© Dukascopy Bank SA
The pattern started when the pair started depreciating from 0.9919. Currently the pair is trading at close to pattern's resistance level at 0.9727. The SWFX market sentiment is bullish as 75% (+3% since morning) of traders hold long positions on the pair expecting its appreciation. In addition, 54% (+2 since morning) of all pending orders in the range of 100 pips from current market price are buy orders. Long traders could focus on Bollinger band at 0.9733, daily pivot (R1) at 0.9750 and 13th of September high/200 bar SMA/daily pivot (R2) at 0.9770/82.
Short traders, who expect that the pair will rebound from pattern's resistance, could focus on 17th of September high/ Fibonacci (61.8% of move since 13th of September)/pattern's resistance at 0.9721, daily pivot (PP)/Bollinger band/Fibonacci (38.2%) at 0.9692/87, Fibonacci (23.6%)/daily pivot (S1) at 0.9667/59, pattern's low at 0.9633 and pattern's support/daily pivot (S2) at 0.9601.
© Dukascopy Bank SA