GBP/USD and Usd/Chf Analysis

Today there are two good opportunities on the close of the daily candle. The GBP/USD and the Usd/Chf both have a candle that indicates we could see a change in directions. Keep your eyes and ears on the NFP (Non Farms Payroll) Tomorrow because that can change everything.

    Gbp/Usd

The Gbp/Usd hit strong resistance at the 1.6270 area and has formed a daily shooting candle formation. If the price breaks the 161.30 level to the downside then it could ignite further losses in the pair. This could be a potential short setup with a target of 1.6010. At that level there is some strong support and that would be where I put my first target.

    Usd/Chf

The Usd/Chf bounced off of a daily upward trend line as shown in the chart and has closed with a bullish daily engulfing candle. This could indicate further gains for this pair. There is a strong area of resistance at the 95.00 level and if that area gets broken to the upside there could be a nice move to higher levels in the 96/ 96.50 area.

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Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

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  • Thanks Jennie,

    Yes you are right I was getting ahead of myself. But it is now though 🙂

  • Jennie

    Hi Casey,
    I dont see the engulfing candle on ChfUsd. Although it is bullish the close is lower than the previous high.