Swing High

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Swing High

On a chart, a peak in an indicator or price. Swinging high may indicate that a trend is nearing reversal; on the other hand, swinging high at successively higher levels may be a bullish indicator. See also: Swing Low
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That prior low starts a consolidation range going up to the swing highs of 2,833.34 to 2,854.49.
Lower swing highs and lower swing lows indicates that the down trend is back and unless Sterling can break out of this new descending trend channel, the 1.4000's could be the next stop.
Currency markets seemed strangely complacent in the first week of August, showing next to no follow-though as five-month long rally in risky assets raced past major swing highs in the last days of July.
A bear trend has a series of lower swing highs and lower swing lows.
Next support is a relatively minor 78.6 percent Fibonacci retracement of the 1.0300-1.3060 move at 1.0900, while subsequent swing highs point to former resistance at 1.0820 as a potential price floor.
An important target will be obtained if the index can close above the 2,986.36 as that will be the first true bullish reversal signal as it will violate the core structure of the downtrend's series of lower swing highs and lower swing lows.
* CHFJPY has cut a 'W' pattern (double bottom with a falling trend made of three swing highs) since late October.
That swing low is part of a series of higher swing highs and higher swing lows that define the uptrend.
Resistance is more precise with six unique swing highs that set a range around 7.2850.
A pattern of lower swing lows and lower swing highs is well in place starting from the October 2017 peak.
GBP/USD Strategy: Flat Last week, we noted that GBPUSD was signaling a downward reversal, showing a Star candlestick with next-day bearish confirmation following a test of resistance at a falling trend line connecting major swing highs from late October.
Downward pressure remains, however, in the intermediate term as the DFMGI is still in a clear downtrend with a series of lower swing highs and lower swing lows.