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Technical Analysis (2016-08-25)

EUR/USD
Previous Day Range High: 1.1311 Low: 1.1245 Close: 1.1265
Technical Chart Resistance
R-2:1.1340
R-1:1.1303





Support
S-1:1.1237
S-2:1.1208



Forecast
High:1.1303
Low:1.1237





Intraday bias in EUR/USD remains neutral for the moment. With 1.1233 minor support intact, further rise could be seen. We'd still expect strong resistance from 1.1426 to limit upside. And below 1.1233 will turn bias back to the downside for 1.0911/0951 support. However, break of 1.1426 will now extend the rebound from 1.0517, and the consolidation pattern from 1.0461 to have another take on 1.1713 before final down trend resumption.
USD/JPY
Previous Day Range High: 100.61 Low: 100.10 Close: 100.47
Technical Chart Resistance
R-2:100.91
R-1:100.69






Support
S-1:100.18
S-2:99.88




Forecast
High:100.69
Low:100.18





USD/JPY is staying in consolidation above 99.52 temporary low and intraday bias stays neutral. Also, with 102.64 resistance intact, outlook stays cautiously bearish and deeper decline is expected. Break of 98.97 low will resume larger down trend to next fibonacci level at 94.77. However, break of 102.64 will indicate near term bottoming and turn bias back to the upside for 107.48 resistance.
GBP/USD
Previous Day Range High: 1.3273 Low: 1.3162 Close: 1.3232
Technical Chart Resistance
R-2:1.3333
R-1:1.3283





Support
S-1:1.3172
S-2:1.3111



Forecast
High:1.3283
Low:1.3172







GBP/USD rises further to as high as 1.3261 so far and intraday bias remains on the upside. Rise from 1.2865 is seen as the third leg of the consolidation pattern from 1.2794 and would target 1.3372/3480 resistance zone. We'd expect upside to be limited by 38.2% retracement of 1.5016 to 1.2794 at 1.3643 and bring down trend resumption eventually. On the downside, below 1.3023 minor support will turn bias back to the downside and target 1.2794 low.
USD/CHF
Previous Day Range High: 0.9684 Low: 0.9626 Close: 0.9668
Technical Chart Resistance
R-2:0.9717
R-1:0.9692





Support
S-1:0.9635
S-2:0.9601



Forecast
High:0.9692
Low:0.9635





USD/CHF's rebound from 0.9536 extends higher today and the break of 0.9657 resistance suggests completion of the fall from 0.9949. With 0.9520 support intact, the sideway trading continues with bias mildly on the upside for upper side of the range near to 0.9949/55. But break there is needed to confirm completion of the fall from 1.0327. Otherwise, such decline is mildly in favor to resume for 0.9443 and below.
AUD/USD
Previous Day Range High: 0.7634 Low: 0.7589 Close: 0.7612
Technical Chart Resistance
R-2:0.7657
R-1:0.7635





Support
S-1:0.7589
S-2:0.7566



Forecast
High:0.7635
Low:0.7589





We're still slightly favoring the case that corrective rise from 0.7144 has completed. Deeper fall would be seen to 0.7419 support first. Break will confirm this case and turn outlook bearish for retesting 0.7144 low. In case of another rise, we'd expect strong resistance between medium term channel line (now at 0.7727) and 0.7833 to limit upside.
USD/CAD
Previous Day Range High: 1.2958 Low: 1.2902 Close: 1.2924
Technical Chart Resistance
R-2:1.2984
R-1:1.2954





Support
S-1:1.2898
S-2:1.2872



Forecast
High:1.2954
Low:1.2898





Intraday bias in USD/CAD remains neutral for the moment. And, near term outlook stays bearish with 1.2995 support turned resistance intact. We're holding on to the view that corrective rise from 1.2460 should have completed at 1.3251 already. Below 1.2763 will target 1.2654 support first. Break there will likely extend the whole decline from 1.4689 through 1.2460 low. However, above 1.2995 will dampen this bearish view and turn bias back to the upside for 1.3251 instead.