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USDCHF: A strong downward movement push prices below the daily pivot.
Posted On 26 Nov 2014
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| EURUSD | H4 | ||
| Resistance | 1.2506 | 1.2538 | 1.2590 |
| Support | 1.2421 | 1.2369 | 1.2336 |
| Primary Scenario | EURUSD continued its upward momentum and achieved to exceed the daily pivot at 1.2454. If the pair manages to withstand the sellers’ pressure, it will target the resistance at 1.2506 and then higher at 1.2538. | ||
| Alternative Scenario | A plunge of the market below the daily pivot, will open the way down to the support level at 1.2421. | ||
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GBPUSD | H4 | |
| Resistance | 1.5745 | 1.5783 | 1.5832 |
| Support | 1.5658 | 1.5609 | 1.5571 |
| Primary Scenario | The pair intends to retest the hurdle at 1.5745. A successful breach of this level will lead the currency rate higher towards the resistance level at 1.5783. | ||
| Alternative Scenario | Should the pair manage to violate the daily pivot, it will find support at 1.5658. | ||
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USDCHF | H4 |  |
| Resistance | 0.9680 | 0.9720 | 0.9743 |
| Support | 0.9616 | 0.9593 | 0.9553 |
| Primary Scenario | A strong downward movement push prices below the daily pivot (0.9656). The next support is seen at 0.9616 and even lower at 0.9593. | ||
| Alternative Scenario | Alternatively, a higher thrust of USDCHF will lift the market above the daily pivot and further up at 0.9680. | ||
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USDJPY | H4 | |
| Resistance | 118.12 | 118.57 | 118.98 |
| Support | 117.64 | 117.34 | 116.80 |
| Primary Scenario | The trend has been overall neutral during this week’s sessions. A decisive movement to the north, will generate strength for the market to penetrate the barrier at 118.12. The next resistance is seen at 118.57. | ||
| Alternative Scenario | On the other hand, a break back below the support at 117.64, will pave the way down to the forthcoming support at 117.34. | ||
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AUDUSD | H4 | |
| Resistance | 0.8593 | 0.8657 | 0.8697 |
| Support | 0.8488 | 0.8448 | 0.8384 |
| Primary Scenario | AUDUSD has returned back to the daily pivot (0.8553), retracing from the previous bottom. A failed attempt to surpass the daily pivot point, will push the rate to extend its downtrend, with immediate target the support at 0.8488 and even lower at 0.8448. | ||
| Alternative Scenario | If the pair manages to penetrate the daily pivot, it will climb towards the resistance level at 0.8593. | ||
The post USDCHF: A strong downward movement push prices below the daily pivot. appeared first on Forex Circles.
Source:: USDCHF: A strong downward movement push prices below the daily pivot.
