Pair made a comeback inside falling channel and suffered sell-off earlier this month. short-term loss of momentum is resulting into a correction, which is likely to run into wall of resistance around 0.9700
There is still one more week to go for Brexit referendum and thus haven demand for CHF is likely to strengthen.
In my opinion, we could be going higher once again from the range of $48.34 - $47.60 (rising trend line blue). US oil inventories are dropping and the monthly OPEC report released this week did not carry any bearish signals. Last week's inventory report did show a build in gasoline inventories. however, a drop this ...
The hourly chart shows a bullish flag and pole breakout. This is a continuation pattern, however, I would want to see a more convincing break above 1.1376 (Feb 11 high) as that would open doors for a rise to 1.14-1.1464 levels.
Nifty advanced today in line with positive global cues and also marked its third gap up opening of the current rally from February lows.
For me, a third gap up opening is usually a sign of reversal in a sense that "dumb money" has entered into markets. This view would gain further credence if the index fails to ...
We could see sub 1.10 levels soon, courtesy of leg D of Cypher pattern amid bearish daily RSI.
Note - prices were stuck between 1.1236-1.1196 (on day end closing basis for last three trading sessions). The bearish break today also adds credence to my view that pair is moving towards leg D level below 1.10 levels.
Euro’s bullish break from falling channel would see it test confluence of resistance at 1.12 (falling trend line level on hourly + rising trend line on daily + psychological figure).
positive rsi divergence noted on hourly chart indicates increased odds of the pair testing 1.12 handle.
If accepted above the same, ...
Formation - Expanding falling channel
Outlook - Cautiously bullish
Sterling's sharp fall left it oversold as per 15-min RSI, with the indicator forming bullish divergence pattern with price chart in the NY session.
The subsequent attempts to recover losses have failed around 1.4220, still the intraday support ...