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EUR/USD & US NFP: Already pricing a positive Jobs data for September? 10/7/2016 Today at 12:30 GMT will be published the US Non-Farm Payrolls for September and it seems that we could expect an increase from 151,000 to 175,000 jobs according to recent market consensus. The price action across the EUR/USD pair is already showing an interesting pattern, as during Thursday's session posted fresh lows and it could be a hint that the markets are pricing a possible increase for the upcoming NFP release. The technical picture for EUR/USD at H4 chart is showing a sideways structure in formation, where the buyers are capped by the 1.1200 handle. However, the pair is still trading above the support level of 1.1127, where a better-than-expected reading could deliver more sellers for EUR/USD and it could decline towards the 1.0689 level. In the other scenario, if we see a rebound at the current stage, then the next target should be the 1.1227 level. More: https://new.fxbazooka.com/analytics/10785

EUR/USD: bulls going to deliver wave [y] of E 10/6/2016 Wave E is likely taking form of a double zigzag. Previously, the price formed a pullback from 2/8 Murrey Math Level (P=200). So, bulls are likely going to deliver wave [y] of E soon. The main intraday target on the one-hour chart is 6/8 MM Level. If we see a pullback from this level, there’ll be an opportunity to have wave © of [y]. In this case we should keep an eye on +2/8 MM Level as a possible bullish goal. More: https://new.fxbazooka.com/analytics/10784

NZD/CAD reached sell target 0.9500 10/6/2016 NZD/CAD reached sell target 0.9500 Next sell target 0.9260 NZD/CAD has been falling in the last few trading sessions – after the earlier breakout of the support level 0.9500, which was set as the sell target in our earlier forecast for this currency pair. The breakout of the support level 0.9500 follows the earlier downward reversal from the powerful resistance zone surrounding the long-term resistance level 0.9640, which has been reversing the price from the start of 2014. Given the strength of the aforementioned resistance zone - NZD/CAD can be expected to fall down further to the next sell target at the support level 0.9260 (38.2% Fibonacci correction of the previous upward impulse from April). More: https://new.fxbazooka.com/analytics/10783

AUD/CAD reversed from resistance zone 10/6/2016 AUD/CAD reversed from resistance zone Next sell target - 0.9900 AUD/CAD has been under strong bearish pressure lately - following the earlier sharp downward reversal from the resistance zone lying at the intersection of the major resistance level 1.0190 (which has been reversing the price from last December, as can see below) and the upper weekly Bollinger Band. The downward reversal from the aforementioned resistance zone created the weekly Japanese candlesticks reversal pattern Falling Star (this resistance zone also created the weekly Evening Star in December). AUD/CAD is expected to fall down further to the next sell target at the support level 0.9900. More: https://new.fxbazooka.com/analytics/10782

USD/JPY: new high is coming 10/6/2016 The last “Three Methods” has done such a great job, so the price is rising. In this case, bulls are likely going to reach the upper “Window” in the short term. As we can see on the Daily chart, there isn’t any reversal pattern so far, which makes possible an achievement of the nearest resistance line. The price has been rising since the last “Window” was broken. However, there’s a “Harami” at the local high, which has been confirmed. Therefore, the market is likely going to reach the 21 Moving Average. If we see a bullish pattern on this line, there’ll be an opportunity to have a new high. More: https://new.fxbazooka.com/analytics/10781

NFP report is coming on Friday 10/6/2016 Tomorrow will be a red-letter day in the trader’s calendar. Everybody with bated breath will be waiting for the Non-Farm Payrolls report coming from the US. The NFP is a key economic indicator designed to represent the overall number of paid workers in the US not including farm employees, government employees, and the people working for nonprofit organizations. So, let’s figure it out, why this indicator is so important for traders. It is because this indicator has always been a major troublemaker in the markets and spoiler of the trading desks. Many stakeholders prefer to close their positions before the “Black Friday” knocks at their door (the indicator occurs on the first Friday of every month) and wait for the market to digest the report followed by extreme swings in quotes’ movement. September employment data coming this week is expected to be better than those we got in August. The indicator should rise to 171K from previous 151K. Barclays NFP forecasts even better data – a 200K rise, which includes 185K from the private sector. If this expectation is justified, it will add weight to the case for a rate hike sooner or later. We must admit that the later forecast is a bit ambitious given the fact that Automatic Data Processing has recently provided us with poor information about the non-farm employment change yesterday (154K versus 166K expected). But don’t be too upset; the ADP’s data don’t often match the Friday’s NFP report. You might ask why this NFP report influences the currency so much. In a nutshell, if the NFP data are really good, the Fed will have more incentives to rise its interest rates. The Fed’s officials are keeping a close eye on it, as they are committed to ensure full employment in the US economy. The more jobs are created the higher level of consumption we get. And this, in turn, leads to the increase in GDP. Knowing that you will be overwhelmed with the NFP report, we’ve decided to remind you about other important releases coming this Friday – trade balance, unemployment rate and average hourly earnings. So, it going to be a really busy day. Meanwhile, we suggest you to take a good nap today and muster up your strength for tomorrow. More: https://new.fxbazooka.com/analytics/10780

EUR/USD: "Window" has been broken 10/6/2016 There’s an “Engulfing” at the local high, which has been confirmed, so the market is likely going to reach the nearest resistance line in the short term. As we can see on the Daily chart, here’s another “Engulfing”, so bears are likely going to move on toward the last low. We’ve got a “Harami” at the last high, which has a confirmation. Moreover, the price found a lodgement under the previously tested “Window”. In this case, it’s likely that the pair is going to achieve the closest support level. More: https://new.fxbazooka.com/analytics/10779

Key option levels for Thursday, October 6th 10/6/2016 EUR/USD Main trend Short-term period Medium-term period Bearish Bearish Changes in the open interest - 82 381 ? - 25 323 ? Closest resistance levels 1.1248; 1.1264; 1.1283; 1.1314 Closest support levels 1.1183; 1.1142; 1.1096; 1.1048 Trading recommendations Baseline scenario Short EUR/USD below 1.1183, with target points at 1.1142 and 1.1096 Alternative scenario Moving above 1.1248 can be considered as a signal to Buy the pair, with target at 1.1264 and 1.1283 GBP/USD Main trend Short-term period Medium-term period Neutral Bearish Changes in the open interest + 3 290 ? + 812 ? Closest resistance levels 1.2768; 1.2789; 1.2833(07?); 1.2868 Closest support levels 1.2731; 1.2707; 1.2675; 1.2637 Trading recommendations Baseline scenario Short GBP/USD below 1.2731, with target points at 1.2707 and 1.2675 Alternative scenario Moving above 1.2768 can be considered as a signal to Buy the pair, with target at 1.2789 and 1.2833 USD/JPY Main trend Short-term period Medium-term period Bullish Neutral Changes in the open interest + 98 ? + 1 630 ? Closest resistance levels 103.64; 103.91; 104.29; 104.77 Closest support levels 103.34; 102.82; 102.44; 101.98 Trading recommendations Baseline scenario Long USD/JPY above 103.64, with the target points at 103.91 and 104.29 Alternative scenario Moving below 103.34 can be considered as a signal to sell the pair, with target at 102.82 and 102.44 USD/CAD Main trend Short-term period Medium-term period Bullish Bullish Changes in the open interest + 627 ? + 402 ? Closest resistance levels 1.3177; 1.3205; 1.3261; 1.3339 Closest support levels 1.3148; 1.3116; 1.3058; 1.2982 Trading recommendations Baseline scenario Long USD/CAD above 1.3177, with the target points at 1.3205 and 1.3261 Alternative scenario Moving below 1.3148 can be considered as a signal to sell the pair, with target at 1.3116 and 1.3058 EUR JPY GBP CAD USD More: https://new.fxbazooka.com/analytics/10778

GBP/USD: will be there a new drop or not? 10/6/2016 On October 2nd Theresa May put foot at the podium, cleared her throat and sent a bunch of shockwaves through markets. The government will invoke Article 50 in March 2017! It resulted in the British pound breaking down rather significantly during the past trading sessions and now heading to the 1.25 level opening the door to even more selling opportunities. A lot of this was due to the fact that the Article 50 is becoming more and more of a reality; and there won’t be a plain sailing. We will be faced up with a really grievous farewell from the UK. Although I don’t understand traders’ reaction to this news. It seems that a lot of them were a bit blindsided, frantically busy with their financial operations, and didn’t notice that the ball has already started to roll many days ago. Well, although the pound has already suffered significantly, many analysts expect that with new traders awakening from their sleep, the GBP will be falling further. Many stakeholders confirm this assumption by opening new shorts. Credit Suisse hurried to revise its target to 1.22 from previous 1.34. BNP Paribas is in line with its peer. It expects the pound to fall further as the government prepares its negotiation strategy ahead of March. The GBP/USD is now below the 1.28 level, and while the perspective of trading GBP from the long is quite attractive as the pair reaches the 1.25 level, BNPP officials prefer not to take any rash measures and keep watching the pound sliding to its historical lows. Goldman Sachs is also having a rather bearish sentiment towards the pound. The Bank of England made it clear that it is ready to deliver a monetary stimulus for the UK economy. In addition, it left the door open for further easing. As we see the recent data coming from UK keep the BoE away from its promises, but it doesn’t mean that the upcoming data will be as good as it is. Therefore, Goldman Sachs’s forecasts for the British pound are extremely bearish. It set its current 3-month forecast at 1.20. However, not everyone agrees with these gloomy predictions for the pound. Aurelija Augulyte, currency analyst with Nordea Markets believes the GBP is already extremely undervalued. She thinks that some global events in the upcoming months will accord support for the pound. Moreover, she sees GBP/USD rising at the end of this year reaching the 1.32 level. So, it is for you to decide, in which direction GBP will go further. I think that there is a rationale to sell short-term rallies if you are so inclined to scalp the market, but at this point in time I have no interest in risking any money and I would rather wait for the new steady trend to show up. Because, let’s face it, the 1.25 level is rather low for this currency pair. More: https://new.fxbazooka.com/analytics/10775

GBP/USD: bears going to test last low 10/6/2016 We’ve got a “V-Bottom” pattern, which led to the current consolidation on the four-hours chart. However, bears are likely going to reach a support at 1.2684, so we can have a new low in the short term. The last “Pennant” pattern helped bears to deliver a new local low. It’s likely that the price is going to achieve a support at 1.1284. So, the market is likely going to continue falling down until any reversal pattern arrives. More: [url=https://new.fxbazooka.com/analytics/10773]https://new.fxbazooka.com/analytics/10773[/img]

EUR/USD: consolidation going to move on 10/6/2016 There’s a consolidation, which is taking place on the four-hours chart. Also, we’ve got a “Triangle” pattern, so the market is likely going to decline towards a support at 1.1181 – 1.1165. If a pullback from this area happens, there’ll be an opportunity to have an upward movement in the direction of a resistance at 1.1228. The price has broken the Moving Averages, so bears are likely going to get a support at 1.1180 in the short term. At the same time, bulls will probably try to achieve a resistance at 1.1228 afterwards. More: https://new.fxbazooka.com/analytics/10772

USD/JPY: expected correction 10/6/2016 Technical levels: support – 103.20/30; resistance – 103.50/70 Trade recommendations: 1. Sell — 103.50; SL — 103.70; TP1 — 102.80; TP2 — 102.20. Reason: a bullish Ichimoku Cloud; a golden cross of Tenkan-sen and Kijun-sen and there is a rising lines of Indicator; a strong resistance about 103.50/70. More: https://new.fxbazooka.com/analytics/10771

AUD/USD: testing the SSB 10/6/2016 Technical levels: support – 0.7600; resistance – 0.7650, 0.7690. Trade recommendations: 1. Buy — 0.7610/20; SL — 0.7600; TP1 — 0.7690; TP2 — 0.7750. Reason: a new correctional dead cross of Tenkan-sen and Kijun-sen and rising Kijun-sen; a bullish Ichimoku Cloud; a strong support near 0.7600. More: https://new.fxbazooka.com/analytics/10770

USD/CAD: loonie is ready for changes 10/6/2016 On the USD/CAD daily chart, a breakout of resistance line at 1,323 will activate the AB = CD and the Crab patterns. Their targets are located in the zone of 1,355-1,357. To continue the rally, the "bulls" should consolidate their positions at the 1.33 level. On the hourly USD/CAD chart, the target 78,6% of the Gartley pattern has been fulfilled. A successful bullish attack of the resistance line at 1.323 will lead to the transformation of the Gratley pattern into the Crab pattern. The target of the Crab pattern is located at the 1.334 level. Recommendation: BUY 1,323 SL 1,3175 TP1 1,334 TP2 1,355 More: https://new.fxbazooka.com/analytics/10769

EUR/USD: euro decided to leave the triangle 10/6/2016 On the EUR/USD daily chart, "bears" tried to attack the diagonal support (the lower boundary of the descending trade channel) two times in a row, but failed to break it through. A breakout of resistance line at 1,127 will create prerequisites for the northward movement of quotes. On the contrary, a successful attack of the support line at 1,113 will activate the target 88.6% of the Bat pattern. On the EUR/USD hourly chart, the pattern of expanding wedge has been formed. If the euro returns to the level of 23.6% Fibonacci retracement of the wave 4-5, it will be a signal for opening shorts. On the contrary, a successful test of resistance line at 88.6% will allow us to open longs. Recommendations: BUY 1,124 SL 1,1175 TP 1,1365 BUY 1,127 SL 1,1215 TP 1,1415 SELL 1,116 SL 1,1225 TP 1,104 SELL 1,113 SL 1,1195 TP 1,1 More: https://new.fxbazooka.com/analytics/10768

For your info: major crude oil benchmarks and their properties 10/5/2016 From day to day you are hearing that oil price went in one or another direction, experienced a downfall or rose significantly. But, in fact, there is no universal oil price, because this energy source varies from one region to another. There are different types of crude oil – some of them are more attractive to consumers than others. For example, sweet crude oil (the one which contains a negligible amount of sulphur) is more valuable for refiners and gasoline producers than highly acidic one (“sour” oil). Light crude oil (with low density) is usually preferred to its high-density homologue. Consumers are also concerned with the location of the oil deposits. The oil extracted in the geopolitically and financially stable region is usually appealing to the customers, especially if it is located near the delivery points suitable for trade. Because of all these nuances, there are many types of oil, which cost differently. Well, not just many, there are dozens of different types of crude oil with their particular physical characteristics. However, the price of the most of them is pegged to one of the primary benchmarks. Brent, produced in the North Sea, is one of the most widely used crude oil benchmarks. Roughly 2/3 of all crude contracts around the globe reference Brent blend. The crude is light and sweet that makes it perfect for the refining and diesel fuel, gasoline. In addition, it is water-borne, so, it can be easily transported to distant locations with minimal costs. Americans prefer to use another benchmark – West Texas Intermediate (WTI). It is extracted from wells in the US and transported from the delivery point – Cushing, located in Oklahoma – by pipeline. It is usually sold in batches of variable size. The WTI is very light and very sweet, but its supplies are land-locked which makes the shipment of this oil to the remote regions relatively expensive. The next important benchmark is called Dubai/Oman. As it can be seen from the title, it is extracted in the Middle East. It has a slightly lower grade, because it is much heavier than WTI and Brent, and because it has a special sulfur content. This oil is produced mainly for the Asian markets. More: https://new.fxbazooka.com/analytics/10767

Forex trading plan for October 6 10/5/2016 USD US dollar was well-supported on better-than-expected economic data and hawkish comments from the Federal Reserve’s speakers. Richmond Fed President Jeffrey Lacker said that the central bank should tighten policy to stem a likely higher inflation. Chicago Fed President Charles Evans expects one rate hike by the end of the year. The possibility of December rate hike is increasing. American currency now combines 2 things – positive yields and safety. The fact that IMF lowered US growth forecast for 2016 from 2.2% to 1.6% didn’t affect the greenback much. ADP employment report showed that American economy gained 154K jobs in September. That’s below 166K forecast and the previous month reading of 175K. However, traders will put more weight to American nonfarm payrolls due on Friday than to today’s figures. US ISM services PMI jumped to 57.1 and factory orders showed a small gain vs. an expected contraction. These data should give US dollar another boost. EUR/USD The single currency reversed its Tuesday declines and jumped from 1.1140 above 1.1200 on Bloomberg report that the European Central Bank is thinking about tapering of its quantitative easing program by 10 billion euros a month. So far the ECB made no official decision on the future of 80-billion-euros a month QE program that is set to expire in March 2017. This idea was rejected by the ECB representative. For now, the speculation looks more likely an attempt to manipulate the market. EUR/USD met resistance at 1.1230 and may slide lower correcting the recent gains. The overall dynamic sis expected to be sideways, mostly within the week’s ranges. Support is at 1.1180 and 1.1100. Further resistance is at 1.1255. Watch German factory orders and the ECB monetary policy accounts on Thursday. GBP/USD British pound sank to 3-decade minimum below 1.2700 versus its US counterpart setting a new post-Brexit low. Brexit plans have become more distinct: the nation will start talks with the EU at the beginning of 2017 and the exit will happen 2 years later. Prime Minister Theresa May signaled the UK is prepared to surrender membership of Europe’s single market. Investors are worries about British exporters and the UK banking sector. An industry report warned that Brexit could cost British banks and associated businesses almost 40 billion pounds in lost revenue. Britain’s PMIs exceeded expectations, even the services one. Strong services reading may "cast doubt" on the likelihood of another Bank of England November rate cut. However, so far the positive figures failed to overcome the negative pressure of the market’s pessimism. GBP/USD breached important support levels at 1.2950 and 1.2790 and this worsens the medium-term outlook. Yet, the pair is now oversold and will likely try to recover to 1.2765 and 1.2840. Below 1.2700 next support levels on the downside are at 1.2600 and 1.2500. USD/JPY USD/JPY broke above the downtrend since May and is approaching the 100-day moving average at 103.75. Next resistance will be at 104.30 (September high). Support is located in 102.00 area (50-day MA). New buyers will likely appear if the pair goes down to test that support. AUD/USD The RBA held yesterday but it didn’t add much to AUD/USD. Upbeat retails sales (+0.4%) helped the currency stay above 0.7600. However, the pair’s being pulled down by stronger US dollar. Resistance for AUD/USD is at 0.7650 and 0.7700. Australia will release trade balance figures early on Tuesday. Commodities Brent rose to $51.85 a barrel, while WTI rose to $49.50 a barrel. According to the American Petroleum Institute, inventories dropped by 7.6 million barrels last week. The market is looking forward to official data later on Wednesday. Gold (XAU/USD) is trying to recover a bit after it lost more than $5 on Tuesday. The precious metal suffered because of speculation that the ECB will taper policy and the Fed will raise interest rates. XAU/USD is still vulnerable for further decline to 1257.50 (200-day MA). EUR JPY AUD GBP More: https://new.fxbazooka.com/analytics/10766

Oil prices are rising, but how long it will last? 10/5/2016 Oil price rose towards the highest level since June, as market players are waiting for the fresh weekly information on U.S. stockpiles of crude and refined products. The report will be released by the Energy Information Administration (EIA) later this day. Yesterday the American Petroleum Institute said that US oil inventories unexpectedly fell by 7.6 million barrels. This piece of information has become a trigger for the oil prices. Brent rose by 7% last week after the OPEC announced the outline of a deal to cut the oil production. Now it continues its rally towards the new highs ($52 per barrel). How long will it last? Will the oil producers manage to hold the prices at their present rates? Many analysts are skeptical about the success of Algiers pact. They believe that we will enter in other bearish zone as oil glut persists. Current increase in oil prices may spur the US incentives to introduce more drilling rigs. About their intentions we will know on Friday as Baker Hughes releases its rig count data. Russia, the largest exporter outside OPEC, is reluctant to fulfill its promises to freeze the oil production. In spite of the tremendous fall in oil prices in 2014, Russian oil industry is still healthy, and the production is gaining momentum. Another large oil producer Kasakh Kashagan is also willing to get its piece of cake from the oil market. Regularly enough we hear announcements about the discoveries of the new oil deposit (for example, today we got a short note about 6 billion barrels discovered under Arctic waters). So, here comes a logical question. How this rising supply could actually put up prices? For me, it’s a brain teaser. With a persistent oil glut, it is easier to believe in the failure of the agreement on the freeze of oil production, rather than wait for another period of price hikes. More: https://new.fxbazooka.com/analytics/10765

EUR/USD: wave E on the way 10/5/2016 There’s a double zigzag in wave E of (Y), which is taking place on the four-hours chart. Yesterday wave [x] was formed, so we’ve got a pullback from 1/8 Murrey Math Level (P=200). Therefore, wave [y] of E is likely going to move on towards 6/8 MM Level. As we can see on the one-hour chart, wave [x] took a form of a zigzag. Considering the second pullback from 8/8 MM Level in a row, wave (a) is likely ended. So, bears are likely going to deliver wave ( during the day. However, there’s an opportunity to have bullish wave © of [y] afterwards. More: https://new.fxbazooka.com/analytics/10764

USD/JPY: "Window" acted as a support 10/5/2016 It’s likely that we have a “Three Methods” pattern, so bulls are likely going to move on towards the upper “Window” in the short term. As we can see on the Daily chart, we haven’t got any reversal pattern so far. In this case, it’s likely to see the market even higher soon. The last “Window” has acted as a support, so we’ve got a bullish “Hammer”. So, the pair is likely going to continue rising during the day until any reversal bearish pattern arrives. More: https://new.fxbazooka.com/analytics/10763

EUR/USD: "Harami" points to local correction 10/5/2016 We’ve got a couple of bullish “Hammers” at the local lows. However, it’s likely to have a local bearish correction in the short term. If we see a pullback from the nearest support line, there’ll be an opportunity to have another upward price movement. As we can see on the Daily chart, yesterday’s candle has a huge shadow, so bulls are likely going to move on. There’s a bearish “Hammer” at the local high, but this pattern hasn’t been confirmed yet. Therefore, the market is likely going to test the closest support line during the day. More: https://new.fxbazooka.com/analytics/10762

Will ECB taper its QE or not? Let’s figure it out! 10/5/2016 Bloomberg must be tired of the long-lasting absence of front-page splashes and decided to turn everybody’s attention to itself. Yesterday it came up with an extraordinary report citing unnamed ECB officials who said that the ECB is planning to taper its QE asset-buying program. This rattled Tuesday’s markets, sent yields to their highs and resulted in the sheer fall of gold prices. The euro experienced an upsurge versus dollar once the news came out. We couldn’t confirm the veracity of this report. From M. Draghi’s words that we heard at the last press conference, we can conclude that the ECB would rather extend its QE program when it is expired than taper it. No wonder why the ECB is going to do so; the economic recovery of Eurozone countries is hardly looming on the horizon; there are clear signs of subdued inflation. In one word, it seems that there is no rationale for such fundamental changes of monetary policy. That’s why many investors expect the monetary stimulus to be extended and even enlarged and that’s why the Bloomberg’s report made a stir in financial markets. Nobody could even think of this turn of event. You might ask then why would anybody believe this report. Well, there is a reason to wind down the QE program. It is considered to be a threat to banks’ margins. The most basic measure of a lender’s profitability is the gap between what it charges borrowers and the interest it has to pay depositors. But only few depositors are now receiving any interests from their saving accounts, and it’s difficult for banks to attract new clients with low or negative rates. Maybe, in the midst of the Deutsche Bank scandal and rising doubts about its feasibility to deal with it on its own, the ECB decided to somehow facilitate the work of banks by tapering its QE program. It could be so. But now we cannot be a hundred-percent sure, that it will actually happen, as we didn’t hear any official announcements from the “named” ECB officials. As a result, it’s yet to be seen whether the single currency is able to sustain bullish momentum. EUR/USD met resistance at 1.1230 (near-term resistance line) ahead of last week’s high near 1.1280. More: ]URL=https://new.fxbazooka.com/analytics/10761]https://new.fxbazooka.com/analytics/10761[/url]

EUR/GBP broke strong resistance level 0.8700 10/5/2016 EUR/GBP broke strong resistance level 0.8700 Next buy targets - 0.8900 and 0.9000 EUR/GBP has been rising steadily in the last few trading sessions inside the minor impulse wave (v) – which belongs to wave 3 from the start of September. The price earlier broke sharply through the strong resistance level 0.8700 (which stopped the previous minor impulse wave 1 in the middle of August) – which intensified the bullish pressure on this currency pair. EUR/GBP is expected to rise further in the active impulse waves (v), 3 and (3) (which are a part of the primary impulse ? from May) toward the next buy targets at the resistance levels 0.8900 and 0.9000. More: https://new.fxbazooka.com/analytics/10759

GBP/CHF broke support level 1.2490 10/5/2016 GBP/CHF broke support level 1.2490 Next sell target - 1.2200 GBP/CHF recently broke the support level 1.2490 (which stopped the previous impulse waves 3, © and ©, as can be seen from the daily GBP/CHF chart below). This support level is also the lower border of the wide sideways price channel inside which the pair has been trading in the last 3 months. The breakout of the support level 1.2490 is likely to accelerate the active intermediate correction (2). GBP/CHF is likely to fall further in the direction of the next sell target at the support level 1.2200. Sell stop-loss can be placed at half the daily ATR (Average True Range) above the aforementioned price level 1.2490. More: https://new.fxbazooka.com/analytics/10758

GBP/USD: two "Pennants" in a row 10/5/2016 The last upward trend has been broken, so the price is likely going to reach the nearest support at the downtrend line. If a pullback from this area happens, there’ll be an opportunity to have a bullish correction towards a resistance at 1.2795. We’ve got a “Pennant” pattern, so bears are likely going to get a support on the channel’s lower side. At the same time, if we see a pullback from here, bulls will probably try to approach the nearest resistance at 1.2773 – 1.2795. More: https://new.fxbazooka.com/analytics/10756