Sample Category Title

Pivot (invalidation): 1287.50

Our preference Long positions above 1287.50 with targets at 1297.00 & 1300.00 in extension.

Alternative scenario Below 1287.50 look for further downside with 1285.00 & 1283.00 as targets.

Comment The RSI is bullish and calls for further advance.

Daily Pivots: (S1) 1.3303; (P) 1.3339; (R1) 1.3372; More...

USD/CAD attempted to recover but was rejected by 4 hour 55 EMA. Intraday bias stays on the downside for 1.3250 support first. Firm break there will indicate completion of whole rebound from 1.3068. In that case, deeper fall would be seen back to 1.3068/3112 support zone. On the upside, break of 1.3467 will resume the rebound from 1.3068 and target a test on 1.3664 high.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we'd stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3210) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). However, firm break of the channel support should confirm reversal and target 1.2061 low again.

Pivot (invalidation): 2848.50

Our preference Long positions above 2848.50 with targets at 2874.00 & 2891.25 in extension.

Alternative scenario Below 2848.50 look for further downside with 2835.50 & 2817.00 as targets.

Comment The RSI is bullish and calls for further advance.

Daily Pivots: (S1) 1.1187; (P) 1.1201; (R1) 1.1220; More.....

EUR/USD recovers again ahead of 1.1176 low and intraday bias is turned neutral. As long as 1.1273 minor resistance holds, further decline is in favor. Sustained break of 1.1176 will resume whole decline from 1.2555. On the upside, however, break of 1.1273 support turned resistance will turn bias back to the upside for 1.1448 instead.

In the bigger picture, medium term weakness was revived as the weak rebound from 1.1176 was rejected well below 55 week EMA and failed to sustain above 55 day EMA. Focus is back on 1.1176 low, with 61.8% retracement of 1.0339 (2016 low) to 1.2555 (2018 high) at 1.1186. Decisive break there will resume whole down trend from 1.2555. Such decline target 1.0339 low next. On the upside, firm break of 1.1569 resistance is needed to be the first sign of medium term bottoming. Otherwise, downside breakout will be in favor.

Daily Pivots: (S1) 1.3048; (P) 1.3099; (R1) 1.3185; More....

GBP/USD rebounds strongly today but stays in range of 1.2960/3381. Intraday bias remains neutral first. On the upside, firm break of 1.3381 will target 61.8% retracement of 1.4376 to 1.2391 at 1.3618 next. However, on the downside, firm break of 1.2960 will indicate that rebound from 1.2391 has completed earlier than expected. Deeper fall would then be seen to 1.2773 support for confirmation.

In the bigger picture, medium term decline from 1.4376 (2018 high) should have completed at 1.2391. Rise from 1.2391 is seen as the third leg of the corrective pattern from 1.1946 (2016 low). Further rise could be seen through 1.4376 in medium term. On the downside, though, break of 1.2773 support will dampen this view. Focus will be turned back to 1.2391 low and break will resume the fall from 1.4376 to 1.1946.

Pivot (invalidation): 11695.00

Our preference Long positions above 11695.00 with targets at 11824.00 & 11890.00 in extension.

Alternative scenario Below 11695.00 look for further downside with 11635.00 & 11590.00 as targets.

Comment The RSI advocates for further upside.

Daily Pivots: (S1) 0.9968; (P) 0.9985; (R1) 0.9998; More...

USD/CHF is still staying in range of 0.98790/1.0010. Intraday bias remains neutral first. On the upside, break of 1.0010 minor resistance will suggest that pull back from 1.0124 has completed. Intraday bias will be turned back to the upside for 1.0124/28 resistance zone. On the downside, break of 0.9879 will resume the fall from 1.0124 to 0.9716 key support.

In the bigger picture, focus is back on medium term trend line (now at 0.9849). Decisive break there will argue that whole rise from 0.9186 has completed. Further break of 0.9716 will confirm reversal and target next support level at 0.9541. Nevertheless, there is still a chance that price action from 1.0128 are forming a consolidative pattern with fall from 1.0124 as third leg. If this is the case, stronger support should be seen between 0.9716 and the trend line to contain downside.

Daily Pivots: (S1) 111.23; (P) 111.34; (R1) 111.44; More...

USD/JPY's rise from 109.71 is still in progress. Intraday bias remains on the upside for 112.13 resistance. Decisive break there will resume whole rise from 104.69 to 114.54 key resistance next. On the downside, below 110.71 minor support will turn bias back to the downside for 110.80 and possibly further to 38.2% retracement of 104.69 to 112.13 at 109.28.

In the bigger picture, while the rebound from 104.69 was strong, USD/JPY failed to sustain above 55 week EMA (now at 110.80), and was kept well below 114.54 resistance. Medium term outlook is turned mixed and we'll wait for the structure of the fall from 112.13 to unveil to make an assessment later. For now, more range trading is expected between 104.69 and 112.13 first.

Pivot (invalidation): 5.5660

Our preference Long positions above 5.5660 with targets at 5.6620 & 5.7000 in extension.

Alternative scenario Below 5.5660 look for further downside with 5.5270 & 5.4900 as targets.

Comment The RSI lacks downward momentum.

Pivot (invalidation): 0.7075

Our preference Long positions above 0.7075 with targets at 0.7115 & 0.7130 in extension.

Alternative scenario Below 0.7075 look for further downside with 0.7055 & 0.7040 as targets.

Comment The break above 0.7075 is a positive signal that has opened a path to 0.7115.