Gold Price Is Facing Triangle Pattern Resistance

XAUUSD is facing the resistance of the upper trend line (now at around 1343.00) of the triangle pattern on its weekly chart once again. Being contained by the trend line, the gold price pulled back from 1344.65.

Let’s look into the 4-hour chart, the fall from 1344.65 is likely consolidation of the uptrend from 1236.45. Deeper decline towards 1305.82 key support would likely be seen in the coming days. As long as this level holds, the uptrend could be expected to resume and another rise is still possible after the consolidation.

A breakout of 1344.65 resistance could bring price to next resistance level at 1357.45. Above this level could trigger further upside movement towards 1375.11, followed by 1433.59.

Near term support is at 1324.20. A breakdown below this level could bring price back to test the key support at 1305.82. Only breakthrough this level will indicate that the upside movement from 1236.45 had completed at 1344.65 already and lengthier sideways movement in the triangle pattern is underway, then the following downside movement could take price towards the lower trend line of the triangle pattern now at around 1205.

Technical levels

Support levels: 1324.20, 1305.82, 1236.45, 1205.00.

Resistance levels: 1344.65, 1357.45, 1375.11, 1433.59.

USD/CNH Formed Triangle Pattern On Daily Chart

The USDCNH pair formed a triangle pattern on its daily chart for several weeks. All we can do is wait for a breakout to occur. The price is facing the upper line of the pattern now at around 6.6390. A breakout of this trend line could signal resumption of the uptrend from 6.4412.

Let’s look into its 4-hour chart. There is rising channel with support at around 6.6165. As long as the channel support holds, the short term uptrend from 6.5662 could be expected to continue and next target would be at the top of the triangle pattern. A breakout of the pattern resistance could take price to next resistance level at 6.6635, followed by 6.6886.

Above 6.6886 resistance will confirm that the upside movement from 6.4412 has resumed, then the following upside movement could bring price to 6.8588, or even 6.9170.

On the other side, a clear break below the channel on the 4-hour chart will suggest that the short term uptrend from 6.5662 is complete, then deeper decline to next support level at 6.5915 could be seen. Below here would aim the bottom support trend line of the triangle patter now at around 6.5700.

A breakdown below the bottom of the pattern could take price to test 6.5555 support. Below here could trigger further downside movement towards 6.4412 previous low.

For long term analysis, the USDCNH pair stays in a falling price channel on its weekly chart, suggesting that the pair remains in the downtrend from 6.9867. As long as the price is in this channel, the downside move could be expected to continue, and a breakdown below 6.4412 support could take price to 6.3860 which is the 61.8% Fibonacci retracement taken from 6.0152 to 6.9867. Only a clear break above the price channel and 6.6886 resistance could signal completion of the long term downtrend.

Technical levels

Support levels: 6.6165, 6.5915, 6.5700, 6.5555, 6.4412, 6.3860.

Resistance levels: 6.6390, 6.6635, 6.6886, 6.8588, 6.9170, 6.9867, 7.0000.

AUD/USD Ran In Falling Channel On Daily Chart

The AUD/USD pair ran in a falling price channel on the daily chart. Price just bounced off the top trend line of the channel, indicating that the pair remains in the downtrend from 0.8124.

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On the downside

Further decline would likely be seen in a couple of weeks and a breakdown below 0.7532 support could take price to next support level at 0.7475 which is the 50% retracement taken from 0.6826 to 0.8124. Below this level could trigger further downside movement towards 0.7328 key support.

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A breakdown below 0.7328 support will suggest that the whole upside movement from 0.6826 had completed at 0.8124 already, then the following downside movement could take price to next support level at 0.7144, Below this level would aim 0.6826.

On the upside

Near term resistance is at 0.7653, only break above this level could bring price back to test next resistance level at 0.7729. Above this level will confirm that the downtrend from 0.8124 had completed at 0.7532 already, then further rally towards 0.7897 resistance could be seen.

For long term analysis, the AUDUSD pair stays in a bearish price channel on its monthly chart. The price action from 0.6826 is likely consolidation of the downtrend from 1.1080. A breakdown below 0.6826 support could signal resumption of the long term downtrend, then next target would be at 0.6000 psychological level.

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Technical levels

Support levels: 0.7532, 0.7475, 0.7328, 0.7144, 0.6826, 0.6000.

Resistance levels: 0.7653, 0.7729, 0.8124.

GBP/JPY Failed To Break Below 146.93 Support

GBPJPY failed in its attempt to break below 146.93 support, and stayed in a trading range between 146.93 and 152.85. As long as 146.93 support holds, the price action in the range could be treated as consolidation of the uptrend from 135.59 and another rise could be expected after the consolidation.

gbpjpyThe GBPJPY pair recently breakout of the top trend line of the price channel on its 4-hour chart, suggest that the downside movement from 151.93 had completed at 146.97 already. Further rise would likely be seen in the coming days and next target would be at 150.31. A break of this level could take price to next resistance level at 151.93. Above this level would aim 152.85.

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A breakout of 152.85 resistance will confirm that the whole uptrend from 122.36 has resumed, then the following upside movement could take price to 156.50, followed by 164.00.

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Near term support is at 148.00, a breakdown below this level could bring price back to test 146.93 support. Below this level could trigger further decline towards the bullish trend line from 135.59 to 139.30 on the daily chart, now at around 142.00. Only a clear break below this trend line support will indicate that the uptrend from 122.36 had completed at 152.85 already. Then the following downside movement could take price back to next support level at 135.59.

Technical levels

Support levels: 148.00, 146.93, 142.00, 139.30, 135.59, 122.36.

Resistance levels: 150.31, 151.93, 152.85, 156.50, 164.00.

GBP/JPY Moved Sideways Between 146.93 and 152.85

GBPJPY moved sideways in a trading range between 146.93 and 152.85 for several weeks. Support is at 146.93, as long as this level holds, the sideways movement in the range could be treated as consolidation of the uptrend from 139.30 and another rise towards 164.00 is possible after the consolidation.

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There is a falling price channel with resistance at at around 149.45 on the 4-hour chart. The GBPJPY pair is now facing the top trend line of the channel. Breakthrough the channel resistance could take price to next resistance level at 150.31. Above here would aim 151.93, followed by 152.85.

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A breakout of 152.85 resistance will confirm that the uptrend from 122.36 has resumed, then next target would be at 156.50. Above here could trigger further upside movement towards 164.00. This would be the final target for the upside movement.

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On the other side, as long as the price is in the price channel on the 4-hour chart, the downside movement from 151.93 could be expected to continue and another fall to test 146.93 support is still possible. A breakdown below this level will indicate that lengthier consolidation for the uptrend from 122.36 is underway, then the pair would find support at the bullish trend line on the daily chart now at around 141.80, followed by 139.30. The key support is at 135.59, only a breakdown below this level could signal completion of the uptrend.

Technical levels

Support levels: 146.93, 141.80, 139.30, 135.59, 122.36.

Resistance levels: 149.45, 150.31, 151.93, 152.85, 156.50, 164.00.

NZD/USD Broke Below Important Support At 0.6817

NZDUSD extended its downside movement from 0.7557 to as low as 0.6780, breaking below an important support level at 0.6817. Further decline would likely be seen over the next several weeks.

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On the downside

There is a bearish trend line with resistance at around 0.6930 on the daily chart. As long as the price is below the trend line, the downside movement could be expected to continue and next target would be at the May 30, 2016 low of 0.6675. Below here would aim next support level at the January 20, 2016 low of 0.6346.

On the upside

Near term resistance is located at the falling trend line on the 4-hour chart now at 0.6875. A clear break above the trend line resistance could bring price back towards next resistance level at 0.6979. A breakout of this level will indicate that lengthier consolidation for the downtrend from 0.7557 is needed, then the NZDUSD pair would find next resistance at around 0.7050.

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For long term analysis

The NZDUSD pair broke below 0.6817 key support which acts as the neckline of the double top pattern on the weekly chart. Further decline would more likely be seen and the measured move target of the pattern would be at around 0.6100 area.

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Technical levels

Support levels: 0.6675, 0.6346, 0.6100.

Resistance levels: 0.6875, 0.6930, 0.6979, 0.7050.

Bitcoin Rebounded Strongly From 5427

BTCUSD rebounded strongly from the bottom support trend line of the price channel on the daily chart after a sharp drop from 7887, suggesting that the bitcoin price remains in the uptrend from 1812. As long as the channel support holds, the fall from 7887 could be treated as consolidation of the uptrend and further rise could be expected after the consolidation.

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On the 4-hour chart, the bitcoin price extended its upside movement from 5427 to as high as 6888, facing a support-turned-resistance level at 6900. Above here could trigger further bullish movement towards 7887 previous high resistance. A breakout of this level will confirm that the uptrend has resumed, then next target would be at 9000. If the Bitcoin price fails to breakout of 7887 resistance, sideways movement in a trading range between 5427 and 7887 could be seen to follow.

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Near-term support is at 6175, a breakdown below this level could bring the price back to the bottom of the channel and test 5427 support. Below here will indicate that lengthier correction for the long-term uptrend is needed, then the following correction pullback could take price back to 4600 or even 3000 area.

Technical levels

Support levels: 6175, 5427, 5020, 2970.

Resistance levels: 6900, 8000, 9000.

NZD/USD Broke Below Trend Line Support On 4-Hour Chart

NZDUSD recently broke below a bullish support trend line on the 4-hour chart, indicating that the bounce from 0.6818 had completed at 0.6979 already.

On the downside

The NZDUSD pair failed to break out of the falling trend line from 0.7432 to 0.7210 on the daily chart, suggesting that the pair remains in the downtrend from 0.7557. As long as the price is below the trend line, the downside movement could be expected to continue and a further decline to test 0.6817 support could be seen in a couple of days.

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There is a double top pattern is being formed on the weekly chart with a neckline at 0.6817 level. A breakdown below the neckline will confirm the reversal pattern, the next support level would be at 0.6675, followed by 0.6346. The measured move target of the double top pattern would be at around 0.6100 area.

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On the upside

Near-term resistance is 0.6890, a break above this level could bring the price back towards the falling trend line on the daily chart and test 0.6979 resistance. Above there will indicate that lengthier consolidation for the downtrend from 0.7557 is underway, then the following upside movement could bring the price back into 0.7100 zone.

Technical levels

Support levels: 0.6817, 0.6675, 0.6346, 0.6100.

Resistance levels: 0.6890, 0.6979, 0.7100.

BTC/USD Remains In Uptrend From 5020

BTCUSD stays in a bullish price channel on its 4-hour chart and remains in the uptrend from 5020. As long as the price is in the channel, the pullback from 7887 could be treated as consolidation of the uptrend, and another rise could be expected after the consolidation.

Near term support is at 6900, followed by the bottom support trend line of the channel now at round 6750. As long as these levels hold, the uptrend could be expected to resume and a breakout of 7887 resistance could trigger further upside movement towards 9000.

On the downside, a clear break below the bottom of the channel will suggest that the uptrend from 5020 had completed at 7887 already and lengthier consolidation for the longer term uptrend from 2970 is underway. Then the Bitcoin price would find support at the bullish trend line on the daily chart now at around 6300.

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Only breakthrough this trend line could confirm that the uptrend from 2970 is complete, then the Bitcoin price would find next support at 6100. Below here could trigger further downside movement towards 5020.

For long term analysis, the Bitcoin price remains in a solid uptrend. There is no evidence so for that the bitcoin is in the process of reversing from uptrend to a downtrend.

Technical levels

Support levels: 6900, 6750, 6300, 6100, 5020, 2970.

Resistance levels: 7887, 8000, 9000.

USD/CNH Is Forming A Triangle Pattern On 4-Hour Chart

The USDCNH pair seems to be forming a triangle pattern on its 4-hour chart. The price broke above a falling trend line last Friday, indicating that the short-term downtrend from 6.6635 had completed at 6.5840 already.

Further rally towards the top trend line of the triangle pattern now at around 6.6550 would likely be seen. A clear break above this trendline could take price to next resistance level at 6.6635. The breakthrough here could trigger further upside movement towards 6.6884 key resistance.

A breakout of 6.6884 level will confirm that the uptrend from 6.4412 has resumed, then next target would be at the support-turned-resistance level at 6.7210. Above this level could see price continue to rise towards 6.8588.

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Near-term support is at the 6.6100, a breakdown below this level could bring the price back to the bottom support trend line of the triangle pattern now at around 6.5885, followed by 6.5840. Below these levels could trigger further downside movement towards 6.5555. The breakthrough here if seen would aim 6.5350, which is the 61.8% Fibonacci retracement taken from 6.4412 to 6.6884, followed by the 76.4% retracement at 6.5000.

For long-term analysis, the USDCNH pair stays in a falling price channel on the weekly chart and remains in the long-term downtrend from 6.9867. The price is now facing the top trend line of the channel. As long as the channel resistance holds, the downtrend could be expected resume, and next target would be at 6.3860 which is the 61.8% Fibonacci retracement taken from 6.0152 to 6.9867. Only a breakout of 6.6884 key resistance will indicate that the downtrend had completed at 6.4412 already, then another rise towards 7.0000 important psychological level could be seen.

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Technical levels

Support levels: 6.6100, 6.5885, 6.5840, 6.5555, 6.5350, 6.5000, 6.4412, 6.3860.

Resistance levels: 6.6550, 6.6635, 6.6884, 6.7210, 6.8588, 6.9170, 6.9867, 7.0000.

NZD/USD Failed To Break Below 0.6817 Support

The NZDUSD pair failed in its attempt to break below 0.6817 support and bounced off to 0.6940 area, suggesting that consolidation for the downtrend from 0.7557 is needed. Further rally would likely be seen in the coming days and next target would be at 0.7000 area.

There is a bearish trend line from 0.7432 to 0.7210 with resistance at around 0.7060 on the 4-hour chart. As long as the price is below the trend line, the rise from 0.6818 could be treated as consolidation of the downtrend from 0.7432 and another fall to test 0.6817 support is still possible after the consolidation.

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Near term support is at 0.6880, a breakdown below this level could take price to test 0.6817 key support, which acts as a neckline of the double top pattern on the weekly chart. Breakthrough here will confirm the double top pattern. This could trigger a 740 pips drop towards 0.6100.

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On the other side, a breakout of the bearish trend line will suggest that the downtrend from 0.7432 had completed at 0.6818 already, then the NZDUSD pair would find next resistance level at around 0.7100, followed by 0.7210.

Technical levels

Support levels: 0.6880, 0.6817, 0.6675, 0.6346, 0.7103.

Resistance levels: 0.7000, 0.7060, 0.7100, 0.7210, 0.7432, 0.7557.

USD/CNH Broke Below Price Channel Support

USDCNH recently broke below the bullish price channel on the 4-hour chart, suggesting that the short-term uptrend from 6.5555 had completed at 6.6635 already. Further decline would likely be seen over the next several days.

The USDCNH pair is expected to test 6.5949 support, a breakdown below this level could take price to next support level at 6.5555. Below this level would aim 6.5350, which is the 61.8% Fibonacci retracement taken from 6.4412 to 6.6884, followed by the 76.4% retracement at 6.5000. If these levels give way, the pair would find support at 6.4412.

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A breakdown below 6.4412 support will indicate that the long-term downtrend from 6.9867 has resumed, then the following downside movement could take price to 6.3860, which is the 61.8% Fibonacci support taken from 6.0152 to 6.9867.

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Near-term resistance is at the falling trend line on the 4-hour chart, now at around 6.6360. Only a clear break above this trendline could indicate that the short-term downtrend from 6.6635 is complete, then the following upside movement could bring the price back to test 6.6635 resistance. A breakout of this level could trigger further upside movement towards 6.6884 key resistance.

For long-term analysis, the USDCNH pair moved within a bearish price channel on its weekly chart, suggesting that the price remains in the long-term downtrend from 6.9867. As long as the price is in the channel, the rise from 6.4412 could be treated as consolidation of the downtrend and further decline to 6.3860 area is still possible. However, a breakout of 6.6884 key resistance will signal completion of the downtrend, then the next target would be at 6.7210, followed by 6.8588.

Technical levels

Support levels: 6.5949 (the October 20 low), 6.5555 (the October 11 low), 6.5350 (the 61.8% Fibonacci retracement), 6.5000 (the 76.4% Fibonacci retracement), 6.4412 (the September 8 low), 6.3860 (the 61.8% Fibonacci support).

Resistance levels: 6.6360 (the falling trend line on the 4-hour chart), 6.6635 (the October 27 high), 6.6884 (the October 3 high), 6.7210 (the June 1 low), 6.8588 (the June 26 high), 6.9170 (the important resistance on the daily chart), 6.9867 (the January 3 high), 7.0000 (the important psychological level).

EUR/JPY Formed A Double Top Pattern On 4-hour Chart

EURJPY moved below a major bullish trend line from 122.40 to 127.56 on its daily chart, suggesting that the upside movement from 114.85 had completed at 134.49 already. Further decline would likely be seen in the coming days.

On the 4-hour chart, the EURJPY pair formed a double top pattern with a neckline at 131.65. The price just broke below the neckline support, confirming a 300 pips potential drop down is underway. The pair is expected to test 129.36 support, followed by 127.56. Breakthrough these levels could take price to next support level at 122.40, which is the 61.8% Fibonacci retracement taken from 114.85 to 134.49.

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Below 122.40 support could trigger another fall towards an important support trend line from 109.04 to 114.85 on the weekly chart, now at around 118.60. Strong rebound could be expected after touching this trend line support.

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Near term resistance is at 132.90, only break above this level could trigger another rise towards 134.50. Above this level could signal resumption of the uptrend from 114.85, then next target would be at the 76.4% Fibonacci retracement taken from 149.75 to 109.04 at around 140.00.

Technical levels

Support levels: 129.36 (the September 6 low), 127.56 (the August 18 low), 122.40 (the June 15 low), 118.60 (the bullish trend line on the weekly chart), 114.85 (the April 17 low).

Resistance levels: 132.90 (near term resistance), 134.49 (the October 25 high), 140.00 (the 76.4% Fibonacci retracement), 141.05 (the June 2015 high), 149.75 (the December 2014 high).

Gold Price Moved In Price Channel On 4-hour Chart

XAUUSD moved within a bearish price channel on its 4-hour chart, indicating that the price remains in the downtrend from 1305.98. Near-term resistance is at the top of the channel now at around 1278.50. As long as the channel resistance holds, the downside movement could be expected to continue and next target would be at 1260.55. A breakdown below this level could trigger a further decline to 1250 area.

There is bullish support trend line from 1122.56 to 1204.77 on the daily chart, now at around 1250. As long as the gold price is above this trend line, the fall from 1357.45 could be treated as correction of the uptrend from 1122.56 and another rise towards 1400 is still possible after the correction. However, a clear break below this trend line will confirm that the uptrend had completed at 1357.45 already, then the gold price would find next support level at 1204.77.

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On the upside, a clear break above the top of the price channel on the 4-hour chart could take price to next resistance level at 1283.59. A breakout of this level will indicate that the downside movement from 1305.98 is complete, then next target would be at 1305.98, followed by 1315.96.

For long term analysis, the gold price seems to be forming a triangle pattern on the weekly chart and just bounced off the top trend line of the pattern at 1357.45. Further decline towards the bottom trend line from 1046.27 to 1122.56 now at 1183 would likely be seen over the next several weeks, and this would be the final target of the fall from 1357.45.

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Technical levels

Support levels: 1260.55 (the October 6 low), 1250 (the bullish trend line on the daily chart), 1204.77 (the July 10 low), 1183 (the bottom trend line of the triangle pattern).

Resistance levels: 1278.50 (the top trend line of the price channel on the 4-hour chart), 1283.59 (the October 24 high), 1305.98 (the October 16 high), 1315.96 (the September 20 high), 1357.45 (the September 8 high), 1375.11 (the July 2016 high), 1400 (the important psychological level).

USD/CNH Remains In Short Term Uptrend From 6.5555

USDCNH stays in a rising price channel on the 4-hour chart and remains in the short term uptrend from 6.5555. As long as the price is in the channel, the upside movement could be expected to continue and next target would be at 6.6623, above this level could take price to next resistance level at 6.6884.

Breakthrough 6.6884 resistance will indicate that the longer term uptrend from 6.4412 has resumed, then next resistance level would be at 6.7210. A breakout of this level could trigger further upside move targeting next resistance level at 6.8588, followed by 6.9170.

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Near-term support is at the bottom trend line of the price channel on the 4-hour chart now at around 6.6200. Below the bottom, support could bring the price back to next support level at 6.5949. The breakthrough here if seen will indicate that lengthier correction for the uptrend from 6.4412 is needed, then the following downside movement could take price to 6.5555, followed by 6.4412 previous low.

For long term analysis, the USDCNH pair traded in a descending price channel on the weekly chart. If the price fails to break out of the top of the channel, the downside movement from 6.9867 could be expected to resume and one more fall towards 6.3860 is still possible. Key support level is at 6.5555, below this level could signal resumption of the downtrend. However, a clear break above the channel resistance will confirm that the downtrend from 6.9867 had completed at 6.4412 already.

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Technical levels

Support levels: 6.6200 (the bottom trend line of the price channel on the 4-hour chart), 6.5949 (the October 20 low), 6.5555 (the October 11 low), 6.4412 (the September 8 low), 6.3860 (the 61.8% Fibonacci support).

Resistance levels: 6.6623 (the October 6 high), 6.6884 (the October 3 high), 6.7210 (the June 1 low), 6.8588 (the June 26 high), 6.9170 (the important resistance on the daily chart), 6.9867 (the January 3 high), 7.0000 (the important psychological level).

NZD/USD’s Bearish Movement Extended To 0.6931

NZDUSD extended its downside movement from 0.7557 to as low as 0.6931. Further decline would likely be seen after a minor consolidation and next target would be at 0.6817.

On the 4-hour chart, the NZDUSD pair traded within a bearish price channel. The price just bounced off the bottom trend line, suggesting that consolidation of the downtrend is underway. Range trading between 0.6931 and 0.7035 is possible in the coming days.

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Near-term resistance is at 0.7035, as long as this level holds, the downtrend could be expected to resume and a breakdown below 0.6931 support could trigger another bearish movement towards 0.6817. However, above 0.7035 resistance will indicate that lengthier consolidation for the downtrend is needed, then the pair will find resistance at the top trend line of the channel now at around 0.7140, followed by 0.7206.

For long term analysis, the NZDUSD pair is facing an important support at 0.6817 which acts as a neckline of a double top pattern on the weekly chart. Below this level will confirm that a reversal pattern had been formed, then the measured move target would be at around 0.6100 area.

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Technical levels

Support levels: 0.6931 (the October 23 low), 0.6817 (the May 11 low, the neckline of the double top pattern on the weekly chart).

Resistance levels: 0.7035 (near term resistance), 0.7140 (the top of the price channel on the 4-hour chart), 0.7206 (the October 17 high), 0.7428 (the September 20 high).

USD/CHF Broke Above Major Bearish Trend Line

USDCHF extended its upside movement from 0.9420 to as high as 0.9863, breaking above a major bearish trend line on the daily chart, confirming that the downtrend from 1.0343 had completed at 0.9420 already.

On the upside

Let’s look into the 4-hour chart, the USDCHF pair moved within a rising price channel and broke above 0.9836 resistance. As long as the price is in the channel, the upside movement from 0.9420 could be expected to continue, and next target would be at the 61.8% Fibonacci retracement taken from 1.0343 to 0.9420 at 0.9990, followed by the April 10 high of 1.0108.

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On the downside

Near-term support is at the bottom trend line of the price channel now at around 0.9745. A clear break below the channel support could bring the price back to next support level at 0.9704. Below this level will indicate that the upside move from 0.9420 is complete, then the following correction pullback could take price to another support level at 0.9564.

For long-term analysis

The USDCHF pair is forming a sideways consolidation in a trading range between 0.9420 and 1.0343 on its weekly chart. Another rise towards 1.0343 resistance would likely be seen over the next several weeks. At the same time, the 0.9420 level could be treated as a neckline of a double top pattern on the weekly chart, below this level will indicate that a reversal pattern had been formed, this could trigger 900 pips drop towards 0.8500.

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Technical levels

Support levels: 0.9745 (the bottom of the price channel on the 4-hour chart), 0.9704 (the October 13 low), 0.9564 (the September 15 low), 0.9420 (the neckline of the double top pattern on the weekly chart), 0.9072 (the May 2015 low), 0.8500 (the measured move target of the double top pattern).

Resistance levels: 0.9990 (the 61.8% Fibonacci retracement), 1.0108 (the April 10 high), 1.0343 (the December 15, 2016 high).

Bitcoin Runs In Two Price Channels With Different Time Frame

The BTCUSD trades within a rising price channel with support at its bottom around 5110 on the 4-hour chart, indicating that the price remains in the uptrend from 2970. As long as the price is in the channel, the fall from 5870 could be treated as consolidation of the uptrend and a further rise is still possible after the consolidation. The bitcoin price is expected to test 5870 resistance in the coming days. A breakout of this level could trigger further upside movement towards 6500, followed by 7000.

However, the bitcoin price is likely to meet resistance at the top trend line of the price channel on the daily chart and drops sharply to as low as 5020. Now the 5020 is treated as key support of the uptrend from 2970. A breakdown below this level will indicate that the upside movement from 2970 had completed at 5870 already and lengthier consolidation for the longer term uptrend from 905 is underway. Then the following downside movement could bring the price back to next support level at 4360, followed by the bottom trend line of the channel now at around 3750.

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Technical levels

Support levels: 5110 (the bottom trend line of the price channel on the 4-hour chart), 5020 (key support), 4360, 3750 (the bottom trend line of the price channel on the daily chart), 2970 (the September 15 low).

Resistance levels: 5870 (the October 13 high), 6500, 7000 (psychological important level).

USD/CHF Is Now In Uptrend From 0.9420

USDCHF recently broke below the bottom support trend line of the price channel on its 4-hour chart, suggesting that the upside movement from 0.9420 had completed at 0.9836 already. Near-term support is at 0.9704, a breakdown below this level could trigger another fall towards 0.9564.

However, the fall from 0.9836 would possibly be a correction of the uptrend from 0.9420. Let’s look into the daily chart, the USDCHF pair broke out of the top trend line of the price channel and it continued to move through an important resistance level at 0.9772, indicating that the downtrend from 1.0343 had completed at 0.9420 already. The pair is now in an uptrend, as long as the price is above 0.9564 support, the uptrend could be expected to resume and further rise towards 1.0108 is still possible after the correction. Near-term resistance is at 0.9836, above this level could signal resumption of the uptrend.

usdchf2For long term analysis, the USDCHF pair moved sideways in a trading range between 0.9420 and 1.0343 on its weekly chart. Another rise towards the top of the range would likely be seen over the next several weeks. On the other side, the pair might be forming a double top pattern with the neckline at 0.9420 level. A breakthrough the neckline support could trigger 900 pips drops towards 0.8500.

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Technical levels

Support levels: 0.9735 (the bottom of the price channel on the 4-hour chart), 0.9704 (the October 13 low), 0.9564 (the September 15 low), 0.9420 (the neckline of the double top pattern on the weekly chart), 0.9072 (the May 2015 low), 0.8500 (the measured move target of the double top pattern).

Resistance levels: 0.9836 (the October 6 high), 0.9861 (the January 31 low), 1.0108 (the April 10 high).

EUR/GBP Failed To Break Above 0.9045 Resistance

EURGBP failed in its attempt to break above 0.9045 resistance and pulled back from 0.9032. The subsequent fall extended to as low as 0.8855, breaking below an important support level at 0.8906 on the 4-hour chart, suggesting that the short-term uptrend from 0.8746 is complete.

On the downside

The EURGBP pair is expected to test the support level of the 76.4% Fibonacci retracement taken from 0.8746 to 0.9032 at 0.8813. A breakdown below this level could take price to test next support level at 0.8746.

Below 0.8746 level will indicate that the downtrend from 0.9306 has resumed, then next target would be at the 61.8% Fibonacci retracement taken from 0.8313 to 0.9306 at around 0.8690, followed by the 76.4% retracement at 0.8545.

eurgbp2

On the upside

Near-term resistance is at 0.8930, a break above this level could bring the price back to next resistance level at 0.9032. Above this level could trigger further upside movement to 0.9200 area.

For long-term analysis

The EURGBP pair seems to be forming a double top pattern on its weekly chart with neckline support at 0.8304. If the neckline support gives way, the following bearish movement could take price to 0.7300 area.

eurgbp3

Technical levels

Support levels: 0.8813 (the 76.4% Fibonacci retracement taken from 0.8746 to 0.9032), 0.8746 (the September 27 low), 0.8690 (the 61.8% Fibonacci retracement taken from 0.8313 to 0.9306), 0.8545 (the 76.4% Fibonacci retracement), 0.8304 (the neckline of the double top pattern), 0.7300 (the measured move target).

Resistance levels: 0.8930 (near term resistance), 0.9032 (the October 12 high), 0.9200, 0.9306 (the August 29 high).