Technical analysis of the Forex market as of November 7, 2023

Hello. Below are several recommendations for trading on the Forex market on November 7, 2023


A Pin bar pattern was formed on the GBPUSD pair below level 1 ,2377. Actually, nothing has changed since yesterday. After a strong impulse, it would be logical to make a pullback, and I will look for new purchases in the area of ​​1.2288. I will set my next purchase targets around the level of 1.2547 and the 50% level.


A Doji pattern was formed on the USDCHF pair based on FVG 0.8951. In general, the picture seems to look up. But I won’t consider buying here; the upward movement will probably be corrective. Targets for correction are around the level of 0.9017 or slightly higher. There I will also look closely at new sales, counting on the development of a downward trend. In the transaction statistics there is a good predominance of buyers, which should contribute to a fall in the price.

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