Sample Category Title

Daily Pivots: (S1) 135.31; (P) 135.84; (R1) 136.58; More....

EUR/JPY's rally resumed after brief consolidations. Intraday bias is back on the upside. Current medium term rally would extend to 61.8% projection of 114.84 to 134.39 from 132.04 at 144.12. On the downside, break of 134.79 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, medium term rise from 109.03 (2016 low) is seen as at the same degree as the down trend from 149.76 (2014 high) to 109.03 (2016 low). Sustained break of 61.8% retracement of 149.76 to 109.03 at 134.20 will pave the way to key long term resistance zone at 141.04/149.76. However, break of 132.04 support will suggest medium term topping and will turn outlook bearish for deeper fall back 55 week EMA (now at 128.34).

Daily Pivots: (S1) 0.8857; (P) 0.8878; (R1) 0.8908; More...

Further rise is still mildly in favor in EUR/GBP for 0.8981 resistance. Sustained break there will indicate that whole decline from 0.9305 has completed. In such case, EUR/GBP will target a test on 0.9304/5 key resistance. On the downside, below 0.8847 minor support will turn bias back to the downside for 0.8668 instead.

In the bigger picture, there are various ways to interpret price actions from 0.9304 high. But after all, firm break of 0.9304/5 is needed to confirm up trend resumption. Otherwise, range trading will continue with risk of deeper fall. And in that case, EUR/GBP could have a retest on 0.8303. But we'd expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside.

Daily Pivots: (S1) 1.5298; (P) 1.5356; (R1) 1.5401; More....

Outlook is EUR/AUD remains unchanged. The correction from 1.5570 could still extend lower. But again, near term outlook stays bullish with 1.5226 resistance turned support intact. Break of 1.5526 minor resistance will turn bias back to the upside for retesting 1.5770 resistance. However, sustained break of 1.5226 will indicate larger reversal and target 1.4949 support next.

In the bigger picture, we're holding on to the view that corrective decline from 1.6587 medium term top (2015 high) has completed at 1.3624. Rise from 1.3624 is expected to extend to retest 1.6587. We'll hold on to this bullish view as long as 1.5226 resistance turned support holds. Firm break of 1.6587 will resume long term rise from 1.1602 (2012 low). However, sustained break of 1.5226 will indicate trend reversal and target 1.3624 again.

Daily Pivots: (S1) 1.1734; (P) 1.1755; (R1) 1.1781; More...

Intraday bias in EUR/CHF stays neutral with 1.1776 resistance intact. Medium term rally could still extend. But we'd maintain that the cross is close to topping. And in case of another rise, strong resistance should be seen well below 1.2 handle to bring medium term reversal. On the downside, break of 1.1602 support will indicate reversal and turn outlook bearish for 1.1387 and below.

In the bigger picture, while a medium term top could be around the corner, there is no change in the larger outlook. That is, long term rise from SNB spike low back in 2015 is still in progress and would extend. As long as 1.1198 resistance turned support holds, we'll hold on to this bullish view and expect another to prior SNB imposed floor at 1.2000. Though, we'll reassess the outlook if 1.1198 is firmly taken out.

Daily Pivots: (S1) 1.2018; (P) 1.2053 (R1) 1.2102; More....

EUR/USD is staying below 1.2091 key resistance despite the rally attempt. Intraday bias remains neutral first. Further rise is expected as long as 4 hour 55 EMA (now at 1.1959) holds. Firm break of 1.2091 will confirm medium term rally resumption and target next key fibonacci level at 1.2494/2516. However, sustained break of 4 hour 55 EMA will extend the consolidation pattern from 1.2091 with with another decline through 1.1717 support.

In the bigger picture, rise from 1.0339 medium term bottom is seen as a corrective move for the moment. Therefore, in case of another rally, we'd be expect 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 to limit upside and bring reversal. That is also close to 61.8% projection of 1.0569 to 1.2091 from 1.1553 at 1.2494.

Daily Pivots: (S1) 1.3518; (P) 1.3538; (R1) 1.3572; More.....

Intraday bias in GBP/USD remains neutral for consolidation below 1.3612 temporary top. As long as 4 hour 55 EMA (now at 1.3480) holds, further rally is expected. Above 1.3612 will target 1.3651 key resistance first. Break will resume medium term rise from 1.1946 and target key resistance level at 1.3835. However, sustained break of 4 hour 55 EMA will turn focus back to 1.3300 support.

In the bigger picture, while the medium term rebound from 1.1946 low was strong, it's limited below 1.3835 key support turned resistance. As long as 1.3835 holds, we'd view such rebound as a correction. That is, we'd expect another leg in the long term down trend through 1.1946 low. However, sustained break of 1.3835 should at least send GBP/USD to 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466.

Daily Pivots: (S1) 0.9729; (P) 0.9755; (R1) 0.9772; More....

Intraday bias in USD/CHF remains neutral for the moment. As long as 4 hour 55 EMA (now at 0.9797) holds, deeper fall is mildly in favor. But we'd expect 61.8% retracement of 0.9420 to 0.1.0037 at 0.9656 to contain downside and bring rebound. Sustained break of 4 hour 55 EMA will argue that the correction from 1.0037 has completed and turn focus to 0.9977 resistance for confirmation.

In the bigger picture, range trading continues between 0.9420/1.0342. At this point, 0.9420 appears to be a strong support level. Therefore, in case of decline attempt, we don't expect a firm break of this level. Nonetheless, strong break of 1.0342 is also needed to confirm upside momentum. Otherwise, medium term outlook will stay neutral.

Daily Pivots: (S1) 112.51; (P) 112.68; (R1) 112.92; More...

Intraday bias in USD/JPY remains neutral at this point. And, near term outlook stays bullish as long as 112.02 support holds and further rise is expected. Break of 113.74 will resume the rebound from 110.83 and target 114.73 key resistance. Decisive break there will carry larger bullish implications. However, break of 112.02 will likely extend the corrective pattern from 114.73 with another leg through 110.83 support.

In the bigger picture, we're holding on to the view that correction from 118.65 is completed at 107.31. And medium term rise from 98.97 (2016 low) is going to resume soon. Sustained break of 114.73 should affirm our view and send USD/JPY through 118.65. However, break of 107.31 will dampen this view and extend the medium term fall back to 98.97 low.

Daily Pivots: (S1) 0.7830; (P) 0.7848; (R1) 0.7882; More...

No change in AUD/USD's outlook. Further is in favor but considering bearish divergence condition in 4 hour MACD, a short term top should be near. Upside would be limited by 0.7896 cluster resistance (61.8% retracement of 0.8124 to 0.7500 at 0.7886) resistance zone. On the downside, break of 0.7804 minor support should turn intraday bias back to the downside for 4 hour 55 EMA (now at 0.7778) and below.

In the bigger picture, we're still slightly favoring the case that corrective rise from 0.6826 medium term bottom is likely completed at 0.8124, after hitting 55 month EMA (now at 0.8032). But stronger than expected rebound from 0.7500 is dampening this bearish view. On the downside, break of 0.7500 will target 0.7328 key cluster support (61.8% retracement 0.6826 to 0.8124 at 0.7322) to confirm this bearish case. But break of 0.8124 will extend the rise from 0.6826 to 38.2% retracement of 1.1079 (2011 high) to 0.6826 (2016 low) at 0.8451 before completion.

Daily Pivots: (S1) 1.2462; (P) 1.2508; (R1) 1.2534; More....

USD/CAD's decline resumed after brief consolidation and reaches as low as 1.2480 so far. Intraday bias is back on the downside. Current fall from 1.2919 should target 61.8% retracement of 1.2061 to 1.2919 at 1.2389. We'll look for bottoming signal below there. On the upside, break of 1.2554 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, we're still favoring the case that USD/CAD has defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we'd favor the case that fall from 1.4689 is a correction. With that in mind, fall from 1.2919 is viewed as a correction. Hence, we're not anticipating a break of 1.2061 low. In the long run, USD/CAD should have another medium term rise to take on 38.2% retracement of 1.4689 to 1.2061 at 1.3065.