Currency Pair Daily Forecasts
EURO/USD Daily Technical Reports
We exited the long trade taken in Ldn on the move to new highs after prices failed ahead of 1.4160 LT rests with o/b hourly's attending the breakout. With daily studies stuck in overbought territory, including ADX, the focus now is on buying dips when hourly's get near o/s again rather than paying up for a breakout trade.
USD/JPY Daily Technical Reports
Prices broke down through support near 114.65 in London and then threatened to test key supports near 114.00 that include the Sep 20 low, 1% MA env base and a 61.8% retracement, before o/s hourly's instigated a rebound. Dailies a shade bearish. 114.80 and 115.00 hrly resistance now eyed. Primary up TL is at 113.30 today.
GBP/USD Daily Technical Reports
Nice O/S hourly rebound from today's 2.0085 lows, but prices need to clear the 61.8% Fibo and hrly swing high at 2.0230 to trigger a full run at 2.0315. Hourly's now near o/b. Dailies are conflicted, suggesting choppier trading near-term. 100-day MA at 2.0070 is the downside pivot. Very tight stops needed either way.
USD/CHF Daily Technical Reports
For the second day running, intraday rebound attempts have faltered 10-15 pips ahead of the previous day's high as the o/s daily downtrend grinds along to new multi-yr lows. An hrly 38.2% Fibo is now capping near 1.1685, with 1.1710/20 next possible fade points. Hourly's remain o/s so may get another shot at selling better levels before new lows.
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