CloseOption Knowledgebase

An overview of important support and resistance levels of the four major currency pairs of the ongoing week.

• First key support level of EUR/USD: 1.044025
• Second Key support level of EUR/USD: 1.036
• Third Key support level of EUR/USD: 1.02911
• First key resistance level of EUR/USD: 1.048184
• Second Key resistance level of EUR/USD: 1.059694
• Third Key resistance level of EUR/USD: 1.077301

• First key support level of USD/CHF: 0.938777
• Second Key support level of USD/CHF: 0.932456
• Third Key support level of USD/CHF: 0.93
• First key resistance level of USD/CHF: 0.945508
• Second Key resistance level of USD/CHF: 0.959834
• Third Key resistance level of USD/CHF: 0.9716

• First key support level of GBP/USD: 1.210667
• Second Key support level of GBP/USD: 1.195
• Third Key support level of GBP/USD: 1.177884
• First key resistance level of GBP/USD: 1.216159
• Second Key resistance level of GBP/USD: 1.227394
• Third Key resistance level of GBP/USD: 1.265245

• First key support level of USD/JPY: 137.365899
• Second Key support level of USD/JPY: 136.83176
• Third Key support level of USD/JPY: 136.006142
• First key resistance level of USD/JPY: 137.7
• Second Key resistance level of USD/JPY: 139.6
• Third Key resistance level of USD/JPY: 142

 

An overview of USD/CHF price position

 

As mentioned in the previous analysis of the USD/CHF dated November 16, 2022, the price had the potential to rise and goes on. Finally, the buyers managed to increase the relative price and prevent the price from falling further. Regarding the current conditions, in the long-term intervals such as monthly and weekly, there is no clear and solid reason for the price to rise and start an upward trend (general warning for buyers). Therefore, in case of a threat and loss of the price floor of 0.93263/, the price has the potential to fall further. As a result, the sellers will seek to reach the support levels of 0.93000 and then up to 0.92000.

In shorter periods such as daily, the price is relatively oversold, and it warns of the potential for the price to rise during the following candles, however weakly or in the form of range. According to the pattern of price movements formed between the price ceiling of 0.95976 and the price floor of 0.93263, a harmonic pattern of AB = CD type with ideal ratios of 78.6 and 127.2 has been formed. This movement confirms the upward trend of the price during the current candles.

In recent days, there has been an important candlestick pattern of the Morning Star type on the important support level of 0.93706, which confirms the mentioned price floor and the potential of forming a successful price floor. However, it also warns of the price rise during the following candles. According to the above scenario and the possibility of a price rise, the buyers will first look to touch and take the resistance levels of 0.9455 and then 0.95400.

 

CloseOption Team

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