Alpari - Analytics

Alpari

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Daily analytical report (24/08/18)

  • EURUSD ends the week on the front foot. The price positively tested the major neckline as a new support. What is more, we are inside a flag, which suggests a further upswing.
  • USDJPY, on the other hand, is showing signs of the dollar’s strength. Here, the price used the inverse head and shoulders pattern to climb higher. Thanks to this, traders managed to break the upper line of the wedge formation, which was limiting the recent correction. Now, the way towards new highs is open.
  • USDCHF brings us back to negative sentiment on USD. After the breakout of the lower line of the triangle and the horizontal support at 0.986, the price is now testing that area as the closest resistance. After the initial bounce the price is going lower. In addition to that, we have a flag, which should end with a bearish breakout.

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