As can be seen from the H4 timeframe this morning, the candles are currently encapsulated within an ascending H4 channel (1.2666/1.2741). Should price continue to climb within this formation, the 1.28 handle is likely the next resistance on the hit list.
Over on the weekly timeframe, the 1.2778 band represents a sturdy weekly resistance level. As a matter of...
After retesting the underside of 0.99 during the early hours of yesterday’s session, the USD/CHF fell to a low of 0.9846. Leaving the H4 support at 0.9837 unchallenged, the pair reclaimed earlier losses and revisited 0.99.
Right now, we believe this is a sellers’ market. Here’s why:
• Weekly price shows room to drive as far south as weekly support coming in at...
The yellow metal aggressively sold off from H4 resistance at 1288.7 going into the early hours of yesterday’s US segment. As you can see, this forced H4 price back into the H4 range shaded in yellow at 1282.5/1265.4, and also below October’s opening level at 1279.1.
The H4 resistance mentioned above at 1288.7 is proving a troublesome area to breach, considering...
During the course of Wednesday’s segment, the USD/CAD popped to a high of 1.2789. Why would H4 price not continue north and shake hands with the 1.28 boundary? Well, over on the weekly timeframe, the 1.2778 band represents a sturdy weekly resistance level! As a matter of fact, the desk highlighted the 1.28 boundary and 1.2778 as a potential sell zone yesterday....
For those who read Tuesday’s report you may recall that the team highlighted a possible buy zone at 1265.4/1269.9 (green area) seen on the H4 timeframe. The lower edge of the current H4 range at 1265.4, as well as the nearby H4 Quasimodo support at 1267.6 along with August and September’s opening levels seen just above at 1269.3/1269.9 formed a strong-looking...
A feeble US dollar, along with an advance in euro markets, sent the USD/CHF considerably lower during trade on Tuesday. The pair wrapped up the day closing beneath the 0.99 handle and also a H4 channel support line taken from the low 0.9939. As we hope is clearly demonstrated on the H4 chart, the unit recently retested the underside of 0.99 (and its fusing channel...
Following a lower-than-expected UK inflation print in the early hours of London trade yesterday, the unit cracked below the 1.31 handle and clocked a low of 1.3073. As can be seen from the H4 timeframe, nevertheless, price failed to sustain this momentum and quickly reversed. Despite a better-than-expected US PPI reading, the dollar tumbled lower, thereby...
Failing to sustain gains above November’s opening line at 0.7659 in early Asia led to a rather dominant selloff throughout the day on Monday, which ended with the H4 candles cracking below support at 0.7632 (now acting resistance). What this latest move also accomplished, however, was opening up downside to the 0.76 handle. This psychological band is attractive,...
Weekly gain/loss: -0.47%
Weekly closing price: 0.9956
After crossing swords with the 2016 yearly opening level seen on the weekly chart at 1.0029 three weeks ago, the sellers finally made an entrance last week. Wiping out all of the prior week’s gains, the downside move could extend as far south as weekly support at 0.9770 in the coming weeks.
Bouncing down to...
Weekly gain/loss: +0.89%
Weekly closing price: 1.3189
Since early October, the British pound has been consolidating underneath a weekly resistance level plotted at 1.3301. Although the market did chalk up a reasonably healthy gain last week, let’s not forget that three weeks prior to this, three consecutive bearish candles had printed, each one tapping the...
Weekly gain/loss: +0.50%
Weekly closing price: 1.1662
Over the course of last week’s sessions, the single currency managed to recoup some of its recent losses. As can be seen on the weekly timeframe, this has positioned the unit within striking distance of a resistance line pegged at 1.1714. Boasting a reasonably strong history, we feel this line will very likely...
The USD/CAD came under pressure going into yesterday’s US session on US Senate tax plan disappointment. Outmuscling bids around the 1.27 handle, the pair managed to clock a low of 1.2667 going into the day’s end.
According to the H4 structure, the recent move has quite possibly opened up the path south down to the 1.26 handle. The large H4 tail marked with a...
The euro is marginally stronger today after H4 price finally conquered the 1.16 handle. Bolstered by confirmation that Senate Republicans plan to propose delaying tax cuts to corporations until 2019, November’s opening level at 1.1615 elbowed its way into the spotlight, which, as you can see, was able to hold ground going into the closing bell.
For those who...
For those who read Tuesday’s report you may recall that we were looking for price to outmuscle the 1.16 handle and tackle the nearby H4 demand base at 1.1541-1.1570. In early London hours on Tuesday, as you can see, 1.16 was engulfed and the noted H4 demand was confronted. The central motive behind selecting this base as a potential buy zone was simply down to...
Recently took a long position from 1.4807, with a stop-loss order set at 1.4765.
Details on the chart.
Will continue to monitor the position from our Twitter account here: twitter.com but will post end-of-trade results here...
Weekly gain/loss: +0.34%
Weekly closing price: 23506
US stocks extended higher for an eighth consecutive session last week, dragging the index up to a fresh record high of 23550. Should the unit pullback this week, the next weekly downside target in view is demand coming in at 22216-22431. On the daily timeframe, the closest demand base can be seen at...
