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 |
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 |
| 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 |
Support S-1: 0.8852 S-2: 0.8823 |
Forecast |
| 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 |
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 |
| 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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