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Technical Analysis (2017-03-27)

EUR/USD
Previous Day Range High: 1.0818 Low: 1.0758 Close: 1.0804
Technical Chart Resistance
R-2:1.0825
R-1:1.0807





Support
S-1:1.0768
S-2:1.0747



Forecast
High:1.0807
Low:1.0768





With 1.0178 minor support intact, further rise is still expected in EUR/USD. Break of 1.0828 resistance will target 100% projection of 1.0339 to 1.0828 from 1.0494 at 1.0983. However, as rise from 1.0339 is seen as a corrective move. We'd expect upside to be limited by 1.0983 to complete the correction. On the downside, break of 1.0718 minor support will turn bias to the downside for 1.0494 support first.
USD/JPY
Previous Day Range High: 114.48 Low: 110.61 Close: 111.19
Technical Chart Resistance
R-2:112.05
R-1:111.51





Support
S-1:110.52
S-2:110.07



Forecast
High:111.51
Low:110.52





USD/JPY's decline from 115.49 is still in progress for the moment. Sustained trading below 111.12/13 cluster support (61.8% projection of 118.65 to 111.58 from 115.49 at 111.12 and 38.2% retracement of 98.97 to 118.65 at 111.13) will pave the way to 100% projection at 108.42. Nonetheless, rebound from there current level, and break of 112.86 resistance will indicates completion of the correction from 118.65. In such case, intraday bias will be turned back to the upside for 115.49 resistance and above.
GBP/USD
Previous Day Range High: 1.2520 Low: 1.2466 Close: 1.2493
Technical Chart Resistance
R-2:1.2576
R-1:1.2550





Support
S-1:1.2479
S-2:1.2434




Forecast
High:1.2550
Low:1.2479





Intraday bias in GBP/USD remains on the upside for 1.2569 resistance. Break there will target 1.2705/74 resistance zone. But still, price actions from 1.1946 are seen as a consolidation pattern. Hence, we'd expect strong resistance from 1.2705/2774 to limit upside and bring down trend resumption. On the downside, break of 1.2340 support will turn bias back to the downside for 1.2108 support. Though, sustained break of 1.2774 will extend the rise towards 1.3444 key resistance level.
USD/CHF
Previous Day Range High: 0.9959 Low: 0.9885 Close: 0.9907
Technical Chart Resistance
R-2:0.9959
R-1:0.9943





Support
S-1:0.9910
S-2:0.9893



Forecast
High:0.9943
Low:0.9910





With 1.0002 minor resistance intact, deeper decline is still expected in USD/CHF for 0.9860 support. Break there will resume whole decline from 1.0342 and target 100% projection of 1.0342 to 0.9860 from 1.0169 at 0.9687. Nonetheless, on the upside, break of 1.0002 minor resistance will turn bias back to the upside for 1.0169 resistance instead.
AUD/USD
Previous Day Range High: 0.7640 Low: 0.7600 Close: 0.7626
Technical Chart Resistance
R-2:0.7700
R-1:0.7664





Support
S-1:0.7604
S-2:0.7580



Forecast
High:0.7664
Low:0.7604





AUD/USD is trying to draw support from 4 hour 55 EMA for the moment but recovery is weak. Intraday bias stays on the downside first. As noted before, rebound from 0.7490 should have completed. Deeper fall would be seen back to 0.7490 support. Break there will confirm completion of whole rise from 0.7158. On the upside, above 0.7748 will resume the rise from 0.7158. But in that case, we'd expect upside to be limited by 0.7849/50 cluster resistance to bring reversal. That level represents 61.8% projection of 0.7158 to 0.7740 from 0.7490 at 0.7850 and key long term retracement level at 0.7849.
USD/CAD
Previous Day Range High: 1.3386 Low: 1.3341 Close: 1.3372
Technical Chart Resistance
R-2:1.3384
R-1:1.3368





Support
S-1:1.3324
S-2:1.3296



Forecast
High:1.3368
Low:1.3324





USD/CAD's rebound lost momentum after hitting 1.3408. 4 hour MACD crossed below signal line again and it's held by near term trend line too. Intraday bias is turned neutral first. On the upside, above 1.3408 will affirm the case that pull back from 1.3534 has completed. And, intraday bias will be back on the upside for retesting 1.3534. Break there will target 1.3598 high. On the downside, in case of another fall, we'd expect strong support from 1.3211 cluster level (61.8% retracement of 1.3008 to 1.3534 at 1.3209) to contain downside and bring rebound. Overall, we're still expecting the medium term rise from 1.2460 to resume later.