MarketBreakdown | GBPUSD, USDCHF, NASDAQ INDEX, BITCOIN

31 oct. 2022

Here is a brief technical outlook for 4 instruments in my watch list.

1️⃣ GBPUSD 🇬🇧🇺🇸
The pair broke and closed above a major falling trend line last week.
Now the pair is quite weak and looks overbought.

For those, who want to buy, I would suggest to wait for a retest of a trend line.
Probabilities will be high that the next bullish move will initiate from there.

2️⃣ USDCHF 🇨🇭🇺🇸
USDCHF recently broke and closed below a major rising trend line.
The pair is growing steadily and it looks like that soon we will see its retest.
I believe that the pair may drop from that. Pay close attention to the broken trend line.

3️⃣ US100 (NASDAQ) Index 📈
I see a local consolidation on Nasdaq.
The index is stuck between 2 solid horizontal structures.
To catch the next wave, wait for a breakout of one of the boundaries of the underlined range.
Its bullish breakout will trigger a bullish continuation, while its bearish violation will push the index lower.

4️⃣ BITCOIN (BTCUSD) ₿
Bitcoin looks very bullish to me.
The price set a new local higher high last week, confirming its strength.
I would expect a bullish continuation.
Consider the underlined supports for potential buying after a pullback.

Do you agree with my market breakdown?

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