Hello,
I am not as expert in technical field as you all, but I would like to share my thoughts about price action and chart of USDCHF and GBPUSD. And I also want you to share yours please! sharing ideas in forex is indeed awesome as afterall we will reach something and the output is worth sharing.
I am sorry too, I use simple methods (stochastic plus daily support and resistance and simple candle pattern)
GBPUSD
Yesterday the rally extended to 1,9134 just ahead of 1,9143 Resistance. Prices edged lower making a low NY close and a doji on daily chart is formed which could be a signal to a reversal trend in the GBPUSD while the strong barrier at 1,9143 is intact and considering that it will hold the recent rally.
My favoured strategy on the pair: Short on a break below 1,9055 and aim for a deeper correction towards 1,8950 with stoploss above 1,9143
USDCHF
Prices dropped reaching the strong support 1,2403 (2 Oct low). While this support holds, USD should be able to rally in the coming few days. A combination of oversold daily study and a hammer formed on close from recent low (1,2403) suggesting market has bottomed near term and more upside should be seen. A positive stochastic cross on daily chart also suggests this view.
My favoured strategy on the pair: Long with target towards 1,2526 and stoploss below 1,2403
Please use the trade recommendation at your discretion
Thanks all,
Bye
I am not as expert in technical field as you all, but I would like to share my thoughts about price action and chart of USDCHF and GBPUSD. And I also want you to share yours please! sharing ideas in forex is indeed awesome as afterall we will reach something and the output is worth sharing.
I am sorry too, I use simple methods (stochastic plus daily support and resistance and simple candle pattern)
GBPUSD
Yesterday the rally extended to 1,9134 just ahead of 1,9143 Resistance. Prices edged lower making a low NY close and a doji on daily chart is formed which could be a signal to a reversal trend in the GBPUSD while the strong barrier at 1,9143 is intact and considering that it will hold the recent rally.
My favoured strategy on the pair: Short on a break below 1,9055 and aim for a deeper correction towards 1,8950 with stoploss above 1,9143
USDCHF
Prices dropped reaching the strong support 1,2403 (2 Oct low). While this support holds, USD should be able to rally in the coming few days. A combination of oversold daily study and a hammer formed on close from recent low (1,2403) suggesting market has bottomed near term and more upside should be seen. A positive stochastic cross on daily chart also suggests this view.
My favoured strategy on the pair: Long with target towards 1,2526 and stoploss below 1,2403
Please use the trade recommendation at your discretion
Thanks all,
Bye
Forex is not easy!