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GBP/USD: general analysis 26 February 2020, 13:50

GBP/USD: general analysis 26 February 2020, 13:50 Scenario Timeframe Intraday Recommendation BUY Entry Point 1.2940 ...

Feb 13, 2020

USD/CHF: dollar consolidates 13 February 2020, 09:42


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 0.9788
Take Profit 0.9830, 0.9840
Stop Loss 0.9765
Key Levels 0.9700, 0.9718, 0.9740, 0.9765, 0.9788, 0.9810, 0.9840
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9760
Take Profit 0.9718
Stop Loss 0.9800
Key Levels 0.9700, 0.9718, 0.9740, 0.9765, 0.9788, 0.9810, 0.9840
Current trend
Today, during the Asian session, the USD/CHF pair shows ambiguous dynamics, trading near local highs since December 27, 2019, updated last Tuesday. USD is under moderate pressure of Wednesday’s macroeconomic statistics from the United States. Thus, the monthly report on the state of the budget indicated a deficit growth from $–13.3 billion to $–33 billion, which turned out to be significantly worse than market expectations of $–11.5 billion.
On Thursday, investors are focused on the block of US statistics on consumer inflation for January. It is expected that the consumer price index will rise by 0.2% MoM, repeating the dynamics of the last month. In annual terms, a slight acceleration of positive dynamics is expected from +2.3% YoY to +2.4% YoY.
Support and resistance
On the daily chart, Bollinger bands are growing steadily. The price range is expanding, letting the "bulls" renew local highs. The MACD indicator is growing, maintaining a strong buy signal (the histogram is above the signal line). Stochastic, reaching its highs, reversed downwards, pointing to the risks of corrective decline in the ultra-short term.
It is better to wait until the situation is clear since the current readings of technical indicators remain uninformative.
Resistance levels: 0.9788, 0.9810, 0.9840.
Support levels: 0.9765, 0.9740, 0.9718, 0.9700.


Trading tips
Long positions may be opened after the breakout of 0.9788 with the targets at 0.9830–0.9840. Stop loss – 0.9765.
Short positions may be opened after a rebound from 0.9788 and a breakdown of 0.9765 with the target at 0.9718. Stop loss is no further than 0.9800.
Implementation period: 2–3 days.

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