Technical Update Of EUR/USD, USD/JPY, AUD/USD And USD/CHF: 15.03.2017

EUR/USD

Following its failure to break medium-term trend-line resistance, the EURUSD again aims to re-test 1.0590-80 support-zone, breaking which 1.0550 might offer an intermediate halt before fetching the pair to 1.0525 TL support-mark. Should the quote declines below 1.0525 on a daily closing basis, 1.0490 & 1.0450 are likely downside figures to appear on the chart. However, disappointing FOMC outcome can quickly propel price towards breaking 100-day SMA number of 1.0655, which in-turn could open the door for its up-move to 1.0685 trend-line resistance. Moreover, pair’s successful trading above 1.0685 enables it to claim 1.0750 and 1.0795 – 1.0800 horizontal-line as resistances.

USD/JPY

USDJPY presently struggles in a small range of 114.40 – 115.20 with brighter chances favoring the pair’s up-move towards 116.00 after Federal Reserve announce its much awaited rate-hike. However, 115.55-60 horizontal-line may act as a buffer-stop. During the pair’s successful trading beyond 116.00, the 116.50 and 117.20 are likely following resistances for traders to observe, clearing which 117.85-90 and the 118.60-70 becomes crucial. In case if the pair breaks 114.40 support, 114.20 and 113.50 can entertain short-term sellers before giving rise to probabilities of witnessing 100-day SMA number of 112.90. Should there be additional downside pressure on the pair after it drops below 112.90, the 112.50, 111.90 and the 111.40-55 region could be next to watch.

AUD/USD

Unlike previous two majors, the AUDUSD is at its short-term trend-line resistance of 0.7585 and is likely to break the same; though, 0.7605-10 horizontal-line may restrict the pair’s additional upside beyond 0.7585, which together with expected USD strength could again drag it towards 0.7585 and 0.7540 supports. If prices continue declining below 0.7540, the 0.7495-90 and the 0.7460 might please Bears. On the contrary, pair’s sustained trading beyond 0.7610 enables it to aim for 0.7650 and the 0.7695 – 0.7700 north-side figures while it’s following advances need to surpass 0.7740 in order to target 0.7780 and 0.7835-40 resistances.

USD/CHF

A month-old upward slanting trend-line has been restricting the USDCHF downside. The pair recently bounced-off from the same 1.0065 support, indicating its advances to 1.0120 and 1.0140 nearby resistances. Should prices clear 1.0140, the 1.0170 becomes an intermediate rest, breaking which 61.8% FE level, around 1.0200, can be flashed on the chart. Meanwhile, pair’s break of 1.0065 trend-line could trigger its immediate drop to 1.0020 and then to 1.0000 psychological magnet. During the pair’s extended south-run below 1.0000, the 0.9960-55 and the 0.9930 can be considered as good supports to watch.

Cheers and Safe Trading,
Anil Panchal