On the daily chart, GBP/USD pulled back after 88.6% target of the “Bat”. Bulls managed to defend 1.3050-1.3065 and play the Inside bar.
GBP/USD: bulls made new local highs
Technical levels: support – 1.2780; resistance – 1.2840.
- Buy — 1.2780; SL — 1.2760; TP1 — 1.2840; TP2 — 1.2870.
Reason: narrow bearish Ichimoku Cloud; rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen but horizontal Tenkan-sen and Kijun-sen; the market is breaking out through the SSB’s resistance and made a new H4-highs.
USD/CHF reached 0.9630 (50% of the medium-term rising wave), although the diagonal resistance in form of the upper border of the downtrend channel is a more serious obstacle.
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen but narrowing channel Tenkan-Kijun.
The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...