DecaPip Daily: 08/07/2015

Introduction to DecaPip
Welcome to our newest feature; DecaPip. The concept is simple: our professional market technician, with an exceptional system, showcases his own daily Support and Resistance levels across a broad spectrum of FX currency pairs. The most effective way to use the levels are:

  • If indicated levels hold, look for the price to reverse.
  • If levels are broken, look for the price to continue past to new highs or lows.

The Littlefish FX DecaPip Daily: Intraday outlook highlighting Resistance and Support levels in the Forex market for 08/07/2015…

In this edition DecaPip Daily I would like to feature the US Dollar as i feel it is getting close to an all important large directional break out and my bias is that we will see some temporary weakness before the already established uptrend strength will resume in the pair.

There was a clue in yesterday’s market when the EURUSD was unable to close the Daily candle under the important 1.1000 level and a large amount of buyers stepped in at the USA late session and also the USDCHF was unable to close a Daily can above the crucial 9500 level.

For now I feel we will see a breakout down in the US Dollar before real buyers step in at more attractive levels.

On the charts I have marked a pattern play that I am following and also a potential key support level that should hold and ultimately attract buyers.

Screen shot 2015-07-08 at 06.36.13Screen shot 2015-07-08 at 06.37.33

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