Technical Update For EUR/USD, GBP/USD, USD/JPY & USD/CHF: 11.09.2018

EUR/USD

With the failure to provide clear break above immediate TL resistance of 1.1635, not to mention about 1.1650-55 horizontal-region, the EURUSD is likely to witness pullback towards 1.1560 before revisiting the 1.1530-25 support-zone for one more time. In case sellers refrain to respect the 1.1525 rest-point, the 1.1480 and the 1.1430 may mark their presence on the chart whereas 1.1350 and the 1.1300 could entertain them afterwards. Alternatively, pair’s ability to cross the 1.1635 and the 1.1655 resistance can escalate its recovery in direction to the 1.1700 and the 1.1745 levels. However, the 61.8% FE level of 1.1800 might confine the quote’s additional rise.

GBP/USD

Unlike EURUSD, the GBPUSD is still above nearby trend-line but has to surpass resistance-line of adjacent channel, at 1.3110 now, in order to justify its strength in targeting the 1.3160-65 and the 1.3220 numbers to north. In case prices rally beyond 1.3220, the 1.3285 and the 1.3365 may flash on the Bulls’ radar. Meanwhile, the resistance-turned-support line around 1.2975 can offer rest during the pair’s U-turn, breaking which 1.2890 and the channel-support of 1.2815 could gain market attention. Also, pair’s continuous decline past-1.2815 can make the 1.2730 and the 1.2660 as Bears’ favorites.

USD/JPY

In spite of repeated defeats in conquering six-week old descending trend-line, the USDJPY again aims to confront the same TL, at 111.70 now, which if broken can help it extend the upside to 112.15-20 horizontal-area. Given the pair’s successful break of 112.20, the 112.60-65 and the 113.20 might become buffers prior to highlighting the 61.8% FE level of 114.45. Should prices fall short of passing the TL barrier and witness profit-booking, then the 110.80 and the 100-day SMA level of 110.55, followed by three-month long upward slanting TL at 110.10 and 109.80, comprising 200-day SMA, seem crucial supports to watch. Let’s say the pair trades southwards below 109.80 then the 109.35 and the 108.60 may appear in limelight.

USD/CHF

USDCHF has already dropped from fortnight long descending TL and may re-test the 0.9710 horizontal-support ahead of giving importance to 0.9670 and the 0.9655 levels. Though, recent low of 0.9640 and the 61.8% FE level of 0.9615 might challenge the pessimism below 0.9655, if not then 0.9600 and the 0.9580 can be targeted if holding short positions. On the upside, clear break of 0.9755 trend-line can trigger the pair’s rise to the 0.9775 and the 0.9810 resistances but the 0.9840 and the 0.9860-65 could question buyers’ strength afterwards. Additionally, pair’s sustained break of 0.9865 can please the optimists with the 0.9900 and the 0.9920 levels.