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Technical Analysis (2018-01-02)

EUR/USD
Previous Day Range High: 1.2025 Low: 1.1935 Close: 1.2000
Technical Chart Resistance
R-2:1.2077
R-1:1.2038





Support
S-1:1.1948
S-2:1.1897




Forecast
High:1.2038
Low:1.1948






EUR/USD's break of 1.1960 resistance suggests resumption of rise from 1.1553. Intraday bias stays on the upside for 100% projection of 1.1553 to 1.1960 from 1.1717 at 1.2124, which is above 1.2091 high. On the downside, break of 1.1816 support is needed to be first sign of completion of the rally. Otherwise, near term outlook will remains bullish in case of retreat.
USD/JPY
Previous Day Range High: 112.97 Low: 112.44 Close: 112.67
Technical Chart Resistance
R-2:113.22
R-1:112.95






Support
S-1:112.42
S-2:112.16




Forecast
High:112.95
Low:112.42





USD/JPY's fall from 113.63 continues today but after all it's staying in range of 112.02/113.74. Intraday bias remains neutral for the moment. Also, near term outlook stays bullish as long as 112.02 support holds. Break of 113.74 will resume the rebound from 110.83 and target 114.73 key resistance. Decisive break there will carry larger bullish implications. However, break of 112.02 will likely extend the corrective pattern from 114.73 with another leg through 110.83 support.
GBP/USD
Previous Day Range High: 1.3544 Low: 1.3424 Close: 1.3500
Technical Chart Resistance
R-2:1.3609
R-1:1.3555





Support
S-1:1.3435
S-2:1.3369




Forecast
High:1.3555
Low:1.3435





GBP/USD rises strongly today and the near term falling channel from 1.3549 is firmly taken out. Correction from 1.3549 should have completed at 1.3300 already. Intraday bias is now on the upside for 1.3549 first. Break will resume whole rally from 1.3038 for 1.3651 high next. on the downside, below 1.3424 minor support will delay the bullish case and bring more consolidation first.
USD/CHF
Previous Day Range High: 0.9792 Low: 0.9731 Close: 0.9742
Technical Chart Resistance
R-2:0.9816
R-1:0.9779





Support
S-1:0.9718
S-2:0.9694




Forecast
High:0.9779
Low:0.9718






USD/CHF falls to as low as 0.9785 so far today and intraday bias remains on the upside for 0.9734 support. Break will resume whole correction from 1.0037. Nonetheless, we'd expect strong support from 61.8% retracement of 0.9420 to 0.1.0037 at 0.9656 to contain downside and bring rebound. On the upside, above 0.9839 resistance will turn bias to the upside for retesting 0.9977 resistance.
AUD/USD
Previous Day Range High: 0.7825 Low: 0.7785 Close: 0.7802
Technical Chart Resistance
R-2:0.7844
R-1:0.7823






Support
S-1:0.7783
S-2:0.7764




Forecast
High:0.7823
Low:0.7783







Intraday bias in AUD/USD remains on the upside as rebound from 0.7775 is still in progress. Further rise would be seen to 0.7896 cluster resistance (61.8% retracement of 0.8124 to 0.7500 at 0.7886). On the downside, break of 0.7694 support is needed to indicate completion of the rebound. Otherwise, further rally will remain in favor in case of retreat.
USD/CAD
Previous Day Range High: 1.2573 Low: 1.2512 Close: 1.2572
Technical Chart Resistance
R-2:1.2613
R-1:1.2593





Support
S-1:1.2532
S-2:1.2491



Forecast
High:1.2593
Low:1.2532





USD/CAD's decline accelerates again and reaches as low as 1.2547 today so far. The break of 1.2598 support now argues that whole rebound from 1.2061 has completed at 1.2919 already. Near term outlook is bearish for 61.8% retracement of 1.2061 to 1.2919 at 1.2389 or possibly below. On the upside, break of 1.2697 minor resistance is needed to indicate short term bottoming. Otherwise, near term outlook will stay mildly bearish in case of recovery.