Technical Overview Of EUR/USD, GBP/USD, AUD/USD & USD/CHF: 23.05.2017

EUR/USD

With the EURUSD’s successful trading above 1.1160, the pair seems capable enough to claim 1.1275-80 horizontal-line; however, its following advances become doubtful as RSI is already in the overbought region and can trigger a pullback if the pair fails to surpass 1.1280. In case if the pair clears 1.1280, the 1.1330 & 1.1365 are likely consecutive resistances that it could target before looking at the June 2016 high around 1.1430. Should prices fail to surpass 1.1280, the 1.1210 & the 1.1160 may quickly appear on the chart, breaking which 1.1100 – 1.1090 region could grab sellers’ attention. Given the pair’s sustained trading below 1.1090, the 1.1000 and the 1.0950 may please Bears.

GBP/USD

Ever since the GBPUSD cleared 1.2770-60 horizontal-area, the pair has been observing an ascending trend-channel which now signals its pullback towards 1.2930 before reigniting the importance of 1.2890 channel-support mark. Should the quote closes below 1.2890, the 1.2840 may act as a buffer before 1.2770-60 limit additional downside. During the pair’s further dips below 1.2760, the 1.2700 and the 50-day SMA level of 1.2690 could be wise to watch. Meanwhile, a daily close above 1.3000 by the pair may flash 1.3040 prior to confronting the channel-resistance of 1.3070. If at all prices continue rising after 1.3070 break, Bulls can aim for 1.3130, 1.3180 and the 1.3240 consecutive north-side numbers.

AUD/USD

Even if the AUDUSD has been rising since last three days, a short-term ascending trend-channel resistance, at 0.7500 now, may restrict the pair’s recovery and can activate its profit-booking towards 0.7470 but the channel-support of 0.7430 could limit its additional downturn. If the pair refrains to respect 0.7430, it can quickly drop to 0.7400 round-figure ahead of flashing the 0.7370, the 0.7350 and the 0.7330 on the chart. Alternatively, pair’s extended north-run beyond 0.7500 enables it to challenge the 0.7530-40 region, comprising 50-day & 200-day SMA. Given the quote’s successful trading above 0.7540, the 0.7585 and the 0.7610 can become buyers’ favorite.

USD/CHF

USDCHF’s sustained trading below six-month old descending trend-line indicate its south-run towards 0.9640-30 horizontal-zone with 0.9690 & 0.9660 acting as nearby halts. Should prices drop below 0.9630, the 0.9590 & 0.9550 may offer intermediate rests during its south-run to 0.9520 and the 0.9500. On the upside, the support-turned-resistance line of 0.9765 can confine the pair’s pullback, breaking which 0.9810, 0.9840 and the 0.9855 can please Bulls. Should traders’ upbeat sentiment propel the quote beyond 0.9855, the 0.9910 may become wise to expect.

Cheers and Safe Trading,
Anil Panchal