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EURGBP cracked Fibo support at 0.8439 (76.4% of 0.8382/0.8624 rally) and pressuring strong support at 0.8424 (base of thick daily cloud) in extension of five-day steep bear-leg off 0.8544 (Aug 21 lower top). Technical picture on daily chart remains firmly bearish (strong negative momentum / multiple MA’s bear crosses), but oversold conditions and long tails […]

The post EUR/GBP Outlook: Steep Bear-Leg May Take A Breather Above Daily Cloud Base Support appeared first on Action Forex.

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18/12/2023

Technical Outlook and Review

DXY: The DXY (US Dollar Index) chart currently shows an overall bearish momentum, indicating a potential for price to make a bearish reaction off the 1st resistance and fall towards the 1st support. The 1st resistance level at 102.62 is identified as an overlap resistance that aligns close to the 38.20% Fibonacci retracement level. Higher […]
02/01/2024

Euro Extends Losses after Weak PMIs

Euro slips below 1.10 line German and eurozone manufacturing PMIs contract The euro is down sharply on Tuesday. In the European session, EUR/USD is trading at 1.0969, down 0.62%. The euro hasn’t posted a gain since Wednesday. The US dollar has hit a rough patch on market expectations that the Federal Reserve will cut rates […]
02/05/2024

USD/CHF Makes a Temporary Reversal After Swiss Inflation Jumps

Swiss CPI figures released earlier today came out above expectations, at 1.4%, leading to a reversal of some recent losses for the Swiss franc against other currencies. Observing the USD/CHF pair, we notice a significant intraday drop that appears to be an impulsive move down from a new high. Ideally, this trend could drive the […]