Daily analytical report (31/07/18)

2018-07-31T13:24:12
  • Let's take a look at three USD pairs. The first is the USDJPY pair, where we have an inverse head and shoulders formation and the breakout of the neckline. The price is bouncing from the combination of two important dynamic supports, so this is no random place. For a proper buy signal, we need to see the breakout of the green resistance.
  • EURUSD is testing the upper line of the symmetrical triangle pattern. For a legitimate signal, we need to wait for either a breakout or a bounce. As for now, a breakout looks more probable. That will not trigger a buy signal though. For this, we need to see a breakout of the green area first.
  • Lastly is USDCHF, which has a very technical setup. The broken upwards trend line was tested as a resistance and the pair made a shooting star on the daily chart. After this, the pair dropped like a rock, breaking the yellow area. Now, more than likely, we are going to test this area as a close resistance.

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