned to become supply levels to be watched for bearish price action on retesting.
The current bearish decline below 1.3010 (50% Fibo level) should be defended to pursue towards lower bearish targets(1.2900-1.2940). Otherwise, further bullish advancement towards 1.3090 (61.8% Fibo) would be expected.
GBP/USD analysis for October 05, 2018
2018-10-05
Recently, the GBP/USD pair has been trading upwards. As I expected, the price tested the level of 1.3059. According to the H4 time – frame, I found the breakout of the supply trendline in the background, which is a sign that buyers are in control. Most recently, I have found the breakout of 20-hour balance, which is another sign of the strength. My advice is to watch for buying opportunities. Take profit levels are set at the price of 1.3117 and at the price of 1.3210.
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