ForexTechnical Analysis(FxGlory.com)

[FXGLORY]

Technical analysis of GBP/USD dated 02.07.2013

 

As it was obvious in the previous technical analysis of this currency pair dated 13.06.2013 , according to the formed signs in price chart, the price had the potential of descending which finally happened. Sellers were successful in achieving the lowest price of 1.51635 during this downtrend. Right now price is under 5-day moving average in long term time frames like monthly, weekly and daily. Price, during the downtrend, has been stopped from more descending with reaching to the specified supportive levels in the picture below and with creating the Spinning Top candle stick pattern in daily time frame, it shows the vulnerability and indecision market in ascending or descending that with closing of ascending candle at the end of today, this signal in forming a bottom price will be submitted.

 

 

Stoch indicator in daily time frame is in saturation sell area and with the next cycle warns the potential for ascending of price during the next candles. Currently the first important warning for ascending of price is breaking of the resistance level of 1.52472 (the previous day highest price) and also the descending trend line (made of 3 peak prices). Generally until the price level of 1.51635 is preserved, price has the potential to ascend and reform the downtrend.

 

http://blog.fxglory.com/wp-content/uploads/2013/07/gbpusddaily.jpg

 

FxGlory

2013.07.02

[FXGLORY]

Technical analysis of GBP/JPY dated 05.07.2013

 

As we told in last GBP/JPY analysis , according to down trend signs figure showed , Price has a potential to act as a bear trend and acted. Sellers catch lowest price 146.917 through this trend. Price touched inverse line and support area , so configure a stable support zone and shown some signs to act as bullish. As shown in figure , price trapped in bullish channel and after breaking Support line that touched 5 times already , there will be a clear alarm to change trend to bearish.

 

Already a Gartley harmonic pattern figured that with completing D spot , Alarms will be ringing for bearish trends. Stoch indicator is also approved this D spot with locating in buy saturating zone and alarmed bearish trend in further candles.Based on current chart , there is a probability for bearish candles , First notice for starting Bullish trend will be came out after punching D spot in 153.006 level.

 

http://blog.fxglory.com/wp-content/uploads/2013/07/gbpjpydaily.jpg

FxGlory

2013.07.05

[FXGLORY]

Technical analysis of EUR/JPY dated 09.07.2013

 

As it was mentioned in the previous technical analysis of this currency pair, according to the signs in the price chart, there was the potential for descending of price which finally happened. Sellers were successful in achieving the lowest level of 12.962. Currently in monthly, weekly and daily time frames price is above 5-day moving average and warns about the potential of ascending in long period of time. As it is obvious in the picture below, price with formation bottom price of 124.962 has prepared the field for ascending of price and with closing of yesterday bullish candle, the bottom price of 128.576 and ascending mode was recorded.

 

Currently according to the technical signs in weekly and daily time frames, there is not any clear reason for descending of the price and the firs warning for decreasing of price is formation of reversal candle or bearish candle in 4H time frame. According to the current price condition, if the top price of 131.000 breaks, there will be the potential for more ascending and reaching to the pivot resistance level of 132.400.

 

http://blog.fxglory.com/wp-content/uploads/2013/07/eurjpydaily.jpg

 

FxGlory

2013.07.09

[FXGLORY]

Technical analysis of EUR/USD dated 10.07.2013

 

EUR/USD from the middle of previous month till now was in strong and without reformation downtrend that sellers were successful in achieving the lowest price level of 1.27538. Right now in long term time frames there is not any clear reason for increasing of the price and price with being under 5-day moving average in monthly, weekly and daily time frames warns about decreasing of price during the next candles. Currently price has reached to the supportive levels’ range (made of 2 bottom prices) during the price downfall that with exit of some sellers from their trades, price was a little decreased.

 

With formation of bottom price of 1.27538 (formation of hammer candle stick pattern and star pattern that shows Vulnerability of downtrend), there is a warning for formation of a successful bottom price and ascending of price in this supportive range. If this bottom price records (closing of ascending candle), this signal will be stronger. RSI indicator is in saturation sell area and in divergence mode with the price chart confirms the mentioned bottom price and warns about changing price direction. Generally according to the current situation, if the bottom price of 1.27538 records, the price will have the potential in reaching to the weekly pivot.

 

http://blog.fxglory.com/wp-content/uploads/2013/07/eurusdh4.jpg

 

FxGlory

2013.07.10

[FXGLORY]

Technical analysis of Gold chart dated 11.07.2013

 

As it was mentioned in the previous technical analysis of Gold chart dated 28.06.2013, according to the formed signs, there was the potential for ascending of price which finally happened. Buyers (notice of buyers to the round level of 1300.00 as target price) were successful in achieving the highest price of 1298.48. Right now price is over 5-day moving average in daily and 4H time frames and warns about more ascend.

 

With formation of Inverted Hammer candlestick pattern in weekly time frame, there is a warning for Vulnerability of downtrend and formation of a bottom price. In case of closure of bullish candleat the end of this week, Morning Star candlestick pattern will be created on the chart which is an important warning for changing price direction. Indicator RSI is in saturation sell area which confirms the created bottom price and warns about increasing of price. Generally according to the current situation until the bottom price of 1180.41 (D harmonic point) is preserved m there is a potential for ascending and increasing of the price in long period of time.

 

http://blog.fxglory.com/wp-content/uploads/2013/07/goldweekly.jpg

 

FxGlory

2013.07.11

[FXGLORY]

Technical analysis of EUR/AUD dated 12.07.2013

 

EUR/AUD since 03.04.2013 was in strong and consistent uptrend with small price reformations. Buyers during this uptrend were successful in achieving the highest price of 1.44025, And with reaching to the resistance levels made of 2 top prices ( in 2011) have tested these levels and were not able to reach to higher levels so the price has stopped from more ascending. As it is obvious in the picture below, between the bottom price of 1.16020 and top price of 1.44025 , there is AB=CD harmonic pattern with ideal ratios of 61.8 and 161.8 that with completion of the D point , there is a warning for stopping of uptrend and changing price direction.

 

 

According to the type of formed candles like Hanging Man and Engulfing candlestick patterns in green color area warns about Vulnerability of uptrend and formation of a top price and decreasing of the price. Stoch indicator in weekly time frame is in saturation buy area and with the next cycle warns about the potential of changing price direction during the next weeks. Currently the first warning for decreasing of price is breaking of the supportive level of 1.42299. Generally until the D point in weekly time frame is preserved, there is a potential for price reformation and descending.

 

http://blog.fxglory.com/wp-content/uploads/2013/07/euraudweekly.jpg

 

2013.07.12

FxGlory

[FXGLORY]

Technical analysis of EUR/GBP dated 15.07.2013

 

EUR/GBP in recent weeks, has been experienced many reformation with a gradual upward trend that Buyers over price increases obtained the highest price of 0.86953. Currently in long-term time frames such as monthly / weekly and daily price is above the 5-day moving average which implies consistent uptrend with potential of further rise in price during the next candles.

 

As it is shown in the picture below, price has been stopped from ascending during the uptrend from D harmonic pattern point (warning for increasing of price in the previous analysis of 06.09.2012 ), and with reaching to the descending trend line, it is ready to test it again. Currently there is not any clear reason for descending of price in long period of time and the first warning for descending of price is formation of a top price and confirming of it in weekly time frame. If the descending trend line breaks, there is a warning for ascending of price and reaching to the resistance level of 0.88189.

 

http://blog.fxglory.com/wp-content/uploads/2013/07/eurgbpweekly.jpg

FxGlory

2013.07.15

[FXGLORY]

Technical analysis of AUD/USD dated 16.07.2013

 

AUD/USD was in a strong and consistent downtrend during the recent months that sellers were successful in obtaining the lowest price of 0.89991. price with reaching to the supportive level which is shown in the picture below ( made of 2 bottom prices) and the important round level of 0.90000 has stopped from more descend( sellers used this level to exit their trades) and with formation of a bottom price in daily time frame has prepared a field for ascending of price. According to the previous week changes, previous week candle was closed as Inverted Hammer candlestick pattern which shows vulnerability of descending trend and potential for formation of a bottom price in this range.

 

As it is obvious in the picture below, between the top price of 1.08553 and bottom price of 0.89991 there is AB=CD harmonic pattern with ratios of 78.6 and 127.2 that warns the potential of ascending from the D point of this pattern. RSI indicator is in saturation sell area in daily time frame and in divergence mode with the price chart that warns about changing price direction during the next days. In weekly time frame Stoch indicator is in saturation sell area and with the next cycle confirms the bottom price of 0.89991. Generally according to the current situation, until the bottom price of 0.89991is preserved, there is the potential for ascending of price and reformation of descending trend.

 

http://blog.fxglory.com/wp-content/uploads/2013/07/audusdweekly.jpg

FxGlory

2013.07.16

[FXGLORY]

Technical analysis of AUD/JPY dated 17.07.2013

 

As it was mentioned in the previous technical analysis of AUD/JPY dated 19.06.2013, according to the formed signs, there was the potential for ascending of price which finally happened. Buyers were successful in achieving the highest price of 93.058. Price has been stopped from more ascend with reaching to the specified resistance level (conversion level) and also the round resistance level of 93.000 (buyers use these levels to exit their trades) has formed a top price and returned to the ascending trend line. As it is obvious in the picture below, points of 3 and 5 on ascending trend line are in important supportive range dated back to 2011.

 

Currently in daily time frame price with touching the ascending trend line (made of 4 price levels) and forming a bottom price has prepared a field for ascending. Stoch indication in weekly and daily time frame is in saturation sell area and with the next cycle confirms the 5th point of ascending trend line and warns about ascending during the next candles. Generally according to the current situation, until the bottom price of 88.897 is preserved, price has the potential for reformation of downtrend.

 

http://blog.fxglory.com/wp-content/uploads/2013/07/audjpydaily.jpg

FxGlory

2013.07.17

[FXGLORY]

Technical analysis of GBP/CAD dated 18.07.2013

 

GBP/CAD since 1998 was in a long term and strong downtrend which is currently among the lowest prices. Sellers could achieve the lowest price of 1.48320 during this downtrend. As it is shown in the picture below, price with creating a top price on 25th of previous month (formation of Doji candle stick pattern as a top price) at the resistance edge of ascending channel finally decreased and with reaching to the supportive line of ascending channel has stopped from more descending. Currently in daily time frame, price with reaching to the ascending trend line and forming the third point of ascending trend line has increased.

 

Price in monthly and weekly time frames is above 5-day moving average and warns about the potential of ascending in long period of time. According to the formed movements in the previous week, there is a Spinning Top candlestick pattern which shows indecision marker for ascending or descending and there is a warning for stopping of more descending.Stoch indicator with the ascending cycle confirms the third point of ascending trend line and warns about the potential of ascending during the next candles. Breaking the descending trend line (made of 2 resistance level) in 4 H time frame is the first important warning for ascending of price in current situation. Generally according to the current condition of this currency pair, there is the potential of ascending and reformation of the downtrend in long period of time.

 

http://blog.fxglory.com/wp-content/uploads/2013/07/gbpcaddaily.jpg

FxGlory

2013.07.18

[FXGLORY]

Technical analysis of USD/JPY dated 19.07.2013

 

As it was mentioned in the previous technical analysis of this currency pair dated 30.05.2013, according to the formed technical signs, there was the potential for reformation and descending of price which finally happened. Currently in monthly, weekly and daily time frames price is above 5-day moving average that warns about the potential of ascending of price during long period of time. The price is now surrounded with both ascending and descending trend lines which is one of the most important supportive and resistance levels in front of price.

 

As it is obvious in the picture below, between the top price of 101.523 and the bottom price of 98.270, there is Gartley harmonic pattern that with completion of the D point (formation in resistance edge of number one weekly pivot) there is a warning for descending of price.Stoch indicator in 4H time frame is in saturation sell area and warns about more possibility in decreasing of price. Currently the first sign for buyers is breaking of the D point of harmonic pattern in the price chart.

 

http://blog.fxglory.com/wp-content/uploads/2013/07/usdjpyh4.jpg

 

FxGlory

2013.07.19

[FXGLORY]

Technical analysis of Silver dated 22.07.2013

 

As it was mentioned in the previous technical analysis of Silver dated 01.07.2013 , according to the technical signs in the price chart, there was the potential of descending of the price which finally happened. Doubt of buyers and also the strong descending of price since the end of 2012 prevented ascending of price from the bottom price of 18.22. currently price with touching the ascending trend line ( made of 2 bottom prices) and creating the third point on the level of 19.25 has prepared the field for more ascending during the next candles.

 

as it is obvious in the picture below , the most important resistance level before the price is the conversion level of 20.19( from supportive to resistance) that prevented increasing of price till now and it is the first target price for ascending of price. Stoch indicator in weekly time frame is in saturation sell area and also in divergence mode with the price chart warns about changing price direction. Generally according to the current situation of price, until the bottom price of 18.22 in daily time frame is preserved, price will have the potential for ascending and reformation in descending trend.

 

http://blog.fxglory.com/wp-content/uploads/2013/07/silverweekly.jpg

 

 

FxGlory

2013.07.22

[FXGLORY]

Technical analysis of USD/CHF dated 23.07.2013

 

As it was mentioned in the previous technical analysis of USDCHF dated 14.06.2013 , according to the formed signs, there was the potential for ascending of price which finally happened. Buyers were successful in achieving the highest price of 0.97490.currently according to the recent downtrend and closing of bearish candles in long term time frames such as monthly, weekly and daily, there is not any clear reason for ascending of price and with breaking of the current supportive level of 0.93230, there is the possibility of more descending and moving of price toward the ascending trend line.

 

Price has been stopped from more descending during the downfall from the top price of 0.97490 and reaching to the specified supportive level in the picture below and also supportive level of weekly pivot number one (sellers used this level to leave their trades) and with formation of a bottom price in 4H time frame (formation of star candlestick patterns which shows indecision market for ascending or descending) warns about changing price direction.

 

As it is obvious in the picture below, between the top price of 0.97490 and the bottom price of 0.93230, there is Three Drives harmonic pattern with ideal ratios that warns the potential of ascending from point number 3. RSI indicator is in saturation sell area and in divergence mode with the price chart, warns about formation of a bottom price. Currently if the resistance level of 0.93687 breaks, there is a warning for ascending of price in this chart.

 

http://blog.fxglory.com/wp-content/uploads/2013/07/usdchfh4.jpg

 

FxGlory

2013.07.23

[FXGLORY]

Technical analysis of AUD/USD dated 24.07.2013

 

As it was mentioned in the previous technical analysis of this currency pair dated 16.07.2013 , according to the formed technical signs, there was the potential for ascending and descending of price which finally ascend. Buyers were successful in achieving the highest price of 0.93171. Price has been stopped from more ascending with reaching and testing the descending trend line made of 4 resistance points and also resistance level of number one and when some buyers left their trades (using these resistance levels as target); the price decreased and was under 5-day moving average .

 

Stoch indicator in 4 H time frame is in saturation sell area and in divergence mode with the price chart that confirms the top price of 0.93171 and warns about the possible downfall during the next candles. Generally in current situation, in the short period of time until the top price of 0.93171 is likely to remain constant;there is the possibility of downfall to weekly pivot line in the level of 0.91689. Considering the price of long-term time frames such as weekly, there is the potential for descending and ascending in long term time frames( the first warning is formation of a bottom price in 4H time frame).

 

http://blog.fxglory.com/wp-content/uploads/2013/07/audusdh4.jpg

 

FxGlory

2013.07.24

Edited July 24, 2013 by FXGLORY

[FXGLORY]

Technical analysis of NZD/USD dated 25.07.2013

 

As it was mentioned in the previous technical analysis of this currency pair dated 27.06.2013, according to the formed technical signs, there was the potential for changing price direction which finally the price ascends. Buyers were successful in achieving the highest price of 0.80228. As it is obvious in the picture below, Price has passed the descending trend line made of 2peak prices and with being above 5-day moving average warns about more ascending.

 

Stoch indicator in weekly time frame is in saturation sell area and in divergence mode with the price chart that warns about the potential of ascending during the next candles. If the price ascends more, one of the buyers’ targets and the next resistance level will be number one weekly pivot of 0.80400 and 0.81000. According to the current situation there is not any clear reason about descending of price in long term time frames. The least sign for descending of price is formation of a top price and recording of it in daily time frame.

 

http://blog.fxglory.com/wp-content/uploads/2013/07/nzdusddaily.jpg

 

FxGlory

2013.07.25

[FXGLORY]

Technical analysis of USD/CAD dated 26.07.2013

 

USD/CAD since the first days of this month with creating a top price of 1.06084 has started to descend. According to the recent downfall, price is under 5-day moving average that shows a strong and consistent descending trend. Currently price has touched the ascending trend line made of 2 bottom prices and with exit of some sellers from their trade; there is a hammer candlestick pattern in 4H time frame which is the price reaction to this supportive level. According to the recent pressure of selling there is a need of confirmation with closing of a bullish candle, otherwise this pattern is not much reliable.

 

As it is obvious in the picture below, between the top price of 1.04403 and the bottom price of 1.02528, there is a butterfly harmonic pattern that with completion of the D point there will be a warning for increasing of the price. RSI indicator is in saturation sell area and in divergence mode with the price chart that warns about changing price direction. Generally the first warning for ascending of price is breaking of 1.02871 resistance level.

 

http://blog.fxglory.com/wp-content/uploads/2013/07/usdcadh4.jpg

 

 

FxGlory

2013.07.26

[FXGLORY]

Technical analysis of EUR/USD dated 29.07.2013

 

As it was mentioned in the previous technical analysis of this currency pair dated 10.07.2013, according to the formed technical signs, there was the potential for ascending of price which finally happened. Buyers were successful in achieving the highest price of 1.32958. Right now in weekly, daily and 4H time frames price is above 5-day moving average which shows consistent ascending trend. As it is obvious in the picture below, price has been stopped from more ascending with reaching to the descending trend line made of several resistance points (buyers leave their trades) and with creating the top price of 1.32958, the field has been prepared for descending.

 

RSI indicator is in saturation buy area and in divergence mode with the price chart and confirms the top price and warns about changing price direction during the next candle. The first warning for descending of price is breaking of the conversion level of 1.32526 (resistance to support) or breaking of ascending trend line (made of 3 bottom prices, obvious in the picture below) in this currency pair.

 

http://blog.fxglory.com/wp-content/uploads/2013/07/eurusdh41.jpg

 

FxGlory

2013.07.29

[FXGLORY]

Technical analysis of GBP/JPY dated 30.07.2013

 

GBP/JPY has prepared the field for a downfall from the level of 154.016 with creating a top price (formation of divergence mode between RSI indicator and chart and AB=CD harmonic pattern). According to the created top prices in monthly and weekly time frames, there is the potential for reformation of ascending trend in long period of time. Sellers were successful in achieving the lowest price level of 149.957. Price has been stopped from more descending with reaching to the middle line of Andrew’s Pitchfork pattern during descending and also ascending trend line made of 2 supportive points (some sellers used these levels to leave their trades).

 

According to the recent downfall from the top price of 154.016, RSI indicator is in saturation sell area and with the next cycle confirms the bottom price of 149.957 warns about price reformation during the next candles. The first warning for ascending of price is breaking of resistance level of 150.889.

 

http://blog.fxglory.com/wp-content/uploads/2013/07/gbpjpyh4.jpg

FxGlory

2013.07.30

[FXGLORY]

Technical analysis of USDCAD dated 31.07.2013

 

As it was mentioned in the previous technical analysis of this currency pair dated 26.07.2013, according to the formed technical signs, there was the potential for ascending of price to the conversion level (supportive to resistance) which finally happened. Buyers were successful in achieving the highest price of 1.03210.as it is obvious in daily time frame, price has been stopped from more descending with touching the supportive lines made of ascending trend line and 2 bottom prices and number one level of Warning line, Andrew’s Pitchfork pattern and with creating the bottom price of 1.02488 has prepared the field for ascending. With closing of the yesterday bullish candle, there is the potential for more ascending from the round resistance level of 1.06000.

 

As it is obvious in the picture below, Stoch indicator is in saturation sell area and warns about ascending of the price during the next candles. Currently there is a top price in 4H time frame that the first warning for ascending of price is breaking of the resistance level of 1.03210.

 

http://blog.fxglory.com/wp-content/uploads/2013/07/usdcaddaily.jpg

 

FxGlory

2013.07.31

[FXGLORY]

Technical analysis of AUD/CAD dated 01.08.2013

 

AUD/CAD was in a strong and consistent descending trend that sellers during this descending trend were successful in achieving the lowest price level of 0.91698. Currently in 4H time frame with formation of hammer candlestick pattern (the failure of sellers in reaching to the lower prices) price has been stopped from more descending and there is a possibility of formation of a bottom price and finally ascending of the price.

 

As it is obvious in the picture below between the top price of .97788 and the bottom price of 0.91698, there is an ideal AB=CD harmonic pattern with the ratios of 61.8 and 161.8 that with completion of the D point (also formation of butterfly pattern in CD wave), there is a potential for ascending of price.Stoch indicator is in saturation sell area and in divergence mode with the price chart confirms the D point of harmonic patterns and warns about potential of ascending during the next candles. Generally until the bottom price of 0.91698 is preserved, price will have the potential for reformation.

 

http://blog.fxglory.com/wp-content/uploads/2013/08/audcadh4.jpg

 

FxGlory

2013.08.01

[FXGLORY]

Technical analysis of GBP/CHF dated 02.08.2013

GBP/CHF since 20.05.2013 is in a downtrend that sellers were successful to achieve the lowest price of 1.40426. Right now price in long term time frames such as monthly and weekly is under 5-day moving average which shows the downtrend. As it is drawn in the picture below, according to the type of price movement, price is in a downtrend channel that sellers use the supportive edge of that to leave their trades.

 

Price has been stopped from more descending with reaching to the specified supportive level( supportive level of downtrend channel, number 3(lower warning line 3) level of pitchfork pattern, supportive level related to 17.04.2013) and with closing of the bearish candle, there is a warning for changing price direction.Stoch indicator in Daily time frame is in saturation sell area and confirms 1.40426 also warns about ascending of price during the next candles. Generally until the bottom price of 1.40426 is preserved, price will have the potential for ascending and reformation.

 

http://blog.fxglory.com/wp-content/uploads/2013/08/gbpchfdaily.jpg

 

FxGlory

2013.08.02

[FXGLORY]

Technical analysis of AUD/USD dated 05.08.2013

 

As it was mentioned in the previous technical analysis of this currency pair dated 24.07.2013, according to the formed technical signs, there was the potential for descending of price which finally happened. During the uptrend from bottom price of 1.91258, price with reaching to the descending trend line made of 4 peak prices has been stopped form more ascend. Right now in 4H time frame price with creating the hammer candlestick pattern (failure of sellers in reaching to the lower price) warns about the formation of a bottom price in this range that needs the recording of the bottom price of 0.88472.

 

As it is obvious in the picture below, there is non-ideal butterfly pattern between the top price of 0.93159 and the bottom price of 0.88472 that there is a potential for ceasing of price from D point of this pattern. RSI indicator is in saturation sell area and divergence mode with the price chart that confirms the current bottom price and warns about ascending of price during the next candles. Generally until the price level of 0.88472 is preserved, price will have the potential for reformation and ascending.

 

http://blog.fxglory.com/wp-content/uploads/2013/08/audusdh4.jpg

 

FxGlory

2013.08.05

[FXGLORY]

Technical analysis of GBP/AUD dated 06.08.2013

 

As it was mentioned in the previous technical analysis of this currency pair dated 24.04.2013, according to the formed technical signs, there was the potential for ascending of price which finally happened. Buyers were successful to achieve the highest price level of 1.72547.Currently price in long term time frames like monthly, weekly and daily time frames is above 5 day moving average which shows a consistent ascending trend in long period of time.

 

As it is obvious in the picture below, there is a harmonic butterfly pattern between the bottom price of 1.61292 and the top price of 1.72547 that there is a potential for changing price direction from D point of this pattern. RSI indicator is in saturation sell area and divergence mode with the price chart that confirms the current bottom price and warns about descending of price during the next candles. Generally until the price level of 1.72547 is preserved, price will have the potential for reformation and descending.

 

http://blog.fxglory.com/wp-content/uploads/2013/08/gbpauddaily.jpg

 

FxGlory

2013.08.06

[FXGLORY]

Technical analysis of Gold dated 07.08.2013

 

As it was mentioned in the previous technical analysis of Gold dated 11.07.2013, according to the formed technical signs, there was the potential for ascending of price which finally happened. Buyers were successful to achieve the highest price level of 1347.38. Currently price during the downfall from the top price of 1347.38 has been stopped from more descending with reaching to the middle line of Andrews Pitchfork pattern.

 

As it is obvious in the picture below, there is AB=CD harmonic pattern between the top price of 1338.92 and the current descend price with ideal ratios of 61.8 and 127.2 that there is a potential for changing price direction from D point of this pattern. Stoch indicator is in saturation sell area that warns about ascending of price during the next candles and according to the current condition of daily time frame is not high validated. According to the current condition of price, the first warning for descending of price is breaking of the resistance level of 1284.91.

http://blog.fxglory.com/wp-content/uploads/2013/08/goldh4.jpg

 

FxGlory

2013.08.07

[FXGLORY]

Technical analysis of USD/CHF dated 08.08.2013

 

USD/CHF since 10.07.2013 till now was in a downtrend that sellers were successful in achieving the lowest price of 0.91892. Currently in long term time frames such as monthly, weekly and daily price is under 5-day moving average (a consistent downtrend) and there is not any clear reason about ascending of price in these time frames.As it is obvious in the picture below, price during the descending has touched the ascending trend line (made of 3 bottom prices) and also the round supportive level of 0.92000 and has created the hammer candlestick pattern.

 

Closing of the bullish candle after this pattern will confirm it and warns about ascending of price.Stoch indicator in 4H time frame is in saturation sell area and with the next cycle confirms the current bottom price and warns about ascending of price that with not being in the same direction with daily time frame is not so much valid. According to the current condition the first warning for descending of price is breaking of the resistance level of 0.92303.

 

http://blog.fxglory.com/wp-content/uploads/2013/08/usdchfh4.jpg

 

FxGlory

2013.08.08