On the 4-hour chart the price is trading within the upward channel and is trying to break the level of 0.9681 (cluster of correction: 61.8% for the middle-term and 23.6% for the short-term trend). At the moment the price is tending to the lower border of the channel, but the reversal of Stochastic in the oversold area can let the price grow to the level of 0.9681 and even further, to the level of 0.9710 (correction 76.4%, the upper border of the channel) in the nearest future. In case of the breakdown of the lower border of the channel and the level of 0.9603 the price can decrease to June minima in the area of 0.9555.
On the daily chart the price increased to the middle line of Bollinger Bands around 0.9650 and can reach the June maxima around 0.9555 (Stochastic is pointed downwards). If the price is set above the middle line of Bollinger Bands, it can grow to the level of 0.9730 (correction 23.6%, upper border of Bollinger Bands). Generally, the signals are mixed, so the positions should be opened with caution.
Main scenario
Long positions can be opened above the level of 0.9633 or after the reversal at the level of 0.9600 with the targets at 0.9681 and 0.9710. Stop loss is around 0.9600 and 0.9570 correspondingly.
Alternative scenario
Short positions will become relevant below the level of 0.9603 with the target at 0.9555 and stop loss at 0.9630.
On the daily chart the price increased to the middle line of Bollinger Bands around 0.9650 and can reach the June maxima around 0.9555 (Stochastic is pointed downwards). If the price is set above the middle line of Bollinger Bands, it can grow to the level of 0.9730 (correction 23.6%, upper border of Bollinger Bands). Generally, the signals are mixed, so the positions should be opened with caution.
Main scenario
Long positions can be opened above the level of 0.9633 or after the reversal at the level of 0.9600 with the targets at 0.9681 and 0.9710. Stop loss is around 0.9600 and 0.9570 correspondingly.
Alternative scenario
Short positions will become relevant below the level of 0.9603 with the target at 0.9555 and stop loss at 0.9630.