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The pattern started when the pair bounced from 0.7833 on 20th of August. The SWFX market sentiment is bullish as 57% of traders hold long positions on the pair (4% decrease since yesterday). Long traders, who expect that the pair will to continue to move towards pattern's resistance, could set their targets at daily pivot (R1) at 0.7937, 4th of September peak at 0.7943, daily pivot (R2) at 0.7949 and pattern's resistance limit at 0.7959.
Technical indicators on aggregate on 1H and the RSI on 1D time horizon suggesting that the pair will try to breach pattern's resistance. In addition, although market sentiment is bullish, currently 60% of all pending orders are sell orders (11% decrease since yesterday). Short traders should set their targets at Fibonacci retracement (23.6% of move since 20th of August) at 0.7926, 200day SMA/daily pivot (PP) at 0.7923/22, pattern's support limit at 0.7914 and daily pivot (S1) at 0.7911.
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