Sample Category Title

Daily Pivots: (S1) 1.1212; (P) 1.1268; (R1) 1.1298; More...

EUR/CHF recovers mildly today but still, intraday bias stays on the downside for key support zone at 1.1154/98. At this point, we'd still expect strong support from there to bring rebound. On the upside, above 1.1310 minor resistance will turn bias back to the upside for 1.1452 resistance. However, sustained break of 1.1154/98 will carry larger bearish implications.

In the bigger picture, for now, the price actions from 1.2004 medium term top is seen as a correction only. Downside should be contained by support zone of 1.1198 (2016 high) and 61.8% retracement of 1.0629 to 1.2004 at 1.1154 to complete it and bring rebound. This cluster level is in proximity to long term channel support (now at 1.1173) too. A break of 1.2 key resistance is still expected in the medium term long term. However, sustained break of the mentioned support zone will mark reversal of the long term trend. In that case, 1.0629 key support will be back into focus.

The Euro moved higher in early European trading and covered small gap from the opening, as last week's two-day pullback from upside failure at daily cloud, found footstep just above solid supports at 1.1577 (30SMA) and 1.1568 (Fibo 38.2% of 1.1300/1.1733 rally). These supports should ideally contain corrective dips in order to keep bulls from 1.1300 intact for renewed attempt through thin daily cloud (1.1660/78) and falling 100SMA (1.1733). Persisting strong bullish momentum and daily MA's in bullish setup keep near-term focus at the upside, but fresh recovery attempts need close above broken rising 10SMA (1.1630) to confirm scenario. Conversely, break and close below Fibo support at 1.1568 and rising 20SMA (1.1542) would sideline bulls for deeper correction.

Res: 1.1631, 1.1659, 1.1690, 1.1718
Sup: 1.1577, 1.1568, 1.1542, 1.1517

Daily Pivots: (S1) 0.7156; (P) 0.7213; (R1) 0.7249; More...

AUD/USD dipped to 0.7165 earlier today but recovered. For now, intraday bias stays on the downside as long as 0.7235 minor resistance holds. Current decline, which is part of the down trend from 0.8135, should target 100% projection of 0.7452 to 0.7201 from 0.7361 at 0.7110. Break will target 161.8% projection at 0.6955. On the upside, above 0.7235 will turn intraday bias neutral first. But break of 0.7361 résistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, rebound from 0.6826 (2016 low) is seen as a corrective move that should be completed at 0.8135. Fall from there would extend to have a test on 0.6826. There is prospect of resuming long term down trend from 1.1079 (2011 high). But we'll look at downside momentum to assess at a later stage. On the upside, break of 0.7452 resistance, however, will indicate medium term bottoming, on bullish convergence condition in daily MACD. In that case, a medium term correction should be seen first before down trend resumption.

Pivot (invalidation): 70.00

Our preference Short positions below 70.00 with targets at 69.35 & 68.95 in extension.

Alternative scenario Above 70.00 look for further upside with 70.50 & 70.95 as targets.

Comment The RSI is bearish and calls for further decline.

Pivot (invalidation): 14.5300

Our preference Short positions below 14.5300 with targets at 14.3600 & 14.2600 in extension.

Alternative scenario Above 14.5300 look for further upside with 14.6000 & 14.7000 as targets.

Comment The RSI is bearish and calls for further decline.

Pivot (invalidation): 1204.50

Our preference Short positions below 1204.50 with targets at 1195.50 & 1192.00 in extension.

Alternative scenario Above 1204.50 look for further upside with 1209.00 & 1212.00 as targets.

Comment The RSI advocates for further downside.

Daily Pivots: (S1) 1.2979; (P) 1.3034; (R1) 1.3097; More...

Intraday bias in USD/CAD remains mildly on the upside for the moment. Sustained break of near term channel resistance (now at 1.3096) will be the first sign of bullish reversal and bring stronger rise to 1.3173 resistance for confirmation. That will also carry larger bullish implication. Meanwhile, below 1.2997 minor support will turn bias back to the downside for 1.2879 fibonacci level.

In the bigger picture, focus is now on 38.2% retracement of 1.2061 to 1.3385 at 1.2879. Decisive break there will affirm the case of medium term reversal and target 61.8% retracement at 1.2567 and below. That will also put key long term support at 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048 into focus. On the upside, break of 1.3173 resistance will revive the bullish case and target 61.8% retracement of 1.4689 to 1.2061 at 1.3685 and above.

Pivot (invalidation): 2892.00

Our preference Long positions above 2892.00 with targets at 2917.00 & 2925.00 in extension.

Alternative scenario Below 2892.00 look for further downside with 2885.00 & 2875.00 as targets.

Comment The RSI calls for a rebound.

Pivot (invalidation): 12414.00

Our preference Short positions below 12414.00 with targets at 12324.00 & 12274.00 in extension.

Alternative scenario Above 12414.00 look for further upside with 12464.00 & 12494.00 as targets.

Comment The RSI is capped by a declining trend line.

Pivot (invalidation): 0.7215

Our preference Short positions below 0.7215 with targets at 0.7160 & 0.7135 in extension.

Alternative scenario Above 0.7215 look for further upside with 0.7240 & 0.7275 as targets.

Comment As Long as the resistance at 0.7215 is not surpassed, the risk of the break below 0.7160 remains high.