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On Tuesday, the USDCHF took a U-turn from 1.0050-45 support confluence, comprising 23.6% Fibonacci Retracement of last-month's upside and lower-line of immediate descending trend-channel, but failed to rise beyond 1.0110. The pair presently signals weakness towards testing 1.0085 and the 1.0070 supports, breaking which 23.6% Fibo level of 1.0048 and the channel support, at 1.0040 now, can limit its further declines. Given the prices drop below 1.0040, 0.9990-95 horizontal-line becomes crucial to observe, which if cleared can quickly drag the quote to 0.9900 and the 50% Fibo level of 0.9875. On the upside, 1.0120 and the 1.0145 may entertain immediate buyers of the pair. However, channel resistance of 1.0180 again gives rise to chances of the pair's pullback even if it breaks 1.0145. If Bulls govern prices beyond 1.0180, November high of 1.0205 may act as intermediate halt before fueling them to January highs around 1.0255-60.


Even after clearing three-month old descending trend-line resistance during early-week, the EURCHF failed to surpass 100-day SMA and is currency struggling between 50-day SMA, at 1.0815, and the mentioned channel's resistance-line mark of 1.0825. Should the pair maintain its strength, 38.2% Fibonacci Retracement of its February – June dip, at 1.0845, quickly followed by the 100-day SMA level of 1.0855, offer important near-term resistances to watch. In case of the pair's successful break of 1.0855, 1.0890 and the 50% Fibo level of 1.0910 might please the Bulls. Meanwhile, pair's daily close below 50-day SMA level of 1.0815 can trigger its fresh downside towards 1.0785 and the 23.6% Fibo level of 1.0760. Given the sustained weakness on the part of the pair below 1.0760, the 1.0715 and the 1.0685 may act as buffers before the pair tests channel support of 1.0630.


With a four-year low UK Industrial Production, the GBPCHF dropped to short-term ascending trend-channel support of 1.2700; however, failing to break the same presently signals the pair's bounce to 1.2775 immediate resistance. During the pair's further upside beyond 1.2775, the 1.2800, 1.2820 and the 1.2865 may help fueling the quote towards revisiting the five-month old descending trend-line resistance of 1.2910, which if broken enables it to aim for 1.3000 psychological magnet. In case if the pair can't sustain recent bounce and dip below 1.2700 mark, the 1.2675 and the 1.2620 are likely immediate supports to be seen on the chart. Given the prices drop below 1.2620, chances of witness a plunge towards 1.2500 can't be denied.


Considering the NZDCHF's sustained trading above 0.7135-30 support-zone, chances of its another attempt to challenge 0.7240 and the November highs of 0.7275 can't be denied. Though, five-month old ascending trend-line, around November highs, can keep restricting the quote's further upside, failing to which could quickly offer 0.7330 and the 61.8% FE level of 0.7400. Alternatively, pair's daily close below 0.7130 can flash 0.7100 and the 100-day SMA level of 0.7075 on the chart while 23.6% Fibonacci Retracement of its January – November upside, at 0.7050, and the 0.7025 may entertain sellers afterwards. If prices drop below 0.7025, the 0.6975 and the 0.6940-35 horizontal-line become important for traders to watch.

Cheers and Safe Trading,
Anil Panchal

Wednesday, 07 Dec, 2016 / 11:51

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