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Technical Update For EUR/USD, USD/JPY, NZD/USD & USD/CHF: 26.06.2018

By:
Anil Panchal
Updated: Jun 26, 2018, 14:35 UTC

EUR/USD Notwithstanding the EURUSD's recent recovery testing the highest level in more than a week, the 1.1720-25 resistance-region again played its role

USD 111

EUR/USD

Notwithstanding the EURUSD’s recent recovery testing the highest level in more than a week, the 1.1720-25 resistance-region again played its role in restricting the quote’s upside and pulling it back towards 1.1640 support. Should the pair drop beneath the 1.1640, the 1.1590 and the 1.1510-1.1500 are crucial levels for traders to watch as break of which can drag prices to 61.8% FE level of 1.1415. On the contrary, a clear break of 1.1725 can avail 1.1755 mark to please the buyers before challenging them with 1.1800 trend-line and the 1.1835-45 horizontal-area. Given the pair’s ability to surpass the 1.1845 barrier, chances of its rally to 1.1910 & 1.1940 can’t be denied.

USD/JPY

In addition to the USDJPY’s inability to offer a daily closing below three-month old ascending trend-line, the 50-day SMA level also seems working as a strong support at present, which in-turn favors the pair’s U-turn in direction to the 109.85 and the 110.30 resistances. Though, a downward slanting trend-line, at 110.80, could limit the pair’s further advances, if not then the 111.00 and the 111.40 might appear in the Bulls’ radars to target. Meanwhile, pair’s D1 close below 109.45 can trigger its south-run to 109.00 and the 108.25 whereas 108.15, comprising 100-day SMA, followed by the 108.10-107.90 broad support-zone, can please the sellers afterwards.

NZD/USD

Considering the NZDUSD’s break of 0.6885, the pair is likely running downwards to 0.6850-45 support-area, which if broken can highlight the 0.6825 rest-point. In case if the Bears refrain to respect the 0.6825 mark, the 0.6800 round-figure and the 61.8% FE level of 0.6785 may become their aims. Alternatively, concurrence of 0.6885 can propel the pair to confront the descending TL hurdle, at 0.6915, breaking which 0.6940 and the 0.6960-65 should be observed carefully. During the pair’s extended rise beyond 0.6965, the 0.7000, the 0.7020 and the 0.7055 may gain market attention.

USD/CHF

USDCHF’s short-covering moves from 0.9855 currently helps it confront the 0.9890-95 resistance-zone, clearing which it can escalate the latest recovery to 0.9915 and the 0.9940 upside barriers. Should the pair continue marching above 0.9940, the 0.9960 and the 0.9985-90 can be targeted if holding long position. If the pair fails to sustain the 0.9895 break, the 0.9855 could reappear on the chart for one more time. However, pair’s decline beneath the 0.9855 can make it vulnerable to re-test the 0.9825-20 and the 0.9785 support-levels.

Cheers and Safe Trading,
Anil Panchal

About the Author

An MBA (Finance) degree holder with more than five years of experience in tracking the global Forex market. His expertise lies in fundamental analysis but he does not give up on technical aspects in order to identify profitable trade opportunities.

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