FX:ST - Forex Made Simple

USDJPY bullish conditions were reinforced by the BoJ renewing their commitment to current asset purchase program.  The pair has been back and forth around 101.80 to 102.80 range with little short term direction.  n the mid term, the trend and momentum indicators remain firmly bullish so we see pullbacks as opportunities to rebuild long positions.

Resistance levels are at 

103.08 (26th May 08 low)

103.55 (16th Sep 08 & 30th Sep 08 low)

105.00 psychological resistance.

Support levels are at 

102.33 (fibo 76.4% on June 2008 to November 2011 drop)

101.40 (old resistance)

100.00 (psychological support)

99.39 (5d & 21d MA)

96.79 (21st March high)

95.80 (Apr 15th low)

92.58 (2th Mar low)

90.93 (25th Feb low)

89.35 (11th Jan high)

88.10 (23rd Jan low)

87.60 (16th Jan low)

86.64 (27th Dec high)

USDCHF technicals havent changed much since yesterday.  The pair didnt manage to follow up to 0.9760 but the subsequent retracement was limited to 80 pips.  Trend and momentum indicators remain bullish so we see this as a bullish sign.  However we could see a short term correction to unwind the growing long positions as RSI is nearing overbought levels.  We remain positive and look to reload positions around 0.9630/50.  Past the 1.2500 resistance EURCHF has come under heavy buying pressure.

Resistance levels are at 

0.9740 (Jul 10th 2012 support)

0.9810 (10th Aug high & uptrend channel)

0.9900 (psychological resistance.

Support levels are at 

0.9659 (22th Aug high resistance turned support)

0.9494 (10th May low)

0.9424 (21d MA)

0.9200 (psychological resistance) 

0.9152 (13th Feb low)

0.9085 (20th Dec low)

0.9041 (1st May low) 

0.8928 (Feb 12’ low).

GBPUSD broke through critical support at 1.5159, with its sell off hitting 1.5112.  The MACD stabilising below the 0 line has reinforced the overall bearish sentiment and we predict further supply will come into play.   A break of 1.5159 should create a deeper sell-off to 1.5028/30, the april low.

Support levels are at 

1.5110 (21st May low)

1.5034 (April 4th low)

1.5028 (20th Mar reaction low)

1.4828 (12th March low)

Resistance levels are at 

1.5300 (22nd April high)

1.5477 (100d MA)

1.5607 (1st May high)

1.5689 (13th Feb high)

1.5749(200d MA)

1.5807(11th Feb high)

1.5891 (21st Jan high)

1.6007 (18th Jan high)

1.6180 (10th Jan high)

1.6340 (2nd Jan high) 

1.6454 (29th Aug ’11 top).

EURUSD selloff has stopped after bouncing off the 1.2794 support level but the subsequent rally has been weak, reaching 1.2867.  Generally the trend and momentum indicators are firmly negative, as the pair trades at the edge of its lower deviation band.  Given the bearish change in indicators and sentiment, the current recovery bounce we are currently seeing should be brief before we test near term support.

Support levels are at 

1.2843 (18th May low)

1.2794 (17th May low)

1.2750 (11st Sep low)

1.2662(13th Nov low)

1.2431 (22th Aug low)

Resistance levels are at 

1.2929 (16th May low)

1.2996 (50d MA)

1.3074 (Fibo 61.8%)

1.3100 (psychological resistance)

1.3245 (Jan 11th low)

1.3320 (Fibo 76.4%)

1.3460 (14th Feb high)

1.3578 (7th Feb high)

1.3690 / 1.3715 (27th Sept high)

1.3868 (9th Dec high).