The dollar tanked across the board, taking Cable as high as 1.4273. So the question now is whether to enter longs or will the spike fade. Here is the deal –
Watch out for today’s closing on the daily chart.
- It would be a fresh short set up if the bird closes below 1.4218, keeping the falling trend line inact
- On the other hand, a closing abv 1.4218 wuld mean prices are about to make another attempt to re-enter falling channel, whose resistance currently stands at 1.4363
- Resistance is also seen as 1.4330 (23.6% Fibo R of 1.5930-1.3835)