Weekly Technical Levels:
Tip (s):
R3 and S3 can be both regarded as clear indicators of the maximum range of extreme volatility, though it is possible to pass them through.
Pivot lines can be applied well on the sideways markets, as prices will probably be located between R1 and S1 lines.
Within a strong trend the price is expected to be lower than the pivot point line and will continue the movement.
In case of breaking news release that may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 & R3 or S2 & S3.
Observation (s):
- If the trend is of upside character, then the strength of the currency will be defined as following: USD is an uptrend and CHF is a downtrend.
- Most of the traders use the Fibonacci retracement to determine accurately the psychological support and resistance levels.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.
