Technical Analysis
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| EUR/USD | |||
| Previous Day Range | High: 1.2397 | Low: 1.2341 | Close: 1.2377 |
| Technical Chart | Resistance R-2:1.2428 R-1:1.2402 |
Support S-1:1.2346 S-2:1.2319 |
Forecast High:1.2402 Low:1.2346 |
| EUR/USD is drawing support from 4 hour 55 EMA, but it’s staying below 1.2413 temporary top. Intraday bias remains neutral first. On the upside, above 1.2413 will extend the rebound from 1.2214 to 1.2475 resistance. Break will target 1.2516/2555 key resistance zone. On the downside, however, break of 1.2214 will revive the case of trend reversal and turn outlook bearish. | |||
| USD/JPY | |||
| Previous Day Range | High: 107.38 | Low: 106.97 | Close: 107.22 |
| Technical Chart | Resistance R-2:107.60 R-1:107.41 |
Support S-1:107.00 S-2:106.78 |
Forecast High:107.41 Low:107.00 |
| At this point, USD/JPY is still bounded in range of 106.64/107.77. Intraday bias remains neutral and more consolidative could be seen. Further rise would be mildly in favor as long as 106.64 minor support holds. Break of 107.77 will target 38.2% retracement of 114.73 to 104.62 at 108.48 which is close to 108.12. | |||
| GBP/USD | |||
| Previous Day Range | High: 1.4314 | Low: 1.4171 | Close: 1.4205 |
| Technical Chart | Resistance R-2:1.4373 R-1:1.4289 |
Support S-1:1.4156 S-2:1.4087 |
Forecast High:1.4289 Low:1.4156 |
| GBP/USD’s decline from 1.4376 accelerated to as low as 1.4172 today. But it’s holding above 1.4144 minor support so far. Intraday bias remains neutral first. Another rise is still mildly in favor as long as 1.4144 minor support holds. But break of 1.4376 is needed to confirm up trend resumption. In that case, GBP/USD would target 61.8% projection of 1.3038 to 1.4345 from 1.3711 at 1.4519. Before that, more consolidation would be seen. And on the downside, firm break of 1.4144 will be and early sign of medium term topping and turn focus back to 1.3965 support. | |||
| USD/CHF | |||
| Previous Day Range | High: 0.9698 | Low: 0.9647 | Close: 0.9678 |
| Technical Chart | Resistance R-2:0.9725 R-1:0.9702 |
Support S-1:0.9651 S-2:0.9623 |
Forecast High:0.9702 Low:0.9651 |
| Intraday bias in USD/CHF remains on the upside despite slight retreat from 0.9697. Current rally from 0.9186 should target 0.9900 fibonacci level next. On the downside, break of 0.9576 minor support is needed to be the first sign of short term topping. Otherwise, outlook will remain bullish in case of deeper retreat. | |||
| AUD/USD | |||
| Previous Day Range | High: 0.7797 | Low: 0.7742 | Close: 0.7783 |
| Technical Chart | Resistance R-2:0.7829 R-1:0.7806 |
Support S-1:0.7751 S-2:0.7719 |
Forecast High:0.7806 Low :0.7751 |
| Intraday bias in AUD/USD remains neutral at this point. Further rise remains mildly in favor with 0.7725 minor support intact. Above 0.7809 will target 0.7915 resistance first. Break there will confirm that whole decline from 0.8135 has completed. However, below 0.7725 will bring retest of 0.7642 low instead. | |||
| USD/CAD | |||
| Previous Day Range | High: 1.2659 | Low: 1.2543 | Close: 1.2625 |
| Technical Chart | Resistance R-2:1.2725 R-1:1.2675 |
Support S-1:1.2559 S-2:1.2493 |
Forecast High:1.2675 Low:1.2559 |
| USD/CAD’s strong rebound and break of 1.2622 minor resistance indicates short term bottoming at 1.2526. Intraday bias is mildly on the upside for recovery back to 38.2% retracement of 1.2942 to 1.2526 at 1.2685, or even further to 55 day EMA (now at 1.2730). But upside should be limited well below 1.2814 support turned resistance and bring fall resumption. We’d expect decline from 1.3124 to extend later to 1.2061/2246 support zone. | |||
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