Technical Analysis

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EUR/USD
Previous Day Range High: 1.2267 Low: 1.2213 Close: 1.2257
Technical Chart Resistance
R-2:1.2300
R-1:1.2278
Support
S-1:1.2224
S-2:1.2192
Forecast
High:1.2278
Low:1.2224
Intraday bias in EUR/USD remains neutral for consolidation below 1.2322. As long as 1.2088 resistance turned support holds, near term outlook remains bullish and another rise is expected. Above 1.2322 will extend the medium term rise to next key Fibonacci level at 1.2494/2516. We’d expect strong resistance from there to bring reversal. Meanwhile, break of 1.2088 will argue that EUR/USD has topped earlier than expected. In that case, intraday bias will be turned to the downside for 1.1915 support first.
USD/JPY
Previous Day Range High: 111.22 Low: 110.50 Close: 110.96
Technical Chart Resistance
R-2:111.61
R-1:111.29
Support
S-1:110.57
S-2:110.17
Forecast
High:111.29
Low:110.57
USD/JPY is staying in range of 110.18/111.47 and intraday bias remains neutral first. On the upside, break of 111.47 will affirm the case that correction from 114.73 is finished with three waves down to 110.18. Intraday bias should then be turned back to the upside for 113.38 resistance for confirmation. However, below 110.18 will extend the correction lower. But we’d again look for bottoming signal in next fall.
GBP/USD
Previous Day Range High: 1.3990 Low: 1.3856 Close: 1.3984
Technical Chart Resistance
R-2:1.4077
R-1:1.4031
Support
S-1:1.3897
S-2:1.3809
Forecast
High:1.4031
Low:1.3897
No change in GBP/USD’s outlook. As long as 1.3741 minor support holds, further rally is expected. Sustained trading above 1.3835 key resistance could trigger upside acceleration to 100% projection of 1.2108 to 1.3651 from 1.3038 at 1.4581 next. However, considering bearish divergence condition in 4 hour MACD, break of 1.3741 will indicate short term topping. More importantly, that would suggest rejection from 1.3835 and turn bias to the downside for 1.3457.
USD/CHF
Previous Day Range High: 0.9640 Low: 0.9587 Close: 0.9622
Technical Chart Resistance
R-2:0.9669
R-1:0.9646
Support
S-1:0.9593
S-2:0.9563
Forecast
High:0.9646
Low:0.9593
USD/CHF is staying in range above 0.9535 and intraday bias remains neutral first. Near term outlook will stay bearish as long as 0.9698 resistance holds. Below 0.9535 will extend the fall from 1.0037 and target a test on 0.9420 low. Nonetheless, firm break of 0.9698 will be the first sign of near term reversal. And, intraday bias will be turned back to the upside for 0.9844 resistance for confirmation.
AUD/USD
Previous Day Range High: 0.8027 Low: 0.7976 Close: 0.8015
Technical Chart Resistance
R-2:0.8057
R-1:0.8036
Support
S-1:0.7985
S-2:0.7955
Forecast
High:0.8036
Low:0.7985
Intraday bias in AUD/USD remains neutral for consolidation below 0.8038 temporary top. As long as 0.7874 support holds, further rally should be seen to 0.8124 high. Break there will resume whole medium term rebound from 0.6826 and target key Fibonacci level at 0.8451. On the downside, break of 0.7874 will indicate short term topping and turn bias to the downside for 55 day EMA (now at 0.7780) and below.
USD/CAD
Previous Day Range High: 1.2496 Low: 1.2430 Close: 1.2454
Technical Chart Resistance
R-2:1.2526
R-1:1.2490
Support
S-1:1.2424
S-2:1.2394
Forecast
High:1.2490
Low:1.2424
Intraday bias in USD/CAD remains neutral as range trading continues. Near term outlook stays mildly bearish as long as 1.2623 support turned resistance holds. Break of 1.2354 will extend the decline to retest 1.2061 low. Nonetheless, on the upside, sustained break of 1.2623 will argue that the fall has completed and turn bias back to the upside for 1.2919 resistance.

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