Daily Forex Technicals | Written by Mizuho Corporate Bank
EURUSD
Comment: Re-test the 26-day moving average and the top of the 'flag'. Momentum has just turned bullish and a weekly close above 1.3400 should add to this upside pressure. Note similar patterns can be seen in a series of major currencies.
Strategy: Buy at 1.3300, adding to 1.3200; stop well below 1.3090. Add to longs on a sustained break above 1.3340 for 1.3400 short term and 1.3600 further out.
Direction of Trade: →↗Chart Levels:
Support Resistance
1.3246 " 1.3342*
1.319 1.34
1.312 1.3425
1.3090* 1.352
1.2964 1.36
GBPUSD
Comment: Slow work but managing to close above the 9 and 26-day moving averages. We remind that only a weekly close above 1.5000 will give Cable a fighting chance for a decent rally.
Strategy: Buy at 1.4825; stop well below 1.4500. Short term target 1.4940, eventually 1.5050.Direction of Trade: →↗Chart Levels:
Support Resistance
1.4748 " 1.4855
1.462 1.4945
1.458 1.496
1.4500* 1.504
1.444 1.5069*
USDJPY
Comment: Bouncing smartly from the top of the Ichimoku 'cloud' and will probably hold above here again today. Moving averages suggest a short so conflicting messages and we may end up trading between 96.00 and 99.00 for longer than we had originally thought.
Strategy: Attempt shorts at 97.25; stop above 98.15. Short term target 96.00
Direction of Trade: →Chart Levels:
Support Resistance
97.15 " 97.87
96.9 98
96.35 98.50*
96.00* 99
95.63* 99.69*
Daily Forex Technicals | Written by ecPulse.com
EURO
The Euro versus Dollar pair was able to reach the key resistance for the downside channel at 1.3320 before reversing to the downside as expected. The intraday trend is now to the downside affected by the above mentioned resistance level where we expect the pair is to correct to the downside towards 1.3120 - 1.3110 for today. This decline remains as far as 1.3320 remains intact
The trading range for today is among the key support at 1.2800 and the key resistance at 1.3580.The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2120.
Support: 1.3205, 1.3120, 1.3050, 1.2990, 1.2955
Resistance: 1.3320, 1.3340, 1.3395, 1.3450, 1.3525
Recommendation: According to our analysis, sell the pair below 1.3255 with targets at 1.3120 and stop loss with four hour closing above 1.3340
GBP
After mixed trading in the markets yesterday, the Cable versus the Dollar reached the resistance at 1.4845 after breaching the 1.4705 level before correcting to the downside to reach our targets at 1.4755 - 1.4705 to gather bullish momentum in an attempt to breach the resistance level at 1.4930. This incline remains as far as 1.4690 remains intact where a breach of this level will take the pair to 1.4590.
The trading range for today is among the key support at 1.4240 and the key resistance at 1.5400.The general trend is to the downside as far as 1.5270 remains intact with targets at 1.3400
Support: 1.4755, 1.4705, 1.4655, 1.4590, 1.4530
Resistance: 1.4845, 1.4930, 1.4960, 1.5030, 1.5070
Recommendation: According to our analysis, buy the pair above 1.4755 with targets at 1.4845 and 1.4930 and stop loss with four hour closing below 1.4655
JPY
The USD/JPY pair reached the key resistance for the descending channel yesterday at 97.60 where it gave a false breakout of the level before declining once again from 97.45 level to currently target the support level at 95.40. The short term targets are at 94.00 as far as 97.45 remains intact.
The trading range for today is among the key support at 94.00 and the key resistance at 99.60. The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60
Support: 96.95, 96.35, 95.90, 95.45, 95.20
Resistance: 97.45, 97.70, 98.15, 98.75, 99.40
Recommendation: According to our analysis, sell the pair below 97.45 with targets at 95.45 and stop loss with four hour closing above 98.15
CHF
After breaching the key support at 1.1355, the Dollar versus Swissy declined to reach 1.1300 several times as it was pressured to the upside to retest the above mentioned level yet a close below it helps us keep our outlook to the downside on the intraday and short terms. Targets for today are at 1.1165 yet we may witness an upside correction towards 1.1410 - 1.1440 to gather bearish momentum. However, a close above 1.1355 may invalidate our expectations for a decline especially if the pair was able to breach the 1.1460 level to the upside.The trading range for today is among the key support at 1.0975 and the key resistance at 1.1800. The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245
Support: 1.1355, 1.1305, 1.1240, 1.1205, 1.1165
Resistance: 1.1410, 1.1460, 1.1520, 1.1585, 1.1645
Recommendation: According to our analysis, sell the pair below 1.1355 with targets at 1.1240 and 1.1165 and stop loss with four hour closing above 1.1460
CAD
The Dollar versus Loonie pair was able to complete yesterday's targets at 1.1955 before rebounding to the upside which may take the pair to levels between 1.2050 - 1.2070 in an attempt to retest the latter level and gather enough bearish momentum to support the short term trend to the downside targeting 1.1640. This decline remains as far as 1.2070 remains intact.The trading range for today is among the key support at 1.1640 and the key resistance at 1.2505.The general trend is to the upside as far as 1.1780 remains intact with targets at 1.3400
Support: 1.1900, 1.1875, 1.1810, 1.1785, 1.1755
Resistance: 1.2050, 1.2070, 1.2100, 1.2150, 1.2225
Recommendation: According to our analysis, sell the pair below 1.2050 with targets at 1.1955 and 1.1875 and stop loss with a four hour closing above 1.2150
DOW JONES INDEX
Today's support: - 8088.80, 8046.37, 8010.50 and 7987.50(main), where a delay and correction may happen. Break of the latter will give 7959.37, where correction also can be. Then follows 7922.80. Be there a strong impulse, we would see 7900.20. Continuation will bring 7871.40.
Today's resistance: - 8280.00(main), where a delay and correction may happen. Break would bring 8303.90, where a correction may happen. Then follows 8336.20, where a delay and correction could also be. Be there a strong impulse, we'd see 8370.00. Continuation would bring 8398.62
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