British Pound Nervous Ahead Of BOE Minutes

British Pound Nervous Ahead Of BOE Minutes

By: Simon Furman | Where To Trade | On:21-10-2014 22:54
Back

Key Highlights

  • US dollar managed to find buyers Intraday against the Euro and the British pound.
  • British pound buyers look nervous ahead of an important release during the London session i.e. the BOE meeting minutes.
  • Australian Consumer Price Index released by the RBA and republished by the Australian Bureau of Statistics came in at 0.5%, compared with the expectation of a 0.4% rise.
  • Aussie dollar managed to gain bids against other major currencies and traded above 0.8780 against the US dollar.
  • USDCHF failed to gain strength above an important resistance zone which might produce a move lower in the short term.

 

GBPUSD

The British pound climbed towards the 1.6180 yesterday against the US dollar, but somehow failed to overtake it. There was an important bullish trend line on the hourly chart of the GBPUSD pair, which was broken recently. Currently, the pair is trading around the 23.6% fib retracement level of the last leg from the 1.5873 low to 1.6183 high. So, there is a chance of a minor correction towards the broken trend line where sellers might appear again. The last high of 1.6183 holds a lot of importance in the short term, and as long as the pair is trading below the same more losses cannot be denied. It mostly depends on the upcoming economic release whether it can break higher or move lower.

Intraday Support Level – 1.6090

Intraday Resistance Level – 1.6180

  • Overall, as long as the pair stays below the 1.6180 level it can move towards 100 MA.
  • 100 and 200 MA’s are important support area for the GBPUSD pair moving ahead.

 

Where To Trade - GBPUSD - 10.22.2014

 

The 100 hourly moving average is sitting around the 1.6090 level as of writing, which might act as a pivot area for the pair in the short term.

 

USDCHF

The US dollar managed to climb higher against the Swiss franc yesterday after trading as low as 0.9395. However, there was a critical bearish trend line on the hourly chart of the USDCHF pair, which acted as a resistance. Moreover, the last hourly candle even closed below the 200 moving average, which is a bearish signal in the short term. If the pair fails to move above the 200 MA, then there are chances that it might head lower moving ahead. On the downside, there is a major support area, which is a confluence of 100 MA and 50% fib retracement level of the last leg from the 0.9395 low to 9494 high. One bullish sign to note from the charts is that the hourly RSI is well above the 50 level.

Intraday Support Level – 0.9445

Intraday Resistance Level – 0.9500

  • Buying dips around the 0.9400 level might be a good option.
  • 200 MA is a pivot zone for the pair.

 

Where To Trade - USDCHF - 10.22.2014

 

If the pair manages to settle above the 200 MA, then it might retest the previous high. Overall, a break and close above the 0.9500 level is needed for more upside in the pair. Let’s see how the pair trades in the near term.

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

Yen Looks Set For More Losses

Yen Looks Set For More Losses

By: Simon Furman | Where To Trade | On:01-05-2015 11:16

Japanese yen tumbled against most currencies including the Euro and the US dollar, and it looks like it might continue to head lower in the near term.

AUDUSD Remains Buy On Dips

AUDUSD Remains Buy On Dips

By: Ben Myers | Where To Trade | On:30-04-2015 11:13

Aussie dollar was one of the best performing currencies as it traded higher against most major currencies, and looks set for more gains in the short term.

USDCHF At Risk Of A Major Break

USDCHF At Risk Of A Major Break

By: Darryl Frankfort | Where To Trade | On:29-04-2015 11:09

US dollar dived sharply against the Swiss franc and other major currencies, as sellers managed to gain strength exposing a major break in the USDCHF pair in the near term.

US Dollar Poised For Further Rise Versus Yen

US Dollar Poised For Further Rise Versus Yen

By: James Ansher | Where To Trade | On:28-04-2015 10:58

Japanese yen once again failed to hold the ground and lost all the gains against currencies like the US Dollar and the Euro, which exposes it for more declines in the near future.

NZDUSD Gains Favored As It Holds Key Lows

NZDUSD Gains Favored As It Holds Key Lows

By: Oliver Miller | Where To Trade | On:27-04-2015 10:50

New Zealand dollar traded lower this past week after solid gains against the US dollar, but found support around and important area which means there is a chance of recovery in the near term.

StockPair

Press Release

YesOption Voted Best Technical Analysis by DailyForex

YesOption Voted Best Technical Analysis by DailyForex

August 12, 2014 - London, UK, - Leading online forex and binary options trading platform - www.yesoption.com has once again made the news by being awarded the prestigious award of ‘Best Technical Analysis of 2014’ ...
24option binary options broker review

24option binary options broker review

Plus500Findings.com is recently launched online to help traders decide which broker they could open an account. 24Option, one of the popular trading platform online is reviewed whether it is legitimate broker or scam. This reviews and findings are of great benefits for traders, especially for those novice ones, who are just starting in the trading industry. ...
Banc De Binary Expands Investment Research Service

Banc De Binary Expands Investment Research Service

Leading Investment Firm, Banc De Binary, which specializes in binary options trading, has added a new weekly video series and trading webinars to the investment research service that it provides to its clients. ...

Articles

Citigroup Inc. is to pay $25 million amends

Citigroup Inc. is to pay $25 million amends

Citigroup accepted to pay the amends without denying the accusation ...
Netflix added 7.1 million new subscribers

Netflix added 7.1 million new subscribers

Netflix Inc. managed to add in the last quarter of 2016 more subscribers than expected ...
The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

On Wednesday, Federal Reserve Chair Janet Yellen spoke about the interest rates and about the United States' economy ...
StockPair

Featured Listings