Technical Analysis
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| EUR/USD | |||
| Previous Day Range | High: 1.1882 | Low: 1.1785 | Close: 1.1802 |
| Technical Chart | Resistance R-2: 1.1920 R-1: 1.1861 |
Support S-1: 1.1764 S-2: 1.1726 |
Forecast High: 1.1861 Low: 1.1764 |
| EUR/USD break of 1.1754 support suggests the resumption of fall from 1.2011 and turns intraday bias back to the downside. More importantly, a sustained trading below 1.1754 would confirm the completion of a head and shoulder top, on bearish divergence condition in 4-hour MACD. A deeper decline should then be seen to 38.2% retracement of 1.0635 to 1.2011 at 1.1485, to correct the rise from 1.6035. For now, risk will stay on the downside as long as 1.1917 resistance holds, in case of recovery. | |||
| USD/JPY | |||
| Previous Day Range | High: 105.43 | Low: 104.74 | Close: 105.03 |
| Technical Chart | Resistance R-2: 105.76 R-1: 105.39 |
Support |
Forecast High: 105.39 Low: 104.70 |
| USD/JPY sharp decline today suggests that the corrective rise from 104.18 has completed and a larger fall from 111.71 is resuming. Intraday bias is back on the downside for retesting 104.18 first. Firm break there will confirm and target a 61.8% projection of 109.85 to 104.18 from 106.94 at 103.43 next. On the downside, though, above 105.81 minor resistance will dampen this bearish view and turn intraday bias neutral again first. | |||
| GBP/USD | |||
| Previous Day Range | High: 1.3007 | Low: 1.2873 |
Close: 1.2954 |
| Technical Chart | Resistance R-2: 1.3079 R-1: 1.3016 |
Support S-1: 1.2882 S-2: 1.2811 |
Forecast |
| Intraday bias in GBP/USD stays neutral first. Further decline remains in favor of 1.3035 minor resistance intact. Decisive break of 38.2% retracement of 1.1409 to 1.3482 at 1.2690 will argue that the rise from 1.1409 might be completed and bring a deeper fall to 61.8% retracement at 1.2201. Though, a break of 1.3035 will suggest that decline from 1.3482 is merely a corrective move and turn bias back to the upside for retesting 1.3482. | |||
| USD/CHF | |||
| Previous Day Range | High: 0.9111 | Low:0.9048 | Close: 0.9103 |
| Technical Chart |
Resistance |
Support S-1: 0.9064 S-2: 0.9024 |
Forecast |
| Consolidations continue in USD/CHF and intraday bias remains neutral for the moment. On the downside, a break of 0.8998 will resume a larger downtrend. Nevertheless, a break of 0.9200 will resume the rebound towards 38.2% retracement of 0.9901 to 0.8998 at 0.9343. | |||
| AUD/USD | |||
| Previous Day Range | High: 0.7345 | Low: 0.7275 | Close: 0.7297 |
| Technical Chart |
Resistance |
Support S-1: 0.7266 S-2: 0.7236 |
Forecast High: 0.7336 Low: 0.7266 |
| Intraday bias in AUD/USD remains neutral at this point. Further rise remains in favor of 0.7135 support intact. On the upside, a break of 0.7413 will resume the rally from 0.5506 and target 0.7635 long term Fibonacci level next. Nevertheless, a decisive break of 0.7135 will confirm short term topping, and turn bias to the downside for a deeper correction. | |||
| USD/CAD | |||
| Previous Day Range | High: 1.3200 | Low: 1.3123 | Close: 1.3175 |
| Technical Chart | Resistance R-2: 1.3243 R-1: 1.3209 |
Support S-1: 1.3132 S-2: 1.3089 |
Forecast |
| Intraday bias in USD/CAD remains neutral for the moment. Further rise remains mildly in favor with 1.3086 minor support intact. On the upside, a break of 1.3259 will target a 38.2% retracement of 1.4667 to 1.2994 at 1.3633, to correct the whole fall from 1.4667. Nevertheless, on the downside, a break of 1.3086 will bring a retest of 1.2994 low. | |||
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