While pullback moves from 0.9945 triggered the USDCHF’s decline, nearly six-week long ascending trend-line, at 0.9870 now, might confine the pair’s downside, if not, then its extended drop to the 0.9850 and the 0.9835 horizontal-line become imminent. In case if additional selling pressure fetches the pair below 0.9835, the 0.9800 and the 0.9770 can please the Bears. Should the pair reverses from present levels, the 0.9915 can offer immediate resistance before the downward slanting TL, around 0.9940, comes into play. Given the pair’s ability to surpass the 0.9940 trend-line mark, another descending line, at 0.9985, may try disappointing the buyers, failing to which can propel the prices to 1.0020 prior to reigniting the importance of 1.0035-40 region.
Unlike USDCHF, the GBPCHF recently reversed from 1.3165-75 horizontal-line and has comparatively larger space towards south before the 50-day SMA level of 1.3020, adjacent to 1.2990 support-line, gain market attention. If the pair dips beneath 1.2990 on a daily closing basis, the 1.2940, the 1.2900 and the 1.2850-55 are likely rests that it may avail. Alternatively, a clear break of 1.3175 beyond D1 close could push the pair to the 1.3200, the 1.3240 and then to the early-month high around 1.3330.
With a three-week old descending trend-line repeatedly restricting the CHFJPY’s south-run and the RSI is also around oversold region, chances of the pair’s pullback to the 113.50, the 113.80 and to the 114.00 become brighter. However, a two-month old resistance-line, near 114.40, might challenge the pair’s additional strength, which if broken could escalate the recovery to 114.70, the 114.85 and then to the 115.00. Meanwhile, break of the support-line, at 113.00 now, may quickly fetch the quote to 61.8% FE level of 112.75 but its following south-run may be confined by the 112.50-45 horizontal-area. Given the Bears’ dominance over prices drag them beneath 112.45, the 111.90 and the 111.45 could soon appear on the chart.
CADCHF’s U-turn from 0.7775 again indicates the pair’s decline to the 0.7730 and to the 0.7720; though, 0.7705–0.7700 horizontal-area may question its further downside. In case if the pair drops below 0.7700, the 0.7670, the 0.7645 and the 0.7600 can entertain the sellers. On the upside, 0.7760 and the 0.7775 can act as immediate resistances for the pair, breaking which the 0.7800 horizontal-line becomes important. Should the pair successfully clear the 0.7800, the 0.7825 and the 0.7855 are likely intermediate halts that it can avail ahead of confronting the 0.7870-75 resistance-zone.
Cheers and Safe Trading,
This article was originally posted on FX Empire
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