In forex pairs are often inversely correlated. It pays to watch and wait for price to hit daily or weekly levels before trading a pair that is very oversold or bought. For instance the USDCHF is at a 161.8 extension level of the last corrective swing on the daily.
There has not been a reversal sign. The 4hr chart has fibbed during London's open yesterday. I am expecting to see Asia push up prices to the
lower time frame fib extensions of 127% and 161.8% to see a sign of reversal or a 1-2-3 pattern.
The red lines are my areas of resistance. Today is a time zone for a Fibonacci cycle to occur. That indicates to me that we may see a push up during Asia then London sells us and New York we may see a small retracement followed by more selling later on in the NY session.
During the last week we have seen more EUR strength over the GBP. This may continue therefore my preference is to buy the EUR USD. Strong EUR weak USD.
A last push up to meet the 127 or 161.8 & the 361.8 fib of the last swing then I'm looking for a sign to sell at least back to the 0.382 of the previous leg up.
There has not been a reversal sign. The 4hr chart has fibbed during London's open yesterday. I am expecting to see Asia push up prices to the
lower time frame fib extensions of 127% and 161.8% to see a sign of reversal or a 1-2-3 pattern.
The red lines are my areas of resistance. Today is a time zone for a Fibonacci cycle to occur. That indicates to me that we may see a push up during Asia then London sells us and New York we may see a small retracement followed by more selling later on in the NY session.
During the last week we have seen more EUR strength over the GBP. This may continue therefore my preference is to buy the EUR USD. Strong EUR weak USD.
A last push up to meet the 127 or 161.8 & the 361.8 fib of the last swing then I'm looking for a sign to sell at least back to the 0.382 of the previous leg up.