Trading below 120.60 offers new probability of renewing the selling wave since there is no sign of reversal.
Being bearish doesn’t mean we recommend using large quantities to sell; on the contrary, we suggest using very small quantity that could be 1% of our accounts.
We have traded the wave from its start, making about about 750.00 pips for our subscribers; thus, we should manage our trading desk as well.
Support: 118.30-117.60-116.00
Resistance:120.60-121.50-122.10
Direction: Bearish
USD/CHF
The USD/CHF pair has reached all our targets after catching the reversal signs at 0.9750 zones.
Currently, the pair’s trading becomes calm compared with yesterday’s quick actions, as 23.6% Fibonacci represents a defensive level.
In result, we will be neutral today due to the sensitivity of current trading levels and inappropriate risk versus reward ratio.
Support: 0.9225-0.90800.9000
Resistance:0.9400- 0.9500-0.9630
Direction: Sideways
Following the sharp inclines seen yesterday, EUR/USD declined to trade between 113% and 127.2% Fibonacci as seen on the graph. Hence, 1.1615 and 1.1520 become very important in defining the trend.
We will be waiting for a confirmation, as we see contradiction between RSI and ADX; noting that, risk versus reward is inappropriate now
Support: 1.1520 – 1.1430 – 1.1400
Resistance: 1.1615 –1.1720 – 1.1840
Direction: Sideways
GBP/USD moves bullishly within the ascending channel as seen on the graph, attempting to breach 1.5800.
In fact, ADX started to show some kind of strength along with bullish signs of moving averages.
In result, we will be bullish today, but moving above 78.6% at 1.5800 will affirm.
Support: 1.5760 – 1.5700 – 1.5630
Resistance: 1.5800 – 1.5860 – 1.5910
Direction: Up