EURO
The Euro versus the dollar declined to breach the key support at 1.3110 after continuous pressure to the downside. All we need now is a confirmation with four hour closing below this level to open the way for the pair towards 1.2905 and then an attempt to breach the minor support to complete the targets for the technical pattern at 1.2500. The decline remains with a four hour closing below 1.3110 and as far as 1.3260 remains intact.The trading range for today is among the key support at 1.2905 and the key resistance at 1.3450.The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2120.
Support: 1.3035, 1.29901, .2905, 1.2875, 1.2825
Resistance: 1.3110, 1.3190, 1.3260, 1.3295, 1.3330
Recommendation: According to our analysis, sell the pair below 1.3110 with targets at 1.2905 and stop loss with four-hour closing above 1.3260
GBP
The GBP/USD pair is still struggling to the change the intraday and short term trends to the downside after the 1.5070 resistance level was able to halt further inclines resulting in the pair to hit a high of only 1.4940 before reversing back to the downside near the support level which has now become a pivot point and the neckline for a possible bearish technical pattern. Targets for the pattern are at 1.4605 yet the pair must close below 1.4835 and breach the support zone between 1.4725 – 1.4715 to confirm the short term downside trend and complete the targets. This decline remains as far as 1.4960 remains intact.The trading range for today is among the key support at 1.4345 and the key resistance at 1.5460.The general trend is to the downside as far as 1.5270 remains intact with targets at 1.3440.
Support: 1.4835, 1.4765, 1.4725, 1.4690, 1.4605
Resistance: 1.4890, 1.4960, 1.5030, 1.5070, 1.5170
Recommendation According to our analysis, sell the pair below 1.4835 with targets at 1.4725 and 1.4605 and stop loss with four-hour closing above 1.4960
JPY
The Dollar versus the Japanese Yen is still pressuring the 99.40 resistance level as we see the formation of an ascending triangle alongside a bullish technical patter meeting at the above mentioned level. It is expected to witness a successful breakout f the level to face the next resistance at 100.10 before attempting to reach the pivot point for the short term upside trend at 100.75 where a breach of this level will take the pair to levels above 103.00. We wait for a four hour close above 99.40 to confirm the upside movements where a reverse to the downside to close below it will take the pair down to 98.15 and 97.40 respectively. The trading range for today is among the key support at 96.00 and the key resistance at 101.45.The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60.
Support: 98.90, 98.15, 97.40, 96.50, 96.00
Resistance: 99.70, 100.10, 100.75, 101.00, 101.45
Recommendation: According to our analysis, buy the pair above 98.90 with targets at 100.10 and stop loss with four-hour closing below 98.15
CHF
The dollar versus the Swissy continued its gradual incline within a minor ascending channel to target levels among 1.1615 – 1.1635. The dollar strength that has been evident since yesterday makes us believe that the pair may breach the above mentioned level to reach 1.1725 and 1.1815 respectively only if we witness a four hour closing above 1.1635 and as far as the key support for the channel at 1.1300 remains intact.The trading range for today is among the key support at 1.0975 and the key resistance at 1.1900.The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245.
Support: 1.1460, 1.1440, 1.1405, 1.1350, 1.1300
Resistance: 1.1615, 1.1635, 1.1680, 1.1725, 1.1815
Recommendation: According to our analysis, buy the pair above 1.1460 with targets at 1.1635 and stop loss with four-hour closing below 1.1300
Daily Forex Technicals | Written by Mizuho Corporate Bank
EURUSD
Comment: Interminable drift as it remains stuck below the top of the Ichimoku 'cloud' (which gets very thin next week). Possibly the lagging Chikou Span will get support from Fibonacci retracement and the candles of 26 days ago. A sustained break above 1.3400 might turn momentum bullish.
Strategy: Attempt small longs at 1.3100; stop below 1.3000. Add to longs on a sustained break above 1.3350 and again above 1.3400 for 1.3600 and then more.
Direction of Trade: ↗
Support Resistance
1.3100 " 1.32
1.3065 1.327
1.3 1.3345
1.2985 1.3400*
1.293 1.3518
GBPUSD
Comment: Too dreary for words. With a little luck a weekly close above 1.5000 will send many off to re-think UK plc, making for more interesting markets over the next month.Strategy: Attempt longs at 1.4860; stop below 1.4550. Short term target 1.5050, then a lot more.
Direction of Trade: →↗
Support Resistance
1.4848 " 1.496
1.482 1.5069*
1.47 1.51
1.465 1.5155/1.5185
1.4580* 1.5375*
USDJPY
Comment: Another small 'hammer' yesterday against first retracement support yet the market has not really seen an increase in bullish momentum. Note also that the lagging Chikou Span currently has support from the candles between 99.00 and 98.00.
Strategy: Attempt longs at 99.40, adding to 98.55; stop below 97.50. First target 99.60, then 100.70.
Direction of Trade: →
Support Resistance
98.50 " 99.52
98.15 99.68/99.79
97.50* 100
97.1 100.75
96.5 101.45*
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