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Daily analytical report (24/07/18)

  • Silver started this week with a breakout of the lower line of the wedge, which in theory, gave us a strong sell signal. Buyers are trying to deny that today by initiating a reversal, which could potentially complete the formation of the right shoulder of the inverse head and shoulders pattern. For a proper buy signal, we need to see the breakout of the black neckline first
  • CHFJPY has a very interesting bearish situation supported mostly on the higher timeframes. On the weekly chart, we have a shooting star bouncing from the horizontal resistance. On the daily chart, we have a false breakout above the orange area and on the H4 chart; we have a head and shoulders formation. For a proper sell signal, we first need to see a breakout of the pink horizontal support.
  • USDCHF broke the upwards trend line and is now testing it as the closest resistance. We are also in a flag formation so for a proper sell signal, we need to see a breakout of the lower line of the flag.

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