
USD/CHF may test lower levels this week as long as it keeps trading below the resistance at 1.01.
Recommendation:
BUY 1235
SL 1220
TP 1250 TP2 1270 TP3 1289
On the daily chart, after XAU/USD had reached 88.6% target of the “Shark” pattern there was a natural pullback. Bears are counting on the decline to the 113% target. For that, they have to pull the price below July low.
On H1, there’s a “Spike and ledge” pattern on the basis of 1-2-3. A break of the upper border of the 1218-1235 consolidation range will trigger a butterfly pattern with a target at 127.2%. On the other hand, a successful test of 1218 will open the way to the 127.2% target of AB=CD.
USD/CHF may test lower levels this week as long as it keeps trading below the resistance at 1.01.
The pair is greatly influenced by the constant changes in global risk sentiment as well as the policy of the central banks.
USD/JPY formed a big bearish candlestick yesterday that almost engulfed the previous bullish one.
The market is likely going to continue declining. The main intraday target is the next support at 1.1526 - 1.1508...
Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.
AUD/CAD falling inside impulse waves 3 and (C) Next sell target - 0…
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