Sample Category Title

For the 24 hours to 23:00 GMT, the USD declined 0.98% against the CHF and closed at 0.9817.

In the Asian session, at GMT0400, the pair is trading at 0.9816, with the USD trading a tad lower against the CHF from yesterday’s close.

The pair is expected to find support at 0.9776, and a fall through could take it to the next support level of 0.9736. The pair is expected to find its first resistance at 0.9883, and a rise through could take it to the next resistance level of 0.9950.

Later in the day, a speech by the Swiss National Bank (SNB) President, Thomas Jordan, will garner significant amount of investor attention.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD declined 0.6% against the CAD and closed at 1.2702.

In the Asian session, at GMT0400, the pair is trading at 1.2703, with the USD trading slightly higher against the CAD from yesterday's close.

The pair is expected to find support at 1.2673, and a fall through could take it to the next support level of 1.2642. The pair is expected to find its first resistance at 1.2755, and a rise through could take it to the next resistance level of 1.2806.

Going ahead, traders would look forward to Canada's retail sales data for September, scheduled to release later in the day.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

Daily Pivots: (S1) 131.27; (P) 131.66; (R1) 131.89; More....

Intraday bias in EUR/JPY stays neutral first. Deeper fall remains mildly in favor and break of 131.16 will target 38.2% retracement of 114.84 to 134.48 at 126.97, which is close to 127.55 support. We'll look for support from there to bring rebound on first attempt. In any case, firm break of 134.48 is needed to confirm up trend resumption. Otherwise, near term risks remain on the downside.

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). 61.8% retracement of 149.76 to 109.03 at 134.20 is already met. Sustained break there will pave the way to key long term resistance zone at 141.04/149.76. However, break of 127.55 support will argue that the medium term trend has reversed and will turn outlook bearish for deeper fall back to 114.84/124.08 support zone at least.

Daily Pivots: (S1) 0.8853; (P) 0.8872; (R1) 0.8891; More...

Intraday bias in EUR/GBP remains neutral as the cross is staying in range of 0.8732/0.9032. With 0.9032 resistance intact, deeper decline is mildly in favor in the cross. Break of 0.8732 will resume the fall from 0.9305 and target 0.8303 key support level. However, on the upside, decisive break of 0.9032 will confirm completion of the decline from 0.9305. In such case, intraday bias will be turned back to the upside for retesting 0.9305 key resistance.

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) 1.5463; (P) 1.5513; (R1) 1.5562; More....

Intraday bias in EUR/AUD remains neutral as consolidation from 1.5656 continues. Downside of retreat should be contained by 4 hour 55 EMA (now at 1.5456) and bring rise resumption. Above 1.5656 will extend the rally from 1.3624 and target 61.8% projection of 1.3624 to 1.5226 from 1.4949 at 1.5939 first. Nonetheless, sustained break of 4 hour 55 EMA will bring deeper fall back towards 1.5079 support instead.

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).

Daily Pivots: (S1) 1.1579; (P) 1.1612; (R1) 1.1639; More...

EUR/CHF is staying in range of 1.1541/1721 and intraday bias remains neutral for the moment. On the downside, considering bearish divergence condition in 4 hour MACD and daily MACD, decisive break of 1.1541 will confirm topping and turn near term outlook bearish for 1.1355 key support. Nonetheless, on the upside, break of 1.1721 resistance will resume recent up trend towards 1.2 key level.

In the bigger picture, long term rise from SNB spike low back in 2015 is still in progress. EUR/CHF should now be heading back to prior SNB imposed floor at 1.2000. For now, this will be the favored case as long as 1.1355 support holds. However, break of 1.1355 will indicate medium term topping. In that case, EUR/CHF should head back to 55 week EMA (now at 1.1158) and possibly below.

EURAUD Short Term Elliott Wave view suggests the decline to 1.5057 ended Intermediate wave (X). Up from there, the rally unfolded in 5 waves impulse Elliott Wave structure, suggesting that while pullbacks stay above 1.5057 low, pair could see more upside. Up from 1.5057, Minute wave ((i)) ended at 1.5234, Minute wave ((ii)) ended at 1.5075, Minute wave ((iii)) ended at 1.5606, Minute wave ((iv)) ended at 1.5481, and Minute wave ((v)) ended at 1.5657.

The 5 waves impulsive rally from 1.5057 low ended Minor wave A of a zigzag Elliott Wave structure. Minor wave B is currently in progress as a double three Elliott Wave structure. Minute wave ((w)) ended of B at 1.545 and Minute wave ((x)) of B ended at 1.5626. Pair has scope to reach 1.529 – 1.542 area to end Minute wave ((y)) of B, and pair should then resume the rally higher or bounce in 3 waves at minimum. We don’t like selling the pair and expect buyers to appear in 3, 7, or 11 swing dips for at least a 3 waves bounce as far as pivot at 1.5057 low stays intact.

EURAUD 1 Hour Elliott Wave Analysis

Daily Pivots: (S1) 1.2664; (P) 1.2725; (R1) 1.2757; More....

USD/CAD's pull back from 1.2916 is still in progress and could extend lower. But downside should be contained by 1.2598 resistance turned support and bring rebound. Above 1.2836 will target 1.2916 first. Further break of 1.2916 will resume whole rally from 1.2061 to 38.2% retracement of 1.4689 to 1.2061 at 1.3065.

In the bigger picture, USD/CAD should have 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. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We'll now hold on to this bullish view as long as 1.2450 support holds.

Daily Pivots: (S1) 0.7574; (P) 0.7599; (R1) 0.7642; More...

AUD/USD's recovery from 0.7531 is still in progress and further rise could be seen. But upside should be limited below 0.7729 resistance and bring fall resumption. Break of 0.7531 will resume the whole decline from 0.8124 and turn bias to the downside for next key cluster level at 0.7322/8. However, considering bullish divergence condition in 4 hour MACD, break of 0.7729 will indicate near term reversal and bring stronger rebound back to 0.7896 resistance and above.

In the bigger picture, corrective rise from 0.6826 medium term bottom is likely completed at 0.8124, after hitting 55 month EMA (now at 0.8049). Decisive break of 0.7328 key cluster support (61.8% retracement 0.6826 to 0.8124 at 0.7322) will confirm. And in that case, long term down trend from 1.1079 (2011 high) will likely be resuming. Break of 0.6826 will target 61.8% projection of 1.1079 to 0.6826 from 0.8124 at 0.5496. This will now be the favored case as long as 0.7729 near term resistance holds.

Daily Pivots: (S1) 1.1759; (P) 1.1793 (R1) 1.1855; More....

EUR/USD's rebound continues today and focus is back on 1.1860. Break will confirm resumption of rise from 1.1553. As noted before, corrective fall from 1.2091 has completed at 1.1553 already, ahead of 38.2% retracement of 1.0569 to 1.2091 at 1.1510. Above 1.1860 will extend the rally to retest 1.2091 high. In any case, near term outlook will remain cautiously bullish as long as 1.1677 support holds.

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 cautious on 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 to limit upside and bring reversal. Meanwhile, sustained trading below 55 week EMA (now at 1.1373) will suggest that such medium term rebound is completed and could then bring retest of 1.0339 low.