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GBPCHF & Silver Outlook
Published: 10/17/2018

analytics on paper reports

The GBPCHF pair is trading close to 1.3000 today after finding support at 1.2940. The UK and the EU are locked in Brexit discussions today and tomorrow and thus is likely to generate headlines that will move the Pound and the Euro. The pair has found resistance at the 200 DMA and this level may be resistive going forward at 1.3121. It is in close proximity to the 1.3100 and a break out higher could see price test 1.3300/1.3310, the July high. This action may squeeze short positions further and push price to 1.3500 or beyond to 1.3587. The top of this zone comes in at 1.3650 and continued buying of the pair might potentially result in a retest of the April high at 1.3857.

Support at 1.2940 might influence price but a loss of this area may see a drop to 1.2900 followed by the 100 DMA at 1.2866. The 1.2800 level provided resistance in mid September and this area might support price if it falls that far. However a loss of the next potential support at 1.2729 could force traders out of positions. This level comes from early September and is also where the 50 DMA is currently placed. Below this point the lows from that month at 1.2459 and the 1.2500 level are possible targets.

 

The Silver chart is showing a consolidation pattern with lower highs and higher lows. Support is acting at 14.60 today as it did on Monday. A break higher may result in a new test of the falling trend line at 14.86. Above that level the 14.92 previous lower high might impact price ahead of 15.00. The 100 DMA is found moving lower at 15.05 and might add strength to 15.00 in the days ahead. The 15.25 level provided support early in August and this may now have turned into resistance. The High from August was 15.61 and the 200 DMA is passing down through 15.80 today.

Support under 14.60 may be seen at the 50 DMA line around 14.45. Below this area the rising support trend line at 14.34 is a place of interest to traders, particularly if this consolidation pattern turns into a confirmed pennant continuation pattern. This would point to lower levels such as 14.24 as the last higher low. The 14.00 level is potentially a strong area of support that has already been tested last month. The low reached was 13.95 and a failure of this level to support price may result in a drop to 13.50.

 

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