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A support cluster formed by the weekly and the monthly PPs 0.00% at 1.2714 was providing support for the exchange rate during the morning hours of Thursday's session.
If the cluster holds, the currency exchange rate will move towards the 50-hour simple moving average at 1.2896 within this session.
On the other hand, if the rate passes the support cluster, the next target for bearish traders will be near September swing low of 1.2514 during the following trading sessions.
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nical IndicatorsNov 23, 2018 07:07AM GMT
Name Value Action
RSI(14) 63.168 Buy
STOCH(9,6) 27.291 Sell
STOCHRSI(14) 21.137 Oversold
MACD(12,26) 0.001 Buy
ADX(14) 29.453 Neutral
Williams %R -62.961 Sell
CCI(14) -43.4809 Neutral
ATR(14) 0.0010 Less Volatility
Highs/Lows(14) 0.0000 Neutral
Ultimate Oscillator 53.736 Buy
ROC -0.062 Sell
Bull/Bear Power(13) 0.0005 Buy
Buy: 4 Sell: 3 Neutral: 3
Summary:BUY
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Moving AveragesNov 23, 2018 07:07AM GMT
Period Simple Exponential
MA5 1.2802
Buy 1.2803
Buy
MA10 1.2803
Buy 1.2804
Buy
MA20 1.2807
Sell 1.2793
Buy
MA50 1.2755
Buy 1.2774
Buy
MA100 1.2760
Buy 1.2792
Buy
MA200 1.2869
Sell 1.2846
Sell
Buy: 9 Sell: 3
Summary:BUY
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Moving AveragesNov 23, 2018 07:07AM GMT
Period Simple Exponential
MA5 1.2802
Buy 1.2803
Buy
MA10 1.2803
Buy 1.2804
Buy
MA20 1.2807
Sell 1.2793
Buy
MA50 1.2755
Buy 1.2774
Buy
MA100 1.2760
Buy 1.2792
Buy
MA200 1.2869
Sell 1.2846
Sell
Buy: 9 Sell: 3
Summary:BUY
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Pivot PointsNov 23, 2018
Name S3 S2 S1 Pivot Points R1 R2 R3
Classic 1.2783 1.2789 1.2795 1.2801 1.2807 1.2813 1.2819
Fibonacci 1.2789 1.2794 1.2796 1.2801 1.2806 1.2808 1.2813
Camarilla 1.2799 1.2800 1.2801 1.2801 1.2803 1.2804 1.2805
Woodie's 1.2783 1.2789 1.2795 1.2801 1.2807 1.2813 1.2819
DeMark's - - 1.2799 1.2803 1.2810 - -
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Saxo Bank's head of forex strategy John Hardy expects the pound to trade lower. He says the UK economy has been hit with a big dose of uncertainty. Hardy says that the Bank of England will conduct quantitative easing, but he thinks the pound could make a quick rebound if the focus of the central bank and government is put on fiscal stimulus rather than rates cuts. In the short term, Hardy believes the GBPUSD is looking lower, but in the long term he thinks EURGBP and GBPCHF are turnaround candidates with regards to sterling strength.
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Sterling surged yesterday on news that EU Brexit negotiator sees the possibility for a deal, but risks remain, especially from a revolt from UK Brexit hardliners. Elsewhere, the Swiss franc has turned sharply lower on the double whammy of Brexit developments and sharply lower Italian yields.
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Looking to GBPCHF this week and buying dips. Although the long-term outlook remains to the downside, the strength of the initial move higher highlights a dip buying opportunity this week.
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Weekly bespoke support is seen at 1.2955. Previous support is seen at 1.2955. An exhaustion count has been posted on the intra day chart. Bespoke resistance is located at 1.3100. We then have a further trend line barrier lining up with the 61.8% extension level at 1.3270 where we would look to close out any long balances
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A month old descending trend-line, at 0.9685, is likely to challenge the USDCHF’s short-covering moves from 0.9600, if not then the pair’s rise to 0.9710 and the 200-day SMA level of 0.9740 seem imminent. However, the 0.9780-90 area could restrict the pair’s upside past-0.9740, failing to which might propel prices to 0.9850-55 and the 0.9900 resistance-levels. Meanwhile, the 0.9600 and a downward slanting support-line, at 0.9580 now, can limit the quote’s immediate declines. In case the pair refrains to respect 0.9580 mark, the 0.9560, the 0.9520 and the 0.9430 are expected following supports to observe.
