Alpari - Analytics

Alpari

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Daily analytical report (02/08/18)

  • The FOMC's decision yesterday came as no surprise to market participants. The bullish setup on USD still persists on the market. EURUSD is on its way to testing the lower line of the symmetrical triangle pattern. A breakout is very likely, with a potential target on the long-term neckline of the H&S formation.
  • CHFJPY is trying to erase the gains from the first two days of this week. It is happening on a very important resistance and there is a chance for a double top formation. On the weekly chart, sellers are fighting for a shooting star candlestick formation, the second in the 3 weeks, which could be a super strong sell signal.
  • FTSE broke the major upwards trend line and the lower line of the wedge pattern. Later, traders used both as a strong resistance. That confirms the sell signal and the bearish sentiment.


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