[EURUSD]
Our Preference:
- Short positions with targets at 1.0971, which is below its double top’s neckline.
Commentary/ Reason:
- Chart entered double top pattern. It is likely that it will breakout into a bullish downtrend.
- The RSI is below its neutrality area of 50.
- Chart finished it current bullish progression.
[USDCHF]
[USDCHF]
Our Preference:
- Long positions, with target at 0.9702.
Commentary/ Reason:
- Falling wedge pattern. A trend line caught between two downwardly slanted lines of support and resistance. In this case the line of resistance is steeper than the support line. Generally signals that an asset’s price will eventually rose when it breaks through the resistance level.
- The MACD is above its signal line and positive.
- The RSI is above its neutrality area of 50.
[GBPUSD]
[GBPUSD]
Our Preference:
- Short positions below 1.2279 with target at 1.2240 and 1.2205 at extension.
Commentary/ Reason:
- The MACD is below its signal line and negative. The configuration is negative.
- The RSI is below its neutrality area of 50.
- Price is closer at the bottom zone. Hence, downtrend is expected.
