From the FXWW Chatroom: USDCHF (0.9630)
Not much to add: As long as the resistance line of 0.9735 is not clearly broken in a 4 hourly close basis the move down could continue. Sell the USD at 0.9700 and 0.9735 with sl above 0.9765.
Support at 0.9584, 0.9535, 0.9491
Resistance at 0.9639, 0.9702, 0.9735
As long as the resistance line of 1.1790 is not clearly broken in a 4 hourly close basis the risk will be on the downside. Sell the EURO at 1.1755 and 1.1785 with sl above 1.1815.
Support at 1.1662, 1.1613, 1.1583
Resistance at 1.1752, 1.1790, 1.1847
Lower lows and lower highs indicate at moment the trend. As long as the resistance area of 110.37 is not clearly broken in a 4 hourly close basis the risk remains to the downside. Sell the USD at 110.05 and 110.35 with sl above 110.65.
Support at 109.28 108.74, 108.22
Resistance at 109.84, 110.37, 110.74
Same picture as yesterday, after the break below 0.7880 the pair opened the way for lower levels testing the first target area at 0.7780-0.7810 (0.7804 15th of August low) and failed to break below with the following rebound (0.7962 yesterday’s high). On the upside, 0.7930-0.7950 is still the zone to watch Intraday, a move and stabilization above 0.7950 could open the way towards 0.7980 (4th of August high) and probably 0.8030-0.8050 (0.8042 high on the 1st of August) later on.
No change, the stabilization above 1243.00-1248.00 opened in fact the way to the expected first down-side test towards 1270.00-1275.00 (1267.20 yesterday’s low) and rebounded to the current level, as long as GOLD is trading above 1262.00-1267.00 a continuation of the up-move towards 1295.00 (1296.00 high on the 6th on June) is possible.
GBP is likely to remain under pressure; however, as long as trades above 1.2800-1.2850 the probability for a strong rebound towards 1.3050-1.3075 (1.3053 high on the 8th of August) is intact.
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