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USDCHF technical have not really changed much as the pair continues to make new highs as we had anticipated. The bulls easily bid the pair above 0.9497 but momentum has faded slightly in European trading. The marginal pullbacks should provide the bulls with a low cost entry point as we expectations for a further bullish rallies above 0.9382. Traders should keep an eye on EURCHF as the pair slowly marches towards the SNBs 1.2000 “floor” under increasing rumors of HFs closing longs.
Overall the trend remains bullish and rallies are likely to meet sellers back up through 0.9497 / 0.9500 (intraday high) then 0.9592 (9th Jan high).
In the meantime, first support on the downside is located at 0.9375/82 (23rd Jan high), 0.9336 (resistance turned support), 0.9256 (16th April high),, 0.9195 (7TH & 11th May low), 0.9043 (2nd May low), 0.9009 (27th Feb high), 0.8955 (11th Nov ‘11 pivot), then stubborn barrier support at 0.8931 (24th & 29th Feb low).
MT4 - USDCHF technical have not really changed much as the pair continues to make new highs as we had anticipated. The bulls easily bid the pair above 0.9497 but momentum has faded slightly in European trading. The marginal pullbacks should provide the bulls with a low cost entry point as we expectations for a further bullish rallies above 0.9382. Traders should keep an eye on EURCHF as the pair slowly marches towards the SNBs 1.2000 “floor” under increasing rumors of HFs closing longs.
Overall the trend remains bullish and rallies are likely to meet sellers back up through 0.9497 / 0.9500 (intraday high) then 0.9592 (9th Jan high).
In the meantime, first support on the downside is located at 0.9375/82 (23rd Jan high), 0.9336 (resistance turned support), 0.9256 (16th April high),, 0.9195 (7TH & 11th May low), 0.9043 (2nd May low), 0.9009 (27th Feb high), 0.8955 (11th Nov ‘11 pivot), then stubborn barrier support at 0.8931 (24th & 29th Feb low).
MT4 platform and analysis courtesy of Swissquote bank.
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GBPUSD fell off the cliff edge yesterday, and continued selling overnight has taken us to a low of 1.5732. At the start of Europe bargain hunters have pushed the pair higher but volumes were low and no important levels were violated. Given the tense situation in the Eurozone the bears are most definitely in control right now and there’s an overarching downtrend still in play, so watch for the downside to be vulnerable again today.
The next support on the downside 1.5732 (intraday low), 1.5703 (16th Mar low), 1.5635 (15th Mar low), 1.5603 (12th Mar low).
If the bearish momentum cannot be sustained, and gather new bids in the coming sessions next resistance is located at 1.5809 (intraday high), 1.5987 (intraday reaction high), 1.6014 (support turned resistance), 1.6207 (4th May high), 1.6302 (30th May high), 1.6335 ( 31st Aug 11’ high), 1.6455 (29th Aug 11’ high).
MT4 - GBPUSD fell off the cliff edge yesterday, and continued selling overnight has taken us to a low of 1.5732. At the start of Europe bargain hunters have pushed the pair higher but volumes were low and no important levels were violated. Given the tense situation in the Eurozone the bears are most definitely in control right now and there’s an overarching downtrend still in play, so watch for the downside to be vulnerable again today.
The next support on the downside 1.5732 (intraday low), 1.5703 (16th Mar low), 1.5635 (15th Mar low), 1.5603 (12th Mar low).
If the bearish momentum cannot be sustained, and gather new bids in the coming sessions next resistance is located at 1.5809 (intraday high), 1.5987 (intraday reaction high), 1.6014 (support turned resistance), 1.6207 (4th May high), 1.6302 (30th May high), 1.6335 ( 31st Aug 11’ high), 1.6455 (29th Aug 11’ high).
MT4 platform and analysis courtesy of Swissquote bank.
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USDJPY bullish reversal came to a screeching halt after peaking at 80.55 (clearing 2- month downtrend and just shy of our 80.61 target) as traders rush back into safe-haven trades. With problems in Europe mounting, we will maintain a bearish bias while the downtrend channel stays intact.
Supports levels are cluttered quite close together 79.11/16 (31st Oct 11’ reaction high & Fibo lvl) then 78.67 (26th Jan low).
Next resistance at 80.61 (2nd May high), 81.77/86 (failed corrective rally), 82.56 (6th April high), 82.99 (3rd April high), trigger resistance at 83.40 (27th Mar high), 84.18 (15th Mar high & extension target), 84.51 (15th Dec ‘10 high), then 85.50 (Fibo lvl from 101.00 to 75.60).
MT4 - USDJPY bullish reversal came to a screeching halt after peaking at 80.55 (clearing 2- month downtrend and just shy of our 80.61 target) as traders rush back into safe-haven trades. With problems in Europe mounting, we will maintain a bearish bias while the downtrend channel stays intact.
Supports levels are cluttered quite close together 79.11/16 (31st Oct 11’ reaction high & Fibo lvl) then 78.67 (26th Jan low).
Next resistance at 80.61 (2nd May high), 81.77/86 (failed corrective rally), 82.56 (6th April high), 82.99 (3rd April high), trigger resistance at 83.40 (27th Mar high), 84.18 (15th Mar high & extension target), 84.51 (15th Dec ‘10 high), then 85.50 (Fibo lvl from 101.00 to 75.60).
MT4 platform and analysis courtesy of Swissquote bank.
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EURUSD corrective bounce failed to break back above the intraday high at 1.2750– a sign that the bulls are not strong enough to keep the upside momentum going. Moody's downgrade of 16 Spanish banks has triggered a full blow risk sell-off, pushing the pair down to 1.2640. Overall, the broad 12- month downtrend channel is still in play, which keeps our bias bearish.
Below us, first support from here is the 1.2640/3 (12th Jan low), 1.2625 (2012 lows), 1.2584 (23rd Aug 11’ low).
Any subsequent rallies are likely to meet supply back up through 1.2756 (15th May low), 1.2787 (uptrend floor), 1.2869 (16th May high), 1.2906 (support turned resistance), 1.2980 (10th May high), 1.3066 (8th May high), 1.3081 (gap high), 1.3122 (2nd May low), then 1.3179 (7th May pivot high).
MT4 - EURUSD corrective bounce failed to break back above the intraday high at 1.2750– a sign that the bulls are not strong enough to keep the upside momentum going. Moody's downgrade of 16 Spanish banks has triggered a full blow risk sell-off, pushing the pair down to 1.2640. Overall, the broad 12- month downtrend channel is still in play, which keeps our bias bearish.
Below us, first support from here is the 1.2640/3 (12th Jan low), 1.2625 (2012 lows), 1.2584 (23rd Aug 11’ low).
Any subsequent rallies are likely to meet supply back up through 1.2756 (15th May low), 1.2787 (uptrend floor), 1.2869 (16th May high), 1.2906 (support turned resistance), 1.2980 (10th May high), 1.3066 (8th May high), 1.3081 (gap high), 1.3122 (2nd May low), then 1.3179 (7th May pivot high).
MT4 platform and analysis courtesy of Swissquote bank.
Sign up for a free MT4 demo account to access and follow all the further analysis updates and trade. |
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