Having cleared a month-old descending trend-line resistance, the GBPUSD seems all set to meet the 1.3520 number; however, it’s following advances might find it hard to surpass the 1.3540-50 region, which if broken could quickly propel the quote towards 61.8% FE level of 1.3615. In case if overbought RSI drags the pair to south, the 1.3455, the 1.3425 and the 1.3400 are likely nearby supports to appear on the chart while an upward slanting TL support, at 1.3360, could restrict its declines then after. Should sellers refrain to respect the 1.3360, the 1.3330 and the 1.3300 might flash in their radar to target.
USDCHF’s sustained trading below 100-day & 200-day SMA confluence indicates brighter chances of its additional downside to test the 0.9735-30 horizontal-region. Though, pair’s break of 0.9730 could open the door for its plunge in direction to 0.9700, the 0.9660 and then to the 0.9645 consecutive rest-points. Alternatively, pair’s daily close beyond 0.9735 may fetch it back to 0.9830 and 0.9880 resistances but descending trend-line figure of 0.9905 can confine its further rise. Given the pair’s ability to conquer 0.9905, the 0.9945 and the 0.9970 can please the Bulls.
Even after bouncing off the 1.3145-40 horizontal-area, GBPCHF can’t be termed strong unless clearing the 1.3200 round-figure mark, which in-turn could help it escalate the recovery towards 1.3240, the 1.3260 and then to the 1.3290. However, the 1.3315-25 zone might limit the pair’s upside beyond 1.3290, break of the same enables the Bulls to claim 1.3400 round-figure. Meanwhile, pair’s dip below 1.3140 has another challenge, namely an ascending TL at 1.3100, which it needs to confront before looking at the 1.3030 support. Moreover, sustained trading below 1.3030 can weaken the pair to test 1.3000 and the 1.2955 numbers to south.
Cheers and Safe Trading,
This article was originally posted on FX Empire
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