Sunday, August 13, 2017

GBP CHF REVERSE FROM FIBONACCI CLUSTER AREA

GBP CHF arrived on Friday 11 August to FIBONACCI cluster area where price reached to the area of 61.8% of the Fibonacci Retracement between the top on August 3 at the level of 1.2852 and bottom on June 12 at the level of 1.2239 and surpassed that reached the level of 50 % of the Finonacci Expansion  between the May 10 top at the level of 1.3067 and bottom on June 12 at the level of 1.2239 and top on Aug. 3 at the level of 1.2852 once touching the price level of 50% of $1.2438 price rebounded and continued to climb the highest level of 61.8% of the Fibonacci retracement and closed in the form of a Hammer ominous ascend the coming days.
Trend often ends when it reach for the Fibonacci  cluster area.

And the weekly candle touched Trend which based on the bottom of the candle, 11 June and 18 June and 25 June and 9 July, when the Trend penetrated by the candle July 16,
, price returned strongly  the following week over the Trend  and created rising limousine CANDLE. of week July 23 ,the weekly candle touched that Trend at tthe level of 1.2423 and closed at 1.2507 ,so the price  reverse upwards with initially 77 pips, which shows market respect for that Trend.




When we look at the tail of the weekly candle, where the candle closed at 1.2507 and  bottom at 1.2423 when we find this region represents a very strong support region ,price hit it then went up several times like  the week of July 3, 2016and 14 August 2016and candle September 25, 2016, 25 December 2016, and at times exceeded the area returned to go upwards.






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