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Technical Analysis (2016-05-03)

EUR/USD
Previous Day Range High: 1.1535 Low: 1.1448 Close: 1.1531
Technical Chart Resistance
R-2:1.1591
R-1:1.1561





Support
S-1:1.1474
S-2:1.1418



Forecast
High:1.1561
Low:1.1474






Intraday bias in EUR/USD remains on the upside for the moment. The break of 1.1464 resistance indicates that rebound from 1.0517 is resuming. Further rise should be seen towards 1.1713 resistance next. But still, we'd continue to expect strong resistance from 38.2% retracement of 1.3993 to 1.0461 at 1.1810 to limit upside and bring larger down trend resumption eventually. On the downside, break of 1.1217 support will now indicate near term reversal.
USD/JPY
Previous Day Range High: 106.82 Low: 106.14 Close: 106.42
Technical Chart Resistance
R-2:107.14
R-1:106.78






Support
S-1:106.10
S-2:105.78



Forecast
High:106.78
Low:106.10







Intraday bias in USD/JPY remains on the downside for the moment. Fall from 125.85 should extend to next t fibonacci level at 100.70, which is close to 100 psychological level. On the upside, above 107.62 minor resistance will turn bias neutral first. But near term outlook will stay bearish as long as 111.85 resistance holds.
GBP/USD
Previous Day Range High: 1.4696 Low: 1.4584 Close: 1.4672
Technical Chart Resistance
R-2:1.4763
R-1:1.4717





Support
S-1:1.4605
S-2:1.4539



Forecast
High:1.4717
Low:1.4605





GBP/USD's rally extends today and breaches 1.4667 key resistance but there is no follow through buying yet. We'll stay cautious on strong resistance from 1.4667 to bring reversal. And break of 1.4472 support will argue that whole rebound from 1.3835 is completed and will turn bias to the downside for 1.4004 first. However, firm break of 1.4667 will invalidate our view and target 161.8% projection of 1.3835 to 1.4514 from 1.4004 at 1.5103.
USD/CHF
Previous Day Range High: 0.9605 Low: 0.9535 Close: 0.9546
Technical Chart Resistance
R-2:0.9632
R-1:0.9589





Support
S-1:0.9519
S-2:0.9492



Forecast
High:0.9589
Low:0.9519





Intraday bias in USD/CHF remains on the downside for the moment. The rebound from 0.9498 is finished at 0.9796 and whole down trend from 1.0327 is likely resuming. Break of 0.9498 low will confirm and target 0.9475 key support level. On the upside, above 0.9645 minor resistance will turn bias neutral first. But risk will stay on the downside as long as 0.9796 resistance holds.
AUD/USD
Previous Day Range High: 0.7669 Low: 0.7594 Close: 0.7667
Technical Chart Resistance
R-2:0.7718
R-1:0.7692





Support
S-1:0.7617
S-2:0.7568




Forecast
High:0.7692
Low:0.7617





A short term top should be in place at 0.7833, ahead of medium term fibonacci level at 0.7849. Further decline is expected this week as log as 0.7690 resistance holds. AUD/USD should target 38.2% retracement of 0.6826 to 0.7833 at 0.7448 first. Sustained break there will indicate near term reversal and target 61.8% retracement at 0.7211. On the upside, above 0.7690 will turn focus back to 0.7833 instead.
USD/CAD
Previous Day Range High: 1.2563 Low: 1.2514 Close: 1.2524
Technical Chart Resistance
R-2:1.2582
R-1:1.2553





Support
S-1:1.2504
S-2:1.2484



Forecast
High:1.2553
Low:1.2504





With 1.2693 minor resistance, fall in USD/CAD is expected to continue to next medium term fibonacci level at 1.2048. On the upside, above 1.2693 minor resistance will turn bias neutral and bring consolidations. But outlook will remain bearish as long as 1.2989 resistance holds.