InstaForex Nigeria Weekly Technical Forecast for 5th July – 10th July 2020
While we continue envisage the move into the 1.14000 – 1.1500 Zone, the pair has shown its desire to play accordingly by closing the week just higher than the previous.
Maybe not significant but a presence of a bull Pennant further establishes that the 1.500 Zone resistance is our next hit.
In Brief, we discussed about this last week. As much the 1.1950 support remains violated the long term overview of the trend remains bearish. However, it’s suicidal to go down south now, especially when the buyers refuse to give up. We’ll wait to see as this turns out.
Kindly permit me to go unorthodox on this one. The chart below is USDCHF Daily as against Weekly. I’ve got a pending order on this and thought of sharing. The market is downtrend…that’s fantastic! However, it just doesn’t roll down like a stone.
Ona s short term, I’ve got a Support zone, just around 0.9300 way back in 2018, with a confluence of Bat and Crab Pattern completion which makes this an interesting one.
Buy Limit | Po: 9292 | SL: 0. 9140 | TP1: 0.9415 | TP2: 0.9530