FXGLORY
FxGlory Representative
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Technical analysis of USD/CHF dated 14.06.2013
USD/CHF from the top price of 0.98380 till now was in a downtrend that sellers were able to achieve the lowest price of 0.91308. As it is obvious in the picture below, price with formation of AB=CD harmonic pattern with ideal ratios of 61.8 and 161.8 has prepared the field for descending of the price from top price of 0.98380 that finally happened. Currently price with teaching to the ascending trend line ( made of 2 bottom prices) has been stopped from more descend and with forming of the Spinning Top candlestick pattern on yesterday, warns the possibility of formation of a bottom price which need the confirmation by the next bullish candle.
Formation of the lower long shadow in the last day candle shows the failure of sellers in reaching to the lower prices. Stoch indicator is in saturation buy area and in divergence mode with the price chart in daily time frame that confirms the price level of 0.91308 and warns changing price direction during the next candles. The first warning for ascending of price is breaking of the resistance level (the yesterday highest price change) 0.92577. Generally according to the current situation of the price chart in daily time frame until the third point of ascending trend line is preserved, the price will have the potential to ascend and pass the mentioned bottom price.
FxGlory
2013.06.14
USD/CHF from the top price of 0.98380 till now was in a downtrend that sellers were able to achieve the lowest price of 0.91308. As it is obvious in the picture below, price with formation of AB=CD harmonic pattern with ideal ratios of 61.8 and 161.8 has prepared the field for descending of the price from top price of 0.98380 that finally happened. Currently price with teaching to the ascending trend line ( made of 2 bottom prices) has been stopped from more descend and with forming of the Spinning Top candlestick pattern on yesterday, warns the possibility of formation of a bottom price which need the confirmation by the next bullish candle.
Formation of the lower long shadow in the last day candle shows the failure of sellers in reaching to the lower prices. Stoch indicator is in saturation buy area and in divergence mode with the price chart in daily time frame that confirms the price level of 0.91308 and warns changing price direction during the next candles. The first warning for ascending of price is breaking of the resistance level (the yesterday highest price change) 0.92577. Generally according to the current situation of the price chart in daily time frame until the third point of ascending trend line is preserved, the price will have the potential to ascend and pass the mentioned bottom price.
FxGlory
2013.06.14