Technical Outlook For EUR/USD, GBP/USD, AUD/USD & USD/CHF: 25.04.2017

EUR/USD

EURUSD’s gap-up opening on Monday failed to surpass March-high and witnessed profit-booking during later-day; however, the pair didn’t close below 200-day SMA and is again aiming to conquer the same 1.0905-10 resistance, which if broken could trigger its upward trajectory towards 1.0960 prior to looking at the 1.1000 round figure. Should prices successfully trade beyond 1.1000, the 1.1040 and the 1.1065 might act as intermediate halts before 1.1100 and 1.1120 confines following up-moves. On the contrary, a daily closing below 200-day SMA figure of 1.0835 may fetch the pair to resistance-turned-support line of 1.0800. In case of the pair’s additional downside below 1.0800, the 1.0770, 1.0740, 1.0690 and the 1.0695 are expected consecutive rests that can be availed by the quote.

GBP/USD

Unlike EURUSD, which is yet to meet near-term resistance, GBPUSD is presently struggling to confirm an immediate descending-triangle break, which in-turn could help extend its north-run to 1.2860 and then to 1.2905-15 horizontal-resistance region. Given the pair’s sustained break above 1.2915, it can quickly rise to 1.2980 and then to 1.3000 psychological-mark ahead of targeting 1.3060 & 1.3090 resistances. If at all the short-term technical pattern remains intact and drags prices to south, the 1.2770 support-line becomes important to watch, breaking which 1.2730 and 1.2710 should comeback on the chart. During the pair’s additional downside below 1.2710, it becomes vulnerable enough to revisit 1.2610 – 1.2600 support-zone.

AUD/USD

Having failed to clear a month-old descending trend-line resistance, at 0.7570 now, the AUDUSD is presently targeting 0.7515 re-test before meeting 0.7490-85 horizontal-line. Even if the same is likely to restrict following declines by the pair, a downside break can flash 0.7470, 0.7445 and the 0.7430 for sellers to observe. Alternatively, pair’s ability to surpass 0.7570 enables it to look for 0.7600 and the 0.7610 resistance-confluence which comprises 50-day SMA & 23.6% Fibonacci Retracement. Moreover, an extended up-move by the quote above 0.7610 may please buyers with 0.7630 and the 0.7650 north-side numbers.

USD/CHF

USDCHF seems failing to sustain yesterday’s up-move and is currently aiming 0.9930 and the 0.9900 round figure. However, an upward slanting trend-line, connecting November and March lows, at 0.9865, may limit the pair’s further downside. If prices don’t respect 0.9865, the 0.9840, 0.9810 and the 0.9785 can come in sellers’ radar. Meanwhile, 0.9990 and the 1.000 psychological magnet are expected nearby resistance for traders to watch, breaking which 1.0025 can act as buffer prior to nearly four-month old descending trend-line, at 1.0045 and the 100-day SMA figure of 1.0070 grab Bulls’ attention. Should the pair manage to surpass 1.0070, the 1.0100 and the 1.0120 are likely resistances that could become important.

Cheers and Safe Trading,
Anil Panchal