Technical Analysis

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EUR/USD
Previous Day Range High: 1.1527 Low: 1.1447 Close: 1.1454
Technical Chart Resistance
R-2: 1.1556
R-1: 1.1505
Support
S-1: 1.1425
S-2: 1.1396
Forecast
High: 1.1505
Low: 1.1425
No change in EUR/USD’s outlook. Corrective recovery from there should have completed at 1.1621. Intraday bias stays on the downside for 1.1431 support. Break of 1.1431 will resume the decline from 1.1814 and target a test on 1.1300 low. On the upside, above 1.1547 minor resistance will delay the bearish case and would probably extend the consolidation from 1.1431 with another rebound. In that case, intraday bias will be turned neutral first.
USD/JPY
Previous Day Range High: 112.73 Low: 111.93 Close: 112.17
Technical Chart Resistance
R-2: 113.08
R-1: 112.62
Support
S-1: 111.82
S-2: 111.48
Forecast
High: 112.62
Low: 111.82
Intraday bias in USD/JPY remains mildly on the upside at this point. The pull back from 114.54 could have completed at 111.62 already. Further rise would be seen for retesting 114.54 high. On the downside, below 112.01, however, will likely resume the corrective fall from 114.54 to 38.2% retracement of 104.62 to 114.54 at 110.75. We’ll look for bottoming signal above 109.76 key support in that case.
GBP/USD
Previous Day Range High: 1.3131 Low: 1.3013 Close: 1.3019
Technical Chart Resistance 
R-2: 1.3172                                 R-1: 1.3096
Support
S-1: 1.2978
S-2: 1.2936
Forecast
High: 1.3096
Low: 1.2978
Intraday bias in GBP/USD stays neutral first. On the upside, above 1.3257 will bring another rise. But upside should be limited by 1.3316 key fibonacci level to bring down trend resumption eventually. On the downside, below 1.3081 minor support will turn bias to the downside for 1.2921 support first. However, sustained break of 1.3316 would pave the way to next fibonacci level at 1.3721.
USD/CHF
Previous Day Range High: 0.9975 Low: 0.9915 Close: 0.9954
Technical Chart Resistance
R-2: 1.0008
R-1: 0.9981
Support
S-1: 0.9921
S-2: 0.9888
Forecast
High: 0.9981
Low: 0.9921
USD/CHF’s rally continues today and reaches as high as 0.9975 so far. Intraday bias stays on the upside at this point. Current rise from 0.9541 should target 1.0067 key resistance and then 61.8% projection of 0.9541 to 0.9954 from 0.9848 at 1.0103. On the downside, break of 0.9848 support is needed to indicate short term topping. Otherwise, further rally will be expected even in case of retreat.
AUD/USD
Previous Day Range High: 0.7151 Low: 0.7094 Close: 0.7100
Technical Chart Resistance
R-2: 0.7172
R-1: 0.7136
Support
S-1: 0.7079
S-2: 0.7058
Forecast
High: 0.7136
Low: 0.7079
No change in AUD/USD’s outlook. Corrective rise from 0.7040 is still in progress and further rise cannot be ruled out. But upside should be limited well below 0.7314 resistance to bring fall resumption. On the downside, below 0.7098 minor support will turn bias to the downside for 0.7040 low first. Break there will resume recent down trend to 61.8% projection of 0.7676 to 0.7084 from 0.7314 at 0.6948 next.
USD/CAD
Previous Day Range High: 1.3088 Low: 1.3015 Close: 1.3074
Technical Chart Resistance
R-2: 1.3132
R-1: 1.3103
Support
S-1: 1.3030
S-2: 1.2986
Forecast
High: 1.3103
Low: 1.3030
Intraday bias in USD/CAD remains neutral at this point. On the downside, firm break of 1.2926 will turn bias to the downside for 1.2781 instead. That would also argue that fall from 1.3385 is still in progress for another low. On the upside, break of 1.3081 resistance will be the first sign of completion of whole choppy fall from 1.3385. In that case, near term outlook will be turned bullish for 1.3225 resistance for confirmation.

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