© Dukascopy Bank SA
At the moment the lower boundary is challenged by the bears, who are in minority (36.80%) in the SWFX market. Nonetheless, the technical studies have a completely different scenario in mind as the 1H and daily ones are strongly bearish. We see the technicals as the more convincing indicator and therefore we expect a bearish break-out towards the daily S3 and monthly S1 at 1,139.76/1,137.89. Although, after this decline most likely a bullish correction will come in play.
© Dukascopy Bank SA