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The pattern started on 23rd of November, 2012, when pair started appreciating from 0.8886; at the moment pair is trading slightly above pattern's support at 0.9507. The Stochastic indicator on 1D horizon and technical indicators on aggregate on 1M horizon send a buy signal suggesting that pair will bounce from pattern's support and will continue to follow pattern's, upward sloping, trend. 74% of all pending orders on the pair are to buy indicating strong support for the pair in lower levels. Long traders could focus on weekly pivot (PP) at 0.9565, Fibonacci retracement (23.6% of move since 2nd of August)/20 bar SMA/weekly pivot (R1)/200 bar SMA at 0.9659/0.9706, Fibonacci retracement (38.25) at 0.9791 and Bollinger band/weekly pivot (R2) at 0.9875/95.
The SWFX market sentiment is bearish as 52% of traders hold short positions on the pair expecting its depreciation. Short traders could focus on Bollinger band/pattern's support at 0.9482, recent dip at 0.9446 and weekly pivots at 0.9351 (S1) and 0.9232 (S2).
Main fundamental events who might have impact on the development of the pair are Swiss National Bank chairman speech and G7 meetings on 8th of October and Reserve bank of Australia Monetary policy meeting minutes on 15th of October.
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