Daily Technical FX: GBP/USD Upside Previals; EUR/GBP Further Advance
Swissquote Ltd | Aug 21, 2018 10:40
EUR/USD The upside prevails
Pivot (invalidation): 1.1480
Our preference
Long positions above 1.1480 with targets at 1.1575 and 1.1600 in extension.
Alternative scenario
Below 1.1480 look for further downside with 1.1450 and 1.1430 as targets.
Comment
The RSI calls for a rebound.
GBP/USD The upside prevails
Pivot (invalidation): 1.2790
Our preference
Long positions above 1.2790 with targets at 1.2855 and 1.2885 in extension.
Alternative scenario
Below 1.2790 look for further downside with 1.2755 and 1.2725 as targets.
Comment
The RSI is supported by a bullish trend line.
USD/JPY The downside prevails
Pivot (invalidation): 110.30
Our preference
Short positions below 110.30 with targets at 109.50 and 109.30 in extension.
Alternative scenario
Above 110.30 look for further upside with 110.50 and 110.70 as targets.
Comment
As Long as 110.30 is resistance, likely decline to 109.50.
USD/CHF Under pressure
Get The App
Pivot (invalidation): 0.9910
Our preference
Short positions below 0.9910 with targets at 0.9865 and 0.9840 in extension.
Alternative scenario
Above 0.9910 look for further upside with 0.9930 and 0.9950 as targets.
Comment
The RSI is bearish and calls for further decline.
USD/CAD Under pressure
Pivot (invalidation): 1.3060
Our preference
Short positions below 1.3060 with targets at 1.3010 and 1.2995 in extension.
Alternative scenario
Above 1.3060 look for further upside with 1.3095 and 1.3125 as targets.
Comment
As Long as 1.3060 is resistance, expect a return to 1.3010.
AUD/USD Continuation of the rebound
Pivot (invalidation): 0.7315
Our preference
Long positions above 0.7315 with targets at 0.7380 and 0.7395 in extension.
Alternative scenario
Below 0.7315 look for further downside with 0.7285 and 0.7265 as targets.
Comment
The RSI calls for a bounce.
EUR/GBP Further advance
Pivot (invalidation): 0.8960
Our preference
Long positions above 0.8960 with targets at 0.9000 and 0.9010 in extension.
Alternative scenario
Below 0.8960 look for further downside with 0.8940 and 0.8925 as targets.
Comment
The RSI lacks downward momentum.
EUR/CHF Further advance
Pivot (invalidation): 1.1365
Our preference
Long positions above 1.1365 with targets at 1.1410 and 1.1435 in extension.
Alternative scenario
Below 1.1365 look for further downside with 1.1340 and 1.1325 as targets.
Comment
The RSI is mixed with a bullish bias.
Disclaimer: While every effort has been made to ensure that the datat quoted and used for the research behind this document is reliable, there is no guarantee that it is correct, and Swissquote Bank and its subsidiaries can accept no liability whatsoever in respect of any errors or omissions, or regarding the accuracy, completeness or reliability of the information contained herein. This document does not constitute a recommendation o sell and/or buy any financial products and is not to be considered as a solicitation and/or an offer to enter into any transaction. This document is a piece of economic research and is not intended to constitute investment advice, nor to solicit dealing in securities or in any other kind of investment.
Although every investment involves some degree of risk, the risk of loss trading off-exchange forex contracts can be substantial. Therefore if you are considering trading in this market, you should be aware of the risks associated with this product so you can make informed decisions prior to investing. The material presented here in not to be construed as trading advice or strategy. Swissquote Bank makes a strong effort to use reliable, expansive information, but we make no representation that it is accurate or complete. In addition, we have no obligation to notify you when opinions or data in this material change. Any prices stated in this report are for information purposes only and do not represent valuations for individual securities or other instruments.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.