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Technical Analysis (2016-07-25)

EUR/USD
Previous Day Range High: 1.1041 Low: 1.0956 Close: 1.0974
Technical Chart Resistance
R-2:1.1075
R-1:1.1025





Support
S-1:1.0939
S-2:1.0905



Forecast
High:1.1025
Low:1.0939





EUR/USD's fall last week argues that fall from 1.1615 might be ready to resume. Initial bias is cautiously on the downside this week for 1.0911 low. Decisive break there will confirm the bearish case and target 1.0821 support first. Also, current development indicates that rebound from 1.0517 has completed at 1.1615 already. Break of 1.0821 will target at test on 1.0461/0517 support zone. Though, above 1.1059 minor resistance will extend the consolidation from 1.0911 with another rise.
USD/JPY
Previous Day Range High: 106.40 Low: 105.57 Close: 106.12
Technical Chart Resistance
R-2:106.86
R-1:106.49






Support
S-1:105.66
S-2:105.20



Forecast
High:106.49
Low:105.66





USD/JPY rose to 107.48 last week but failed to sustain above 106.78 cluster resistance (61.8% retracement of 111.44 to 98.97 at 106.67) and retreated. Initial bias stays neutral this week first. On the upside, above 107.48 will revive the case of trend reversal and target 111.44 resistance for confirmation. Though, break of 103.38 will argue that larger down trend is still in progress and will turn bias back to the downside for retesting 98.97 low.
GBP/USD
Previous Day Range High: 1.3291 Low: 1.3079 Close: 1.3095
Technical Chart Resistance
R-2:1.3367
R-1:1.3231





Support
S-1:1.3019
S-2:1.2943



Forecast
High:1.3231
Low:1.3019





GBP/USD's fall last week suggests that corrective rebound from 1.2794 has completed at 1.3480 already. Deeper fall should be seen to retest 1.2794 low first. Break will confirm larger down trend resumption and target next long term projection level at 1.2457. In case of another rise, we'd continue to expect strong resistance from 1.3532 to limit upside.
USD/CHF
Previous Day Range High: 0.9895 Low: 0.9844 Close: 0.9873
Technical Chart Resistance
R-2:0.9922
R-1:0.9897





Support
S-1:0.9846
S-2:0.9819



Forecast
High:0.9897
Low:0.9846





USD/CHF edged higher last week but lost momentum again. Nonetheless, further rise is still expected this week as long as 0.9763 support holds. Rally from 0.9520 should target 0.9955 resistance first. Break there will confirm near term reversal and target 1.0255/0327 resistance zone. However, break of 0.9763 will dampen our bullish view and turn bias back to the downside for 0.9684 support first.
AUD/USD
Previous Day Range High: 0.7508 Low: 0.7443 Close: 0.7465
Technical Chart Resistance
R-2:0.7537
R-1:0.7501





Support
S-1:0.7436
S-2:0.7407



Forecast
High:0.7501
Low:0.7436





AUD/USD's fall last week argues that the corrective rebound from 0.7144 has completed at 0.7675 already. Initial bias stays on the downside this week for 0.7304 support first. Break will target a test on 0.7144 low. For now, outlook wild stay cautiously bearish as long as 0.7675 resistance holds, in case of recovery.
USD/CAD
Previous Day Range High: 1.3186 Low: 1.3057 Close: 1.3140
Technical Chart Resistance
R-2:1.3256
R-1:1.3198





Support
S-1:1.3069
S-2:1.2999



Forecast
High:1.3198
Low:1.3069





USDCAD rose to 1.3184 last week, but stayed below 1.3187 resistance so far. Initial bias remains neutral this week first. Price actions from 1.2460 is seen as a corrective move. Above 1.3187 will extend it higher. But we'd be cautious on strong resistance from 38.2% retracement of 1.4689 to 1.2460 at 1.3311 to limit upside. Meanwhile, below 1.2861 support should now bring retest of 1.2460 low.