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The pattern started when the pair started depreciating from 0.9949. Currently the pair is trading at 0.9902. Pattern's support is at 0.9843 and is set to intersect with pattern's resistance on 3rd of October, 01:00 GMT. Technical indicators on aggregate point at augmentation of the pair on 4H horizon. The SWFX market sentiment is bullish as 73% of traders hold long positions of the pair expecting appreciation of the pair. In addition, 52% of all pending orders in the range of 100 pips from current market price are buy orders. Long traders could set their targets at pattern's resistance around 0.9914, 5th of September high at 0.9919 and daily pivot (S1) at 0.9932.
The RSI indicator on 4h time horizon sends sell signal suggesting that the pair should depreciate for some time more. Short traders could set their targets at Fibonacci retracement (23.6% of move since 4th of September) at 0.9901, daily pivot (PP) at 0.9895, Fibonacci retracement (38.2%)/200 day SMA at 0.9890/88, Fibonacci retracement (61.8%)/daily pivot (S1) at 0.9872/71 and pattern's support at 0.9843.
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