A little technical overview $Swiss and Sterling$

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

your technical analysis are totally true, I agree with that. let's see what will happen.

That was all plain text. If you do not mind, I post also the picture I see.

USDCHF picture

Nice NFP revision last month to 148K and plus 92K this month
Short gbp/usd 1.9028, tp 1.8955 (support)
How about you guys?

Market took the USDCHF target. However, GBPUSD looks to find some buyers at 23.6 fib at 1.8990. A close below would signal more downside.

EURUSD

Stochastic making a negative cross on daily. A slightly bearish weekly candle and sharp decline near 1.2680 suggesting more selling should come in next week. The market did violate 23.6 fib, and now heading towards 1.2677 and 1.2642 if that barrier failed.

short from 9090... ;-)

I really think the EUR and GBP shorts are getting paid for waiting with USD now ..and I think, the NFP and Jobs data changed the expectation of 'too soon to cut rates' and dollar likely to hold.

Technically, EUR reached 1.2677 but retraced due to extremely oversold hourly chart, have not yet reached 38/.6 fib of recent decline around .20

I sold EUR again ahead of weekend possibly aiming for 1.2642 while the 4hr bearish signal is intact.

Support resides at 1.2681/77 and more 1.2661/42 levels. What do you think?

GBPUSD would need to break 1.8990 (close below it) and 1.8970 to confirm a more bearish tone.