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USDCHF has been locked in a range for most of the week; capped on the topside by 0.9250 resistance and bounded on the lower end by strong support at 0.9114 (2 Dec, 27 Jan & 1 Feb lows).
Should we witness a renewed sell-off today (perhaps triggered by a weak non-farm payroll release this afternoon) the bears must overcome the buying interest at 0.9114 to secure a fresh wave of selling interest. If they can do that, expect next technical supports at 0.9066 (30 Nov low), 0.8953 (11 Nov low), and 0.8922 (9 Nov low).
If however the non-farm payrolls are good, we could see a short squeeze higher. Watch for first resistance to take effect at 0.9250 (1 Feb high), then 0.9340 (25 Jan high), 0.9381 (23 Jan high), 0.9413 (19 Jan high), and 0.9497 (18 Jan high).
MT4 - USDCHF has been locked in a range for most of the week; capped on the topside by 0.9250 resistance and bounded on the lower end by strong support at 0.9114 (2 Dec, 27 Jan & 1 Feb lows).
Should we witness a renewed sell-off today (perhaps triggered by a weak non-farm payroll release this afternoon) the bears must overcome the buying interest at 0.9114 to secure a fresh wave of selling interest. If they can do that, expect next technical supports at 0.9066 (30 Nov low), 0.8953 (11 Nov low), and 0.8922 (9 Nov low).
If however the non-farm payrolls are good, we could see a short squeeze higher. Watch for first resistance to take effect at 0.9250 (1 Feb high), then 0.9340 (25 Jan high), 0.9381 (23 Jan high), 0.9413 (19 Jan high), and 0.9497 (18 Jan high).
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GBPUSD is still being guided higher by a 1-month old uptrend channel; and after spending most of yesterday consolidating lower, we are now expecting the newly refreshed bulls to sweep us higher once again.
First resistance from here is expected to come into play at 1.5888 (18 Nov high), with further levels at 1.5932 (15 Nov high), 1.6000 psychological level, 1.6093 (11-14 Nov highs), 1.6130 (8 Nov high), and 1.6166 (31 Oct high).
First support now creeps up to 1.5786 (yesterday’s low), then 1.5707 (1 Feb low), 1.5642 (27 Jan low), 1.5533 (24 Jan low), 1.5517 (23 Jan low), 1.5451 (20 Jan low), and 1.5416 (19 Jan low).
MT4 - GBPUSD is still being guided higher by a 1-month old uptrend channel; and after spending most of yesterday consolidating lower, we are now expecting the newly refreshed bulls to sweep us higher once again.
First resistance from here is expected to come into play at 1.5888 (18 Nov high), with further levels at 1.5932 (15 Nov high), 1.6000 psychological level, 1.6093 (11-14 Nov highs), 1.6130 (8 Nov high), and 1.6166 (31 Oct high).
First support now creeps up to 1.5786 (yesterday’s low), then 1.5707 (1 Feb low), 1.5642 (27 Jan low), 1.5533 (24 Jan low), 1.5517 (23 Jan low), 1.5451 (20 Jan low), and 1.5416 (19 Jan low).
MT4 platform and analysis courtesy of Swissquote bank.
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Still very little change in USDJPY’s technical picture today, but Japanese Finance Minister Azumi certainly upped the rhetoric overnight with regards to possible intervention which makes life a bit more interesting.
As discussed in earlier reports there are no more support levels left below us before the record low 75.54 (seen on 31 Oct), and that could be easily reached if today’s non-farm payrolls disappoint. Even if there is no immediate BoJ buying triggered at 75.54 (the level which triggered the last intervention), the 75.00 psychological level should act as a major barrier.
Above us, resistance remains at 78.29 (29 Nov high), 78.46 (1 Nov high), 79.00 (1 Nov high), and 79.53 (31 Oct high).
MT4 - Still very little change in USDJPY’s technical picture today, but Japanese Finance Minister Azumi certainly upped the rhetoric overnight with regards to possible intervention which makes life a bit more interesting.
As discussed in earlier reports there are no more support levels left below us before the record low 75.54 (seen on 31 Oct), and that could be easily reached if today’s non-farm payrolls disappoint. Even if there is no immediate BoJ buying triggered at 75.54 (the level which triggered the last intervention), the 75.00 psychological level should act as a major barrier.
Above us, resistance remains at 78.29 (29 Nov high), 78.46 (1 Nov high), 79.00 (1 Nov high), and 79.53 (31 Oct high).
MT4 platform and analysis courtesy of Swissquote bank.
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EURUSD keeps trying to recover above 1.3100 this week, but the rallies are getting successively shorter each time as good selling interest caps the topside. We expect this situation to remain as long as the Greek bond swap talks remain unresolved; although for now there is still a 1-month uptrend channel in play which makes our bias mildly bullish.
Should the bulls manage to get a second wind, the problematic area of resistance is 1.3215-35 (13 Dec, 27 Jan, 31 Jan & 1 Feb highs); a break above there would open the path to 1.3434 (9 Dec high), 1.3460 (8 Dec high), and 1.3486 (5 Dec high).
First supports from here are eyed at 1.3086 (2 Feb low), 1.3070-80 (lower edge of uptrend channel), 1.3026 (1 Feb low), 1.2931 (25 Jan low), 1.2876 (23 Jan low), 1.2839 (19 Jan low), and 1.2711 (17 Jan US session low).
MT4 - EURUSD keeps trying to recover above 1.3100 this week, but the rallies are getting successively shorter each time as good selling interest caps the topside. We expect this situation to remain as long as the Greek bond swap talks remain unresolved; although for now there is still a 1-month uptrend channel in play which makes our bias mildly bullish.
Should the bulls manage to get a second wind, the problematic area of resistance is 1.3215-35 (13 Dec, 27 Jan, 31 Jan & 1 Feb highs); a break above there would open the path to 1.3434 (9 Dec high), 1.3460 (8 Dec high), and 1.3486 (5 Dec high).
First supports from here are eyed at 1.3086 (2 Feb low), 1.3070-80 (lower edge of uptrend channel), 1.3026 (1 Feb low), 1.2931 (25 Jan low), 1.2876 (23 Jan low), 1.2839 (19 Jan low), and 1.2711 (17 Jan US session low).
MT4 platform and analysis courtesy of Swissquote bank.
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