Market analysis on EURUSD, GBPUSD, and USDCHF: 7th November -11th November

EURUSD: 7th November -11th November

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Figure: EURUSD daily chart

The EURUSD pair has strongly recovered its loss to a great extent in the last week after hitting a low at 1.08541.Currently, the price is heading towards the broken trend line resistance level at 1.1155.This level is going to provide a significant amount of selling pressure to this pair since the newly formed bearish trend line and broken bullish trend line resistance also lies at the same point. Most importantly the pair has broken an important triangle chart pattern in the daily time frame and hasn’t yet completed its bearish move. However, if the pair manages to breach the critical resistance level at 1.11750 level then we will see some fresh buying pressure in the market. The first bullish target for the pair would be the critical resistance level at 1.13652.A valid break of the price above that level will lead the pair towards the next key resistance level at 1.116115.

In the eyes of trained professional, the EURUSD pair might give golden selling opportunity since the pair has nicely retraced towards the critical resistance level which is also the broken triangle chart pattern floor. To be precise the pair has very little room for its bullish move in the upcoming week. Professional traders will be looking to sell this pair near the critical resistance level 1.1155 – 1.11750 level. Due to the presidential election on 8th November, traders are advised not take any unnecessary risk even after seeing extremely reliable trading signal in the EURUSD pair. If the critical resistance level near the region 1.1155 – 1.11750 holds then we will see a strong bearish move in the EURUSD pair. The first initial bearish target for the pair would the minor support level at 1.08541.A clear decisive break of the price below that level will bring further downside movement to this pair towards the next key support level at 1.05186.This level is going to provide some strong support to the pair but a valid break of that level will bring the longer term bearish trend again into action with fresh selling pressure.

GBPUSD Forecast: 7th November – 11th November

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Figure: GBPUSD daily chart

The Great Britain Pound has broken critical resistance level at 1.23503 in the last week and the whole market sentiment has been changed to a great extent. Previously before breaking this critical resistance level the overall sentiment for the GBPUSD pair was strongly bearish but with a clear bullish break of that level has triggered fresh buying pressure to this pair. Currently, the pair is most likely to head towards the next critical resistance level at 1.27938 level. But professional traders are exception minor bearish correction in the pair so that they get a better price to buy this pair. If the pair manages to retrace break to broken resistance level which turned into support at 1.23503 level then this would be the perfect spot to buy this pair. However due to the extreme volatility of this pair after the Brexit event it highly imperative to use price action confirmation signal before taking a long position in this pair.

The upcoming week is very crucial for the GBPUSD trader due to recent break of major resistance level and the presidential election on 8th November. The overall bias is bullish for the GBPUSD pair but traders should be extremely careful since there might be false spike due to the presidential election. The first bullish target for the pair would be the critical resistance level at 1.2938.A valid break of that level will lead the pair towards the key resistance level at 1.38392 level. Though the overall bias is extremely bullish for the GBPUSD pair but the trader should be extremely cautious about their entry point since the price might breach the newly formed support level at 1.23503 level at any time during the event of a presidential election. If that level fails to provide enough buying pressure to the GBPUSD pair then we will see a ranging movement from 1.20841 level to 1.23503 level.

USDCHF Forecast: 7th November -11th November

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 Figure: USDCHF daily chart

The last week has been stopping loss hunting week for price action trader since the pair strongly rejected highly reliable bullish pin bar formed right at the 61.8% retracement level and bullish trend line support at 0.97077.In the upcoming week, traders are expecting a bullish retracement in the pair so that they can enter short in the USDCHF pair at a better price. The pair is most likely to retrace back towards the broken trend line support which turned into resistance at 0.97637.This level is going to provide a significant amount of selling pressure to the USDCHF pair since the 50% retracement level also lies there. A valid break of that level will lead the pair towards the next critical resistance level at 0.98228.However, if the pair manages to breach the 38% retracement level we will consider that fresh buying pressure has again taken control over the pair. The pair is strongly bearish until it breaches the 38% retracement level.

Professional traders will be looking for selling opportunity in the USDCHF pair near key resistance level. The first key resistance level for the pair would be critical resistance level at 0.97077.IF this level fails to create enough selling pressure then we will be cautiously waiting for bearish price action confirmation signal near the 50 % retracement level. This level is going to provide huge selling pressure to this pair since the long term daily bearish trend line resistance also lines at 0.97637.Considering all the fact the overall bias is strongly bearish for this pair and we would be looking for selling opportunity with highly reliable bearish price action confirmation signal.

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