The following is weekly EURGBP and USDCHF technical analysis with limit orders after Donald Trump’s inauguration for the week of January 23 to 27. See our previous week’s results and the new Forex limit orders.
22 January, AtoZForex – The inauguration of Donald Trump as the 45th US president took place on Friday. The event did not have any significant impact on the market during the day. Instead, it weighed on the USD for several weeks going into the ceremony. From a broad sense, since the new President of the United States wants to increase the country’s exports, we might turn a new chapter for the USD over these four years.
Getting back to our technical Forex analysis, last week I was away from the market and therefore I was not able to share my outlook with you. Nevertheless, our EURUSD buy limit order from 1.0502 level from two weeks ago was triggered and reached our second take profit at 1.0698 at the end of last week.
Meanwhile, while our second Gold buy limit order was missed, the projected take profit levels acted as strong support and resistance levels and might have been of use.
Based on this week’s Forex technical analysis, we have the best two risk reward Forex limit orders for EURGBP and USDCHF currency pair.
EURGBP technical analysis and limit orders
Looking into our EURGBP technical analysis, the pair continues to move inside an upward sloping linear regression channel for over two years now.
With weekly Stochastic in an oversold area and weekly MACD above the neutral 0 point, we could expect the bullish rally to resume in the following weeks. Therefore, we could look to buy EURGBP on dips as a local bottom seems to be in formation.
A favourable risk reward EURGBP trade opportunity would be to long the pair from 0.8575 area, and aim higher to 0.8715 as the first target.
USDCHF technical analysis and limit orders
Let us turn to our second technical analysis pick of the week, USDCHF. The pair remains to trade in a broad consolidation range but with some bullish bias.
More recently, however, bearish correction began from a high of 1.03 and has now reached a major support level at 1.00. Therefore, we could expect the price to retrace from the major level and use it as an opportunity to buy USDCHF.
In addition, we could place a buy limit below the support level and look for signs of bottom formation to add to the long position.
Forex limit orders for EURGBP and USDCHF
The following are our two Forex limit orders based on this week’s EURGBP and USDCHF technical analysis:
EURGBP buy limit order @ 0.8575 with SL at 0.8534 and TP at 0.8715.
USDCHF buy limit order @ 0.9960 with SL at 0.9917 and TP at 1.0045 & 1.0090.
Lastly, keep your eyes on Analysis with entry and exit levels Forum thread for additional Forex limit orders throughout the trading week post Donald Trump’s inauguration.
What is your weekly technical analysis? Share your view in the comments section below.