(
MENAFN- Daily Forex)
The British pound has fallen during the trading session on Friday, as it looks like we are going to go looking to the 1.08 level. The 1.08 level is an area that's been supported a couple of days in row, so I would anticipate that there could be a little bit of a pushback in that general vicinity. If we can break down below there, then it's likely that the market could go looking to the 1.07 level again, which is an area that a lot of people had paid attention to previously.
On the upside, the 1.09 level is a significant resistance barrier, and as things stand right now, at least in the last couple of days, we have been trading in an area between the 1.08 level in the bottom, the 1.09 level in the top. If we can break out of this area, then we could have a situation where we get a 100 point move based upon the so-called“measured move.” However, this pair does tend to be extraordinarily volatile, see you do have to be very cautious with your position size and recognize exactly what it is you are trading here.
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Risk AppetiteEURUSD Chart by TradingView
The risk appetite in this pair favors the Swiss franc at the moment, due to the fact that there seem to be a lot of concerns around the world. The British pound has taken it on the chin of the last couple of days, although it is starting to show signs of life in other currency pairs, so perhaps some of the selling may go away. The 1.07 level underneath could offer a big floor in the market if we do break down to that area, but I also recognize that this is a market that is simply going to typically move with the overall risk appetite of trading in general, so pay close attention to global indices and the like. However, I also would point out that the Swiss franc itself has been strengthening against other currencies, so perhaps you need to see other pairs like the USD/CHF and the EUR/CHF currencies rally a bit in order to think that this pair is going to bounce.
Ready to trade our daily forex forecast ? Here are the best online trading platforms in Switzerland to choose from.
MENAFN07072025000131011023ID1109767343
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment