Technical analysis of EUR/USD for October 03, 2016

Technical analysis of EUR/USD for October 03, 2016

Overview:

The EUR/USD pair continues to move upwards from the level of 1.1219. Last week, the pair rose from the level of 1.1200 to the bottom around 1.1246.

The level of 1.1200 coincides with 50% of Fibonacci, which is expected to act as major support today. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend. From this point, the EUR/USD pair is continuing in a bullish trend from the new support of 0.6615. Currently, the price is in a bullish channel. According to the previous events, we expect the EUR/USD pair to move between 1.1219 and 1.1261. On the H4 chart, resistance is seen at the levels of 1.1261 and 1.1280. Also, it should be noticed that, the level of 1.1219 represents the daily pivot point. Therefore, strong support will be formed at the level of 1.1219 providing a clear signal to buy with the targets seen at 1.1219. If the trend breaks the price at 1.1219 (first resistance) the pair will move upwards continuing the development of the bullish trend to the level 1.1280 in order to test double top. However, stop loss is to be placed below the level of 1.1181.

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USD/CHF – 01/09/2016

Technical analysis of USD/CHF for September 01, 2016

Overview:

As expected the USD/CHF pair continues to move upwards from the level of 0.9792. Yesterday, the pair rose from the level of 0.9792 (this level of 0.9792 represents the first support)) to the top around 0.9861. Today, the first resistance level is seen at 0.9901 followed by 0.9949, while daily support 1 is seen at 0.9792. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9792 and 0.9949; for that we expect a range of 157 pips (0.9949 – 0.9792). If the USD/CHF pair fails to break through the resistance level of 0.9949, the market will decline further to 0.6546. This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.9792 in order to retest the daily support. On the contrary, if a breakout takes place at the resistance level of 0.9949 (the double top), then the trend will call for strong bullish market in coming hours.

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Technical analysis of USD/CHF for August 31, 2016

Overview:
The USD/CHF pair has broken resistance at the level of 0.9792, which acts as support now. So, the pair has already formed minor support at 0.9792. The strong support is seen at the level of 0.9744 because it represents the weekly pivot. Also, it should be noted that the level of 0.9744 is coincides with the ratio of 50% Fibonacci retracement level. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend.

In the H4 time frame, the RSI and the moving average (100) are still pointing to the upside. Therefore, the market indicates a bullish opportunity at the level of 0.9792. Buy above the minor support of 0.9792 with a target at 0.9861 (this price is coinciding with the ratio of 78.6% Fibonacci). Another resistance will be seen at the level of 0.9901.

On the other hand, if the pair closes below the minor support (0.9792), the price will fall into the bearish market in order to go further towards the strong support at 0.9744. Hence, we expect a daily range between the level of 0.9744 and 0.9901.

Comment:
Also, the double bottom is seen at the level of 0.9695. If the trend is buoyant, then the currency pair strength will be defined as following: USD is in an uptrend and CHF is in a downtrend.
Support is seen at 0.9744 and the strong resistance is already set at 0.9901.

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Technical analysis of EUR/USD for August 22, 2016

Overview:

The EUR/USD pair dropped sharply from the level of 1.1273 towards 1.1160. Now, the price is set at 1.1188. It should be noted that volatility is very high for that the EURUSD pair is still moving between 1.1156 and 1.1225 in coming hours. Also, it should be noted the the pivot is seen at the point of 1.1225.

Furthermore, the price is still set below the strong resistance at the levels of 1.1273 and 1.1225, which coincides with the 61.8% and 38.2% Fibonacci retracement level respectively. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the EUR/USD pair is continuing in a bearish trend from the new resistance of 1.1225. Thereupon, the price spot of 1.1225 – 1.1273 remains a significant resistance zone. Therefore, a possibility that the EUR/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 1.1225 – 1.1273, sell below 1.1225 or 1.1273 with the first targets at 1.1156 and 1.1132 (the double bottom is seen at 1.1132). However, the stop loss should be located above the level of 1.1305.

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Technical analysis of USD/CHF for August 26, 2016

Overview:

As expected the USD/CHF pair continues to move upwards from the zone of 0.9625 and 0.9652. Yesterday, the pair rose from the level of 0.9625 to 0.9697 which coincides with a ratio of 38.2% Fibonacci and 61.8% respectively on the daily chart. Today, resistance is seen at the levels of 0.9697 and 0.9717. So, we expect the price to set above the strong support at the level of 0.9625; because the price is in a bullish channel now. The RSI starts signaling an upward trend. Consequently, the market is likely to show signs of a bullish trend. So, it will be good to buy above the level of 0.9650 with the first target at 0.9679 and further to 0.9717 in order to test the daily resistance. If the USD/CHF pair is able to break out the daily resistance at 0.9550, the market will rise further to 0.9717 to approach support 2 today. However, the price spot of 0.9625 and 0.9600 remains a significant support zone. if a breakout happens at the support levels of .9625 and 0.9600 , then this scenario may be invalidated. But in overall, we still prefer the bullish scenario as long as the level of 0.9600 is not breached.

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Technical analysis of USD/CHF for August 24, 2016

Overview:

The USD/CHF pair rose from the level of 0.9574 to bottom at 0.9643 yesterday. Today, the USD/CHF pair has faced strong resistance at the level of 0.9684 (38.2% Fibonacci retracement levels).
So, the strong resistance is already sen at the level of 0.9684 and the pair is likely to try to approach it in order to test it again and form a double top.
Hence, the USD/CHF pair is continuing to trade in a bearish trend from the new resistance level of 0.9684 in order to form a bearish channel. According to the previous events, we expect the pair to move between 0.9684 and 0.9574. Also, it should be noted major support is seen at 0.9521, while immediate support is found at 0.9622. Then, we may anticipate potential testing of 0.9622 to take place soon.
Moreover, if the pair succeeds in passing through the level of 0.9622 , the market will indicate a bearish opportunity below the level of 0.9572. A breakout of that target will move the pair further downwards to 0.9521.

Trading recommendations
:
Sell orders are recommended below the area of 0.9684 (major resistance) with the first target at the level of 0.9622; 0.9572 and continue towards 0.9521. On the other hand, stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss above the last bullish wave at the level of 0.9684.

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Technical analysis of NZD/USD for August 03, 2016

Technical analysis of NZD/USD for August 03, 2016

Overview:
The NZD/USD pair rose from the level of 0.7039 towards 0.7242 this week. Now, the current price is seen at the level of 0.9910. On the H1 chart, the resistance is seen at the levels of 0.7242 and 0.7324. Besides, the weekly support 1 is seen at the level of 0.7039. Today, the NZD/USD pair is continuing to move in a bullish trend from the support level of 0.7039, to form a bullish channel. Amid the previous events, we expect the pair to move between 0.7039 and 0.7324. Therefore, buy above the level of 0.7039 with the first target at 0.7242 in order to test the daily resistance 1 and further to 0.7324 (double top).
Overall, the daily pivot is seen at the level of 0.7038. The market is still in an uptrend from the the level of 0.7038, for that we still prefer the bullish scenario.

On the other hand, if the pair fails to pass through the level of 0.7138, the market will indicate a bearish opportunity below the level of 0.7138. The market will decline further to 0.7039 in order to return to the double bottom. Additionally, a breakout of that target will move the pair further downwards to 0.6951.

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Technical analysis of USD/CHF for August 03, 2016

Technical analysis of USD/CHF for August 03, 2016

Overview:

The USD/CHF pair continues moving in a bearish trend from the resistance level of 0.9735.
Currently, the price is in a bearish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.
The bias remains bearish in the nearest term testing 0.9622 and 0.9572. Immediate resistance is seen around 0.9735 levels, which coincides with the daily pivot point. The falling structure does not look corrective. In order to indicate a bearish opportunity below of level of 0.9735, sell below this level with the first target at 0.9622. Moreover, if the pair succeeds to pass through 0.9622, it will move downwards continuing the bearish trend development to 0.9572 in order to test the daily support 2. Since the trend is above the 50% Fibonacci level, the market is still in a downtrend. Therefore, the USD/CHF pair is continuing with a bearish trend from the price of 0.9735. However, if a breakout happens at 0.9786 (first resistance), this scenario may be invalidated.

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Technical analysis of NZD/USD for August 02, 2016

Technical analysis of NZD/USD for August 02, 2016

Overview:

The NZD/USD pair continues to rise from the level of 0.7138 in the long term. It should be noted that the support is established at the level of 0.7138 which represents the 50% Fibonacci retracement level on the H4 chart. The price is likely to form a major support in the same time frame. Accordingly, the NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.7138. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend. Overall, we still prefer the bullish scenario. So, buy above the level of 0.7138 with the first target at 0.7242 in order to test the daily resistance 1 and further to 0.7324. Also, it might be noted that the level of 0.7324 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.7138, a further decline to 0.7039 can occur which would indicate a bearish market.

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Technical analysis of USD/CHF for August 02, 2016

Technical analysis of USD/CHF for August 02, 2016

Overview:

Yesterday, the USD/CHF pair dropped from the level of 0.9734 (this level of 0.9734 is coincides with the ratio of 50% Fibonacci Expansion) to the bottom around 0.9635. Alos, it should be noted that the USD/CHF pair continues to move downwards from the level of 0.9734 on the H4 chart.

Therefore, the first resistance level is seen at 0.9734 followed by 0.9786, while daily support 1 is seen at 0.9622 today. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9734 and 0.9622.

If the USD/CHF pair fails to break through the resistance level of 0.9734, the market will decline further to 0.9622. This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.9572 in order to test the daily pivot point.

On the there hand, it would also be wise to consider where to place a stop loss; this should be set below the second resistance of 0.9786.

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