Daily Forex Technicals | Written by ecPulse.com
EURO
The Euro versus Dollar pair inclined yesterday by the end of trading to stabilize around 1.4225 after the Feds rate decision resulted in fluctuations in the markets. The Stochastic indicator remains in an overbought area and as far as 1.4225, the pair may decline on the intraday basis targeting 1.4110 and perhaps extend towards 1.3960. Our expectations for today are valid as far as 1.4225 is intact. The trading range for today is among the key support at 1.3960 and the key resistance at 1.4450
The general trend is to the downside as far as 1.4720 remains intact with targets at 1.2120.
Support: 1.4165, 1.4110, 1.4070, 1.4000, 1.3960
Resistance: 1.4225, 1.4275, 1.4305, 1.4385, 1.4440
Recommendation: Based on the charts and explanations above, our opinion is selling the pair from 1.4225 to 1.4110 and stop loss above 1.4305 might be appropriate.
GBP
Similar to the Euro, the Cable fluctuated heavily yesterday with several attempts to breach the pivot resistance (previously breached support) yet has failed. We wait for bearish signals from momentum indicators to support the strength of the resistance at 1.6555 where we believe the pair is to decline on the intraday basis targeting 1.6335 as an initial target. The decline remains valid as far as 1.6555 is intact.The trading range for today is among the key support at 1.6115 and the key resistance at 1.6870. The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100.
Support: 1.6425, 1.6360, 1.6335, 1.6265, 1.6210
Resistance: 1.6555, 1.6605, 1.6640, 1.6685, 1.6740
Recommendation: Based on the charts and explanations above, our opinion is selling the pair from 1.6555 to 1.6335 and stop loss above 1.6640 might be appropriate.
JPY
The USD/JPY pair attempted to breach the key resistance for the descending channel at 96.10 yet failed as the pair closed below it where we believe the pair is to decline on the intraday basis after reversing from the key resistance to target 94.05 and 93.15. Our expectations remain valid as far as no daily closing is above 96.10.The trading range for today is among the key support at 93.15 and the key resistance at 99.55. The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60
Support: 95.45, 94.75, 94.05, 93.70, 93.15
Resistance: 96.10, 96.85, 97.30, 97.90, 98.55
Recommendation: Based on the charts and explanations above, our opinion is selling the pair from 96.05 to 94.05 and stop loss above 96.85 might be appropriate.
CHF
The Dollar versus Swissy pair neared the targets for the bearish technical pattern explained during yesterday's report where we believe the target at 1.0715 will be a turning point for the pair to the upside in an attempt to breach the key resistance at 1.0830. The upside targets are at 1.1100 as far as 1.0715 is intact.The trading range for today is among the key support at 1.0375 and the key resistance at 1.1100
The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245.
Support: 1.0715, 1.0665, 1.0570, 1.0530, 1.0505
Resistance: 1.0830, 1.0890, 1.0935, 1.0980, 1.1050
Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 1.0715 to 1.0830 and stop loss below 1.0645 might be appropriate.
CAD
The Dollar versus Loonie pair was able to breach the awaited support at 1.1025 to reach targets at 1.0885 where the decline was halted at the 50% correction as seen in the above image. We expect the pair to rebound from 1.0855 to reach 1.1200 as far as 1.0800 remains intact.The trading range for today is among the key support at 1.0425 and the key resistance at 1.1200.
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0300.
Support: 1.0855, 1.0800, 1.0715, 1.0670, 1.0625
Resistance: 1.0905, 1.0970, 1.1045, 1.1080, 1.1100
Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 1.0855 to 1.0970 and stop loss below 1.0790 might be appropriate.
Daily Forex Technicals | Written by India Forex
Rupee :Rupee moved up to 48.50 levels but unable to break 48.60 resistance to change the bullish bias. It is likely to be rangebound between 48.10 to 48.25 today. Please note if the dollar momentum continues and Indian stocks sell off pushes rupee above 48.60 we would consider medium term weakness to resume till then rupee maintains stronger bias. Neutral (USD/INR : 48.16)
Sterling : Cable also took a trendline support close to 1.6370 levels and moved up to 1.6560 . It stands bearish below 1.6620. Current bias is slightly bearish and ON
Gold : Gold has also seen correction lately. Bullish only above 960 dollar otherwise rangebound. (Gold- $949.62). Rangebound
Dollar Index : The Dollar Index (basket against 6 currencies with EUR accounting for 57% of the basket) rebounded close to 77 levels. Expect retracement till 80 levels.Closing above 82 levels would change the bias of the index. (Dollar Index - 78.77) Neutral
No comments:
Post a Comment