Technical analysis and trading recommendations for the USDCHF currency pair as of May 14, 2018
May 15, 2018 3:22 am
Impulsive, strong, upward movement pleased traders since the month of February, issuing a result of more than 800 points of the move. It was affirmed to be overbought for a long time. Upon analyzing the last month, an impulse move can be seen without pullbacks and no significant stops. Now, the quotation was able to reach an important range level of 1.0050 / 1.0100, where a periodic ceiling was reached and finally managed at least a little, but go into rollback. It is possible to assume that a correction should be made and the current pullback is the first sellers who broke into the market, but we should not exclude that the old buyers are still sitting in the market and holds long positions. Thus, the buyers may can probably knock off at 0.9960 / 1.0030, but if the price still can be fixed lower than 0.9960, then a move to 0.9850 can be considered, where the interlacing between the level and Fibo is located with a value of 23.6.
* The presented market analysis is informative and does not constitute a guide to the transaction.
The material has been provided by InstaForex Company – www.instaforex.com
Impulsive, strong, upward movement pleased traders since the month of February, issuing a result of more than 800 points of the move. It was affirmed to be overbought for a long time. Upon analyzing the last month, an impulse move can be seen without pullbacks and no significant stops. Now, the quotation was able to reach an important range level of 1.0050 / 1.0100, where a periodic ceiling was reached and finally managed at least a little, but go into rollback. It is possible to assume that a correction should be made and the current pullback is the first sellers who broke into the market, but we should not exclude that the old buyers are still sitting in the market and holds long positions. Thus, the buyers may can probably knock off at 0.9960 / 1.0030, but if the price still can be fixed lower than 0.9960, then a move to 0.9850 can be considered, where the interlacing between the level and Fibo is located with a value of 23.6.
* The presented market analysis is informative and does not constitute a guide to the transaction.
The material has been provided by InstaForex Company – www.instaforex.com
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