Friday 5th February 2021: Technical Outlook and Review
Looking at the weekly chart, we can see that prices are still in an uptrend and are approaching our key support level at 1.19162 which can be found on the weekly and daily time frame. This level also coincides with our 61.8% fibonacci retracement and graphical support area.
Thursday 4th February 2021: Technical Outlook and Review
Looking at the weekly chart, we can see that prices are still in an uptrend as it trades between our weekly supply area at 1.2420 - 1.2214 and weekly support at 1.20000. The weekly support level also coincides with the 2018 yearly opening level.
Wednesday 3rd February 2021: Technical Outlook and Review
On the weekly timeframe, USD/CHF continues to be on a steady downtrend as it holds below the descending trend line resistance on Wednesday. Price is edging closer to the horizontal pullback resistance level at 0.90140 which had held as a support level before price broke through in December 2020.
Tuesday 2nd February: Daily Technical Outlook and Review
On the daily time frame, prices are seeing limited upside, echoing the same view on the weekly time frame. There was a reversal below the daily resistance at 1.37630 although the uptrend remains intact as prices are holding nicely above the ascending trend line seen on the daily chart.
Monday 1st February: Weekly Technical Outlook and Review
Trend studies reveal upside has remained favoured since price bottomed at 1.0637 in March 2020, movement which eventually overthrew trend line resistance, extended from the high 1.2555. For that reason, long-term dip-buyers may surface from 1.2004 if tested.
Friday 29th January: Technical Outlook
Amidst a broadly weak USD (a reaction to risk), Europe’s single currency clawed higher on Thursday. This followed Wednesday’s hammer pattern that whipsawed through 1.21 into the jaws of H4 demand at 1.2040-1.2064
Thursday 28th January: Technical Outlook
Key risk events today: US Advance GDP q/q; US Advance GDP […]
Wednesday 27th January: Technical Outlook
Despite price recently consolidating gains, the weekly timeframe shows AUD/USD has scope to reach as far north as resistance at 0.8127. In order to climb, however, daily Quasimodo resistance at 0.7784 must be conquered (shines the spotlight on another daily Quasimodo resistance at 0.7893).
Tuesday 26th January: Technical Outlook
Those long from daily demand at 30,310-30,637 or the H4 support zone at 30,578-30,633 (both areas were noted in Monday’s technical briefing) have likely reduced risk to breakeven, and perhaps liquidated a portion of their position.
