Just to mention that usually the ascending triangle rule is to take profits the same size as the wider part of the triangle. We had $1046 lower and $1400 higher in the wider part. Conservative approach will take profits on $1700 and more open approach is $1800.
After eight years of uptrend we might see another dip in this pair. Please be aware that Fib .618 is not confirmed at this one and in order to be confirmed has to go to 1.054xx area and start the decline. It might never confirm considering the latest developments on the market and this could potential result in rapid downtrend. If the uptrend continue to 1.054xx...
I published an idea earlier this month which was showing massive drop in this pair. Still believe this is developing due to the fact we have this symmetrical triangle due to the fact the price bounced 3 times from the top and now is time to touch the bottom line at 0.72628 and penetrate down. I still believe we might see 0.62-0.61 levels but it is uncharted...
Today $EURCHF might have to fight for breaking very important pivot level of monthly fib pivot to go up. If breaks which I assume it will it might be trend reversal. If not it can break down the channel and continue the downtrend.
This is not technical analysis but its more likely related with the CoT report which shows potential short on commercials and long on speculators. The reason I believe we will have uptrend:
1. CoT commercials are short as they used to be back in August 2010.
2. There are significant floods in US which devastated the crops.
3. It already broke the descending...
I am still short on this one due to :
1. Looks like gold is rising and CHF is related to gold strength.
2. Global economy is continuing its downturn.
3. It is highly likely this to be kicked down from the R1 level on the monthly pivot
Please this is not investment advise. Use your research and always use SL or Hedge
Silver could rally to R3 level of $20 pretty easily if breaks the yearly pivot of 15.65 - 15.70 and stays above the channel. Please be aware that silver market is heavily influenced by the big trading companies for various reasons and be very cautious with trading size and exit strategy(hedging, SL etc.)
Considering the state of Sweden economy, the negligence of Riksbank and still strong dollar besides the market over reaction on FED notes, I believe this pair will hit 10 very soon. Technical says this channel could continue much higher: Touch channel bottom and volume seems to be on a rise.
This shows classical charting for inverted cup or so called ascending scallop. Breaking below .68 support level might drop this to uncharted territory. Notice the drop in the volume and CCI is sinking lower which is sell signal as well. In addition the Australian economy is not doing well...