Technical Analysis
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| EUR/USD | |||
| Previous Day Range | High: 1.1310 | Low: 1.1245 | Close: 1.1291 |
| Technical Chart | Resistance R-2: 1.1347 R-1: 1.1319 |
Support S-1: 1.1254 S-2: 1.1217 |
Forecast High: 1.1319 Low: 1.1254 |
| EUR/USD dipped to 1.1249 earlier today but quickly recovered, with 4-hour MACD crossed above signal line again. Intraday bias turned neutral first. Further decline is still expected with 1.1341 minor resistance intact. We’d holding on to the view that consolidation from 1.1215 has completed. Below 1.1249 will target 1.1215 first. Break will resume larger down trend from 1.2555 to 1.1186 fibonacci level. However, considering bullish convergence condition in 4-hour MACD, break of 1.1341 resistance will dampen out view and suggest short term bottoming. Intraday bias will be turned back to the upside to extend the consolidation from 1.1215 with another rising leg. | |||
| USD/JPY | |||
| Previous Day Range | High: 111.12 | Low: 110.43 | Close: 110.52 |
| Technical Chart | Resistance R-2: 111.38 R-1: 110.95 |
Support |
Forecast High: 110.95 Low: 110.26 |
| USD/JPY rose to 111.13 earlier today but retreated sharply since then. Intraday bias is turned neutral first. Focus remains on whether USD/JPY could sustain above 61.8% retracement of 114.54 to 104.69 at 110.77. If yes, further rise could be seen back to 114.54 resistance. However, break of 110.00 will suggest that it’s actually rejected after the rebound from 104.69 was skewed slightly upwards. In that case, the original bearish view will be revived and further fall should be seen through 108.49 support. | |||
| GBP/USD | |||
| Previous Day Range | High: 1.2878 | Low: 1.2770 | Close: 1.2793 |
| Technical Chart | Resistance R-2: 1.2922 R-1: 1.2857 |
Support S-1: 1.2749 S-2: 1.2706 |
Forecast High: 1.2857 Low: 1.2749 |
| GBP/USD’s fall from 1.3217 continues to as low as 1.2784 so far. Intraday bias remains on the downside for further decline. As noted, before, we’re holding on to the view that rebound from 1.2391 has completed at 1.3217 already, after rejection by 1.3174 key resistance. Further decline should be seen to retest 1.2391 low. On the upside, break of 1.2958 resistance is needed to be the first sign of short-term bottoming. Otherwise, further decline is expected even in case of recovery. | |||
| USD/CHF | |||
| Previous Day Range | High: 1.0098 | Low: 1.0041 | Close: 1.0052 |
| Technical Chart | Resistance R-2: 1.0121 R-1: 1.0086 |
Support S-1: 1.0029 S-2: 1.0007 |
Forecast High: 1.0086 Low: 1.0029 |
| USD/CHF edged higher to 1.0098 but retreated sharply since then. Intraday bias is turned neutral again for some consolidations. For now, further rise is still expected as long as 0.9988 support holds. Above 1.0098 will target 1.0128 first. Break will confirm resumption of uptrend from 0.9186. Next target will be 100% projection of 0.9541 to 1.0128 from 0.9716 at 1.0303. However, break of 0.9988 will indicate rejection by 1.0128 and turn intraday bias to the downside for 0.9716 support again. | |||
| AUD/USD | |||
| Previous Day Range | High: 0.7132 | Low: 0.7069 | Close: 0.7101 |
| Technical Chart | Resistance R-2: 0.7164 R-1: 0.7132 |
Support S-1: 0.7069 S-2: 0.7038 |
Forecast High: 0.7132 Low: 0.7069 |
| Intraday bias in AUD/USD remains neutral at this point. Consolidation from 0.7054 is still in progress. Stronger rise could be seen but upside should be limited well below 0.7295 resistance to bring another decline. We’re holding on to the view that rebound from 0.6722 has completed at 0.7295 already. On the downside, break of 0.7054 will turn bias to the downside for 61.8% retracement of 0.6722 to 0.7295 at 0.6941 next. | |||
| USD/CAD | |||
| Previous Day Range | High: 1.3340 | Low: 1.3225 | Close: 1.3289 |
| Technical Chart | Resistance R-2: 1.3400 R-1: 1.3344 |
Support S-1: 1.3229 S-2: 1.3170 |
Forecast High: 1.3344 Low: 1.3229 |
| USD/CAD is staying in consolidation from 1.3329 temporary top and intraday bias remains neutral. We’re holding on to the view that decline from 1.3664 has completed with three waves down to 1.3068 already, on bullish convergence condition in 4-hour MACD, just ahead of medium-term channel support. Hence, risks will stay on the upside as long as 1.3068 holds. On the upside, break of 1.3375 resistance will confirm this bullish case and target a test on 1.3664 high. | |||
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