Technical Checks For EUR/USD, USD/JPY, AUD/USD & USD/CHF: 04.07.2017

EUR/USD

Even if failure to surpass 1.1445-50 horizontal-resistance triggered EURUSD’s pullback, the 1.1300–1.1295 might give rise to the pair’s U-turn, which if not respected can fetch the quote further down towards 1.1235 and the 1.1200 round-figure that comprises two-month old ascending trend-line support. Given the Bears’ dominance over prices drag them below 1.1200 on a daily closing basis, the 1.1160-65 and the 50-day SMA level of 1.1130 can please sellers. Alternatively, 1.1385 and the 1.1400 are likely immediate resistances for the pair traders to observe before looking at the 1.1445-50 regoin. Should the pair successfully surpasses 1.1450, chances of its upward trajectory to 1.1500, the 1.1530-35 and then to the 1.1620 can’t be denied.

USD/JPY

With the four-month old descending trend-line restricting USDJPY’s near-term upside at 113.40, it becomes wise to expect the pair’s profit-booking drop to 112.80, 112.30 and then to the 112.00 consecutive supports. However, 100-day SMA level of 111.75, quickly followed by the 111.65 support-mark, including 50-day SMA, might confine the pair’s additional downside. In case if the pair sustains its trade below 111.65, sellers can aim for 110.70-80 support-zone. Meanwhile, a daily close above 113.40 could trigger the pair’s fresh advances to 113.60, 113.85 and then to the 114.30 resistances. During the pair’s successful trading beyond 114.30, the 115.00 could be flashed on the chart.

AUD/USD

Following the AUDUSD’s reversal from 61.8% FE of June’s first-half, the pair dropped below a month-old ascending trend-line after RBA failed to please Aussie Bulls. As a result, the pair now indicates the 0.7560 re-test prior to stretching its downturn to 0.7520 and the 0.7495–0.7500 support-region. Should the pair refrains to respect 0.7500 round-figure, the 0.7475 and the 0.7445 are likely supports to appear as quotes. In case of the pair’s reversal from now, the 0.7630 could act as nearby resistance for it to clear ahead of targeting 0.7650 and the 0.7675 resistances. Given the upbeat sentiment after 0.7675 break, the 61.8% FE level of 0.7700 and the last-month high, near 0.7715, could entertain buyers.

USD/CHF

USDCHF’s bounce from 0.9545-50 support-zone, including 61.8% FE level, presently helps the pair to challenge nearly two-month old descending trend-line, at 0.9675 now. Should prices manage to break 0.9675 TL, chances of witnessing extended recovery to 0.9730 and then to the 0.9755-60 horizontal-line become high. Moreover, pair’s successful trading above 0.9760 could push Bulls to target 0.9800 round-figure. On the downside, the 0.9600 can offer quick rest to the pair before it can re-test 0.9545-50 area, breaking which the 0.9500 should appear as strong support. Given the pair’s continuous south-run during post-0.9500 break, the 0.9440 and the 100% FE level of 0.9400 may become Bears’ favorite.

Cheers and Safe Trading,
Anil Panchal