Key Levels on Several Forex Pairs

Key Levels on Several Forex Pairs

Here's what we are looking at on the key levels now on several forex pairs, including the GBPUSD, EURUSD, USDCHF, and USDCAD.

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EURUSD

The EURUSD daily and 720 minute chart show that price has started to make higher lows.  However, there are several areas of resistance above price, highlighted by the red dotted lines and yellow arrows on the charts below.  Currently, price is moving up and a test of the first area of resistance is likely.  If price manages to break the resistance levels then we would see prices moving higher on the EURUSD.  However, if price fails to break through these areas, then a retest of the support level (directly beneath the white dots on the 720 minute chart) more than likely occur.

Key Levels on Several Forex Pairs EURUSDGBPUSD

The GBPUSD is potentially making a double bottom formation on both the daily and 720 minute chart (double gray arrow).  If this support area holds, then price is likely to move up to the resistance areas or higher.  Also, the UK Parliament has started debating on Prime Minister Theresa May's Brexit proposal, which is set for a vote next Tuesday.  The GBPUSD could potentially move within a range between the resistance areas and support areas until after the vote.

Key Levels on Several Forex Pairs GBPUSDUSDCAD

The USDCAD daily chart shows that price has moved down to the ATR (blue plus sign) and has formed a white congestion dot on the 720 minute chart.  Typical price behavior is that price will move back up and test the prior high at around 1.3350, if the white dot provides support.  This line of dots also coincide with a prior support level, as well.  A reasonable expectation would be for price to move up and either find resistance at the prior high or break through this area and begin making higher highs.  If the prior high provides resistance, then price will typically move down through the support to the next area of support at about 1.3050.

Key Levels on Several Forex Pairs USDCHFUSDCHF

The USDCHF 720 minute chart shows a small double top formation has occurred within the downtrend and price is approaching potential support.  If price manages to break through this support area (around .9900), then a test of the next support area (.9850) is likely.

Key Levels on Several Forex Pairs USDCHF


 

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