Technical Analysis

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EUR/USD
Previous Day Range High: 1.2169 Low: 1.2056 Close: 1.2111
Technical Chart Resistance
R-2: 1.2225
R-1: 1.2168
Support
S-1: 1.2055
S-2: 1.1999
Forecast
High: 1.2168
Low: 1.2055
Focus is back on 1.2052 support in EUR/USD with today’s steep decline. Break there will resume the whole correction from 1.2348. Intraday bias will be turned back to the downside for 61.8% retracement of 1.1602 to 1.2348 at 1.1887. On the upside, though, the break of 1.2188 resistance will turn bias back to the upside for retesting 1.2348.
USD/JPY
Previous Day Range High: 104.20 Low: 103.56 Close: 104.06
Technical Chart Resistance
R-2: 104.58
R-1: 104.32

Support
S-1: 103.68
S-2: 103.30

Forecast
High: 104.32
Low: 103.68
USD/JPY’s rebound from 103.31 extends higher today but stays below 104.39 resistance. Intraday bias remains neutral first. On the upside, the break of 104.39 and sustained trading above the channel resistance will argue that the downtrend from 111.71 has finally been completed. The stronger rise would be seen to 105.67 resistance for confirmation. On the downside, the break of 103.31 will retain near term bearishness and bring a retest of 102.58 low.
GBP/USD
Previous Day Range High: 1.3758 Low: 1.3657

Close: 1.3692

Technical Chart Resistance 
R-2: 1.3803
R-1: 1.3748
Support
S-1: 1.3647
S-2: 1.3601

Forecast
High: 1.3748
Low: 1.3647

GBP/USD is in deep retreat but with 1.3608 support intact, further rise is expected. The current uptrend from 1.1409 should target a 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. On the downside, however, a break of 1.3608 support will now suggest short term topping, on bearish divergence condition in 4-hour MACD. Intraday bias will be turned back to the downside for a deeper pullback.
USD/CHF
Previous Day Range High: 0.8917 Low:0.8855 Close: 0.8882
Technical Chart

Resistance
R-2: 0.8947
R-1: 0.8914

Support
S-1: 0.8852
S-2: 0.8823

Forecast
High: 0.8914
Low: 0.8852

No change in USD/CHF’s outlook and intraday bias remains neutral. On the upside, a decisive break of 0.8925 resistance should confirm short term bottoming at 0.8756. Intraday bias will be turned back to the upside for 38.2% retracement of 0.9901 to 0.8756 at 0.9193. Though, the break of 0.8821 minor support will retain near term bearishness. Intraday bias will be turned back to the downside for retesting 0.8756 low next.
AUD/USD
Previous Day Range High: 0.7763 Low: 0.7640 Close: 0.7657
Technical Chart

Resistance
R-2: 0.7810
R-1: 0.7733

Support
S-1: 0.7610
S-2: 0.7564
Forecast
High: 0.7733
Low: 0.7610
Intraday bias in AUD/USD remains neutral and more consolidation would be seen below 0.7819. As long as 0.7641 support holds, further rise is expected. On the upside, the break of 0.7819 will resume a larger uptrend to a 61.8% projection of 0.5506 to 0.7413 from 0.6991 at 0.8170. However, a decisive break of 0.7641 will turn bias to the downside, for a deeper correction to 0.7461 support and possibly below.
USD/CAD
Previous Day Range High: 1.2822 Low: 1.2681 Close: 1.2806
Technical Chart Resistance
R-2: 1.2911
R-1: 1.2858
Support
S-1: 1.2717
S-2: 1.2629

Forecast
High: 1.2858                                     Low : 1.2717

USD/CAD’s break of 1.2798 resistance should confirm short term bottoming at 1.2588, on bullish convergence condition in 4-hour MACD. Intraday bias is back on the upside for the 1.2957/94 resistance zone. On the downside, the break of 1.2684 minor support will argue that the rebound has been completed and brought a retest of 1.2588 low.

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