Sample Category Title

Daily Pivots: (S1) 144.17; (P) 144.58; (R1) 145.16; More

A temporary low is in place in GBP/JPY at 144.01 and intraday bias is turned neutral first. On the downside below 144.01 will extend the decline from 147.76 and target 138.65 support and below. But we'd expect strong support from 135.58 to contain downside and bring rebound. On the upside, above 146.27 minor resistance will turn bias back to the upside for 147.76 instead.

In the bigger picture, rise from medium term bottom at 122.36 is expected to continue to 38.2% retracement of 196.85 to 122.36 at 150.43. Decisive break there will carry long term bullish implications and pave the way to 61.8% retracement at 167.78. In case the sideway pattern from 148.42 extends, we'd be looking for strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside.

Daily Pivots: (S1) 128.87; (P) 129.31; (R1) 129.76; More...

No change in EUR/JPY's outlook as consolidation from 130.76 is still in progress. Intraday bias stays neutral for the moment. Deeper fall could be seen. But downside should be contained by 127.43 cluster support (38.2% retracement of 122.39 to 130.76 at 127.56) and bring rebound. Above 130.76 will extend the larger rally to next key fibonacci level at 134.20.

In the bigger picture, the down trend from 149.76 (2014 high) is completed at 109.03 (2016 low). Current rally from 109.03 should be at the same degree as the fall from 149.76 to 109.03. Further rise is expected to 61.8% retracement of 149.76 to 109.03 at 134.20. Sustained break there will pave the way to key long term resistance zone at 141.04/149.76. Medium term outlook will remain bullish as long as 124.08 resistance turned support holds.

EUR/USD - 1.1665

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1650

Kijun-Sen level                  : 1.1651

Ichimoku cloud top             : 1.1664

Ichimoku cloud bottom      : 1.1582

Original strategy  :

Buy at 1.1580, Target: 1.1680, Stop: 1.1545

Position : -

Target :  -

Stop : -

New strategy  :

Buy at 1.1580, Target: 1.1680, Stop: 1.1545

Position : -

Target :  -

Stop : -

The single currency traded narrowly after meeting resistance at 1.1684 yesterday, suggesting further consolidation below this level would be seen and pullback to support at 1.1617 is likely, however, reckon previous resistance at 1.1583 would turn into support and contain downside, bring another rise later, above said resistance at 1.1684 would extend recent upmove to previous chart resistance at 1.1714 but break there is needed to retain bullishness for the rise from 1.0340 low to head towards 1.1750. 

In view of this, we are looking to buy euro on subsequent pullback as previous resistance at 1.1583 should limit downside. Below 1.1550 would defer and suggest a temporary top is formed instead, bring correction to 1.1510-15 but support at 1.1479 should remain intact.

Daily Pivots: (S1) 0.8908; (P) 0.8946; (R1) 0.8971; More

A temporary top is in place at 0.8994 in EUR/GBP and intraday bias is turned neutral for the moment. Downside of retreat should be contained by 0.8828 minor support to bring another rally. Break of 0.8994 will extend the whole rise from 0.8312 towards 0.9304 high. here is no clear sign of up trend resumption yet. Hence, we'll be cautious on strong resistance from 0.9304 to limit upside and bring another fall.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. It's uncertain whether it is finished yet. But in case of another fall, we'd expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside and bring rebound. Whole up trend from 0.6935 is expected to resume after consolidation from 0.9304 completes.

USD/JPY - 111.06

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 111.12

Kijun-Sen level                  : 110.98

Ichimoku cloud top             : 111.60

Ichimoku cloud bottom      : 111.21

Original strategy  :

Sell at 111.45, Target: 110.45, Stop: 111.80

Position :  -

Target :  -

Stop : -

New strategy  :

Sell at 111.45, Target: 110.45, Stop: 111.80

Position :  -

Target :  -

Stop : -

Although the greenback has retreated after meeting resistance at 111.34, as long as yesterday’s low at 110.62 holds, further consolidation is in store and another bounce to 111.34 cannot be ruled out, however, reckon upside would be limited to previous support at 111.48 (now resistance) and bring another decline, below said support at 110.62 would signal the selloff from 114.50 top is still in progress and extend to 110.60 (61.8% projection of 114.50-111.55 measuring from 112.42), then 110.30-35 but loss of downward momentum should prevent sharp fall below latter level.

In view of this, would not chase this fall here and would be prudent to sell dollar on subsequent recovery. Above previous support at 111.48-55 would defer and suggest a temporary low is formed, bring retracement of recent decline to 111.75-80, then towards resistance at 112.08.

Daily Pivots: (S1) 1.4637; (P) 1.4705; (R1) 1.4801; More...

A temporary top is in place at 1.4777 in EUR/AUD and intraday bias is turned neutral first. We'd holding on to the view that correction from 1.5226 could have completed with three waves down to 1.4421 already. There another rally is expected in the cross. Break of 1.4777 will turn bias to the upside for 1.5073 resistance first. Break there will indicate resumption of whole rise from 1.3624. However, break of 1.4221 will invalidate our view and extend the decline from 1.5226.

In the bigger picture, we're holding on to the view that corrective decline from 1.6587 medium term has completed at 1.3624. Rise from 1.3624 is expected to resume to retest 1.6587. The corrective structure of the fall from 1.5226 is affirming this view. Above 1.5226 will target a test on 1.6587 key resistance. However, further downside acceleration will dampen our view and would drag EUR/AUD lower to retest key support zone around 1.3624.

Daily Pivots: (S1) 1.0999; (P) 1.1024; (R1) 1.1041; More...

Intraday bias in EUR/CHF remains neutral for consolidation below 1.1087. At this point, we'd expect downside to be contained by 1.0986 cluster support (38.2% retracement of 1.0830 to 1.1087 at 1.0989) and bring rise resumption. Break of 1.1087 will target key resistance at 1.1127/98. However, break of 1.0986/89 will indicate short term topping, possibly on bearish divergence condition in daily MACD. In such case, deeper fall would be seen back to 55 day EMA (now at 1.0924) and below.

In the bigger picture, the price actions from 1.1198 are seen as a corrective move. Such correction could have completed after defending 38.2% retracement of 0.9771 to 1.1198 at 1.0653. Decisive break of 1.1198 will resume the long term rise from SNB spike low back in 2015. In such case, EUR/CHF could eventually head back to prior SNB imposed floor at 1.2000. We'll favor this bullish case as long as 1.0830 support holds. However, rejection from 1.1198 will extend the multi-year range trading with another fall.

Daily Pivots: (S1) 1.1615; (P) 1.1650 (R1) 1.1674; More...

A temporary top is in place at 1.1683 and intraday bias is turned neutral for consolidation. Deeper retreat could be seen. But downside should be contained by 1.1478 support to bring rise resumption. Break of 1.1683 will extend the current up trend to 1.2 handle next.

In the bigger picture, an important bottom was formed at 1.0339 on bullish convergence condition in weekly MACD. Sustained break of 55 month EMA (now at 1.1760) will pave the way to key fibonacci level at 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. While rise fro 1.0339 is strong, there is no confirmation that it's developing into a long term up trend yet. Hence, we'll be cautious on strong resistance from 1.2516 to limit upside. But for now, medium term outlook will remain bullish as long as 1.1295 support holds, in case of pull back.

Daily Pivots: (S1) 1.2992; (P) 1.3024; (R1) 1.3061; More...

Intraday bias in GBP/USD remains neutral for the moment. With 1.2811 support intact, another rise is mildly in favor. Break of 1.3125 will target 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168. Overall, choppy rebound from 1.1946 is seen as a corrective pattern, hence, we'd be cautious on strong resistance from 1.3168 to limit upside. But firm break of 1.3168 will bring further rise towards 1.3444 key resistance. Meanwhile, break of 1.2811 support will be the first sign of reversal and will turn bias to the downside to target 1.2588 key support next.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern that is still in progress. While further upside is expected, overall outlook remains bearish as long as 1.3444 key resistance holds. Larger down trend from 1.7190 is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

Daily Pivots: (S1) 0.9447; (P) 0.9461; (R1) 0.9478; More...

With 0.9492 minor resistance intact, intraday bias in USD/CHF remains on the downside for further decline. Sustained trading below 0.9443 key support will extend the down trend from 1.0342 to 161.8% projection of 1.0342 to 0.9860 from 1.0099 at 0.9319. On the upside, above 0.9492 minor resistance will turn bias neutral and bring recovery. But outlook will remain bearish as long as 0.9699 resistance holds.

In the bigger picture, focus is now back 0.9443 key support level. Sustained break there indicate underlying bearish momentum and would target 0.9 handle and possibly below. Meanwhile, strong rebound from current level and break 0.9699 resistance will extend long term range trading between 0.9443/1.0342.