EURUSD
Comment: Expect a downside probe today in what we see as an A, B, C-type correction from June's high at 1.4339. Others will be pointing to a potential interim top and a potential 'head-and-shoulders' formation.Strategy: Possibly attempt small longs at 1.3920; stop well below 1.3900. Short term target 1.4130/1.4170. Direction of Trade: →↗Chart Levels:
Support Resistance
1.3913 " 1.4032
1.3879 1.413
1.3839 1.4178*
1.3800* 1.425
1.3725 1.4339*
GBPUSD
Comment: Some will probably be pointing to a potential 'double top' against this month's high at 1.6664, probably the very same people who have missed the pound's move this year. We shall allow for more consolidation under 1.6600 this week, but expect a new interim base to form around the 1.6000 area. Strategy: Possibly attempt very small longs at 1.6335; stop well below 1.6200. First target 1.6600. Direction of Trade: →↗Chart Levels:
Support Resistance
1.6300 " 1.6444
1.62 1.6475
1.612 1.66
1.6 1.6622
1.594 1.6664*
USDJPY
Comment: Still hovering slightly unsteadily either side of a rapidly thinning Ichimoku 'cloud', above moving averages which have just crossed to bullish. Expect yet more cautious random small swings today and an upside probe some time this week.
Strategy: Possibly attempt small shorts at 98.50; stop above 99.25. First target 97.50, maybe 97.00. Direction of Trade: →Chart Levels:
Support Resistance
98.10 " 98.58
97.47 98.85
97 99.00*
96.65 99.2
96.5 99.8
Daily Forex Technicals | Written by ecPulse.com
EURO
The Euro versus dollar pair continued to trade to the downside within a minor descending channel with a key support at 1.3935 which is also a neckline for a bearish technical pattern. We expect the pair to decline on the intraday basis to reach 1.3775 at the very least before determining the next short term trend whether to the upside or decline to target 1.3340. The trading range for today is among the key support at 1.3625 and the key resistance at 1.4470. The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2120
Support: 1.3935, 1.3890, 1.3800, 1.3775, 1.3745
Resistance: 1.4025, 1.4060, 1.4120, 1.4175, 1.4235
Recommendation: According to our analysis, sell the pair below 1.3935 with targets at 1.3775 and stop loss with four hour closing above 1.4025
GBP
The Cable is also being pressured to the downside as it faces a support level at 1.6325 where we expect the pair to decline on the intraday basis in an attempt to breach the above mentioned support and target 1.6120 and 1.6020 respectively. The downside trend will remains as far as this level remains intact. The trading range for today is among the key support at 1.6020 and the key resistance at 1.6685. The general trend is to the upside as far as 1.4840 remains intact with targets at 1.6830
Support: 1.6325, 1.6285, 1.6215, 1.6175, 1.6120
Resistance: 1.6425, 1.6485, 1.6520, 1.6580, 1.6640
Recommendation: According to our analysis, sell the pair below 1.6325 with targets at 1.6120 and stop loss with four hour closing above 1.6425
JPY
The USD/JPY pair was able to build a solid base at the support level (previously breached key resistance for the descending channel) to reach 98.55 forming the neckline for a bullish technical pattern targeting the 100 mark. The short term trend is adjusting to the upside where reaching the technical targets for the pattern may take the pair to 105.00 as far as 96.80 remains intact.The trading range for today is among the key support at 94.50 and the key resistance at 100.70. The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60.
Support: 97.90, 97.45, 97.15, 96.80, 95.90
Resistance: 98.55, 98.90, 99.40, 100.00, 100.70
Recommendation: According to our analysis, buy the pair above 98.55 with targets at 100.00 and stop loss with four hour closing below 97.90
CHF
The Dollar versus Swissy pair continued to pressure the key resistance for the downside channel where it breached it successfully to build a solid base at 1.0775 and head towards a new pivot resistance at 1.0840 where we expect the pair is to incline breaking this resistance and initially target 1.0980. Note that we must follow the price action at the latter level where further inclines may alter the short term trend to the upside with targets at 1.1165. For this incline to occur, the pair must breach 1.0840 as far as 1.0770 remains intact.The trading range for today is among the key support at 1.0585 and the key resistance at 1.1165. The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245
Support: 1.0770, 1.0745, 1.0665, 1.0640, 1.0570
Resistance: 1.0840, 1.0915, 1.0980, 1.1020, 1.1080
Recommendation: According to our analysis, buy the pair above 1.0840 with taregts at 1.0980 and stop loss with four hour closing below 1.0770.
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