Technical Analysis

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EUR/USD
Previous Day Range High: 1.1358 Low: 1.1296 Close: 1.1345
Technical Chart Resistance
R-2: 1.1395
R-1: 1.1370
Support
S-1: 1.1308
S-2: 1.1271
Forecast
High: 1.1370
Low: 1.1308
Intraday bias in EUR/USD remains neutral and outlook stays bearish with 1.1472 resistance intact. On the downside, break of 1.1267 will suggest that larger decline is resuming and target 1.1251 low next. Decisive break there will confirm this bearish case. EUR/USD should drop through 1.1186 Fibonacci level to 61.8% projection of 1.2555 to 1.1300 from 1.1814 at 1.1038 next.
USD/JPY
Previous Day Range High: 113.52 Low: 112.67 Close: 112.83
Technical Chart Resistance
R-2: 113.86
R-1: 113.34
Support
S-1: 112.49
S-2: 112.16
Forecast
High: 113.34
Low: 112.49
USD/JPY drops notably today but it’s staying in range of 112.23/113.70. Intraday bias remains neutral for the moment. On the upside, above 113.70 will target 114.20 resistance first. Break there will resume the rise from 111.37 and target 114.73 key resistance next. However, break of 112.23 support will extend the corrective pattern from 114.54 with another decline. Overall, price actions 114.54 are seen as a consolidative pattern. In case of deeper fall, downside should be contained by 38.2% retracement of 104.62 to 114.54 at 110.75 to bring rebound. Larger rise from 104.62 is expected to resume later.
GBP/USD
Previous Day Range High: 1.2646 Low: 1.2567 Close: 1.2612
Technical Chart Resistance 
R-2: 1.2687                                R-1: 1.2650
Support
S-1: 1.2571
S-2: 1.2529
Forecast
High: 1.2650
Low: 1.2571
GBP/USD is staying in consolidation from 1.2476 and intraday bias remains neutral. Stronger recovery cannot be ruled out, but upside should be limited by 1.2811 resistance to bring fall resumption. On the downside, break of 1.2476 will extend larger down trend from 1.4376 to 61.8% projection of 1.4376 to 1.2661 from 1.3174 at 1.2114. However, firm break of 1.2811 will be an early signal of trend reversal and turn focus back to 1.3174 resistance.
USD/CHF
Previous Day Range High: 0.9986 Low: 0.9912 Close: 0.9931
Technical Chart Resistance
R-2: 1.0017
R-1: 0.9974
Support
S-1: 0.9900
S-2: 0.9869
Forecast
High: 0.9974
Low: 0.9900
USD/CHF’s pull back from 0.9989 accelerates lower today. Focus is back on 0.9911 minor support. Break there will confirm completion of the rebound from 0.9862. Deeper decline would be seen back to 0.9862. For now, price actions from 1.0128 are viewed as a corrective move. We’d expect strong support from 0.9848 support to bring reversal. On the upside, above 0.9989 will turn bias back to the upside. Break of 1.0008 will target a test on 1.0128 high.
AUD/USD
Previous Day Range High: 0.7187 Low: 0.7165 Close: 0.7176
Technical Chart Resistance
R-2: 0.7198
R-1: 0.7187
Support
S-1: 0.7165
S-2: 0.7154
Forecast
High: 0.7187
Low: 0.7165
Intraday bias in AUD/USD remains on the downside at this point. The corrective rebound from 0.7020 should have completed at 0.7393 already. Deeper fall should be seen back to retest 0.7020 low first. On the upside, break of 0.7246 resistance will delay the bearish case and turn bias back to the upside. Rebound from 0.7020 could probably head to 38.2% retracement of 0.8135 to 0.7020 at 0.7446 before completion.
USD/CAD
Previous Day Range High: 1.3420 Low: 1.3370 Close: 1.3414
Technical Chart Resistance
R-2: 1.3451
R-1: 1.3433
Support
S-1: 1.3383
S-2: 1.3351
Forecast
High: 1.3433
Low: 1.3383
Intraday bias in USD/CAD remains neutral as consolidation from 1.3444 is still in progress. Near term outlook remains bullish as long as 1.3160 support holds, and further rally is expected. On the upside, break of 1.3444 will extend the larger up trend from 1.2061 for 1.3685 Fibonacci level next. However, break of 1.3160 will indicate near term reversal and bring deeper decline.

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