[EURUSD]
Our Preference:
- Short positions with targets at 1.1156.
Commentary/ Reason:
- Price has broken the 1-month resistance line but expected to not break the 3-months resistance line.
- Stochastic oscillator reading showing an overbought range, indicating impending downward movement.
- RSI value is that more than 70 indicating that the chart is becoming overbought or overvalued and may be primed for a trend reversal.
- EURUSD has reached a key resistance area, hence expect reversal of bearish downtrend.
[USDCHF]
Our Preference:
- Long positions above 0.9611, with target at 0.9631 and extension at 0.9648.
Commentary/ Reason:
- Stochastic oscillator reading showing an oversold range, indicating an upward movement.
- The pair is trading above its 200 and 50 Moving Averages.
- Current retracement is completed, and chart is going into upward movement.
[GBPUSD]
Our Preference:
- Long positions, with target at 1.27.
- There is a possibility of temporary retracement, however, it is expected to still be within the parallel channel trend.
Commentary/ Reason:
- GBPUSD is still moving along the boundary of a rising parallel channel, and still in bullish uptrend.
- The MACD is trading above its signal line and positive. The configuration is positive.
