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Technical Analysis (2017-02-17)

EUR/USD
Previous Day Range High: 1.0679 Low: 1.0588 Close: 1.0675
Technical Chart Resistance
R-2:1.0667
R-1:1.0635





Support
S-1:1.0545
S-2:1.0487



Forecast
High:1.0635
Low:1.0545





EUR/USD dives to as low as 1.0520 so far today and intraday bias remains on the downside. As corrective rise from 1.0339 is finished at 1.0828 already, fall from there is tentatively viewed as resuming larger down trend. Deeper fall should now be seen back to retest 1.0339. Decisive break there will confirm our bearish view and target parity. On the upside, above 1.0632 will turn bias neutral first. But recovery should be limited well below 1.0828 and bring another decline.
USD/JPY
Previous Day Range High: 114.32 Low: 113.05 Close: 113.23
Technical Chart Resistance
R-2:115.42
R-1:114.77





Support
S-1:113.67
S-2:113.22



Forecast
High:114.77
Low:113.67





USD/JPY's rise from 111.58 extends to as high as 114.94 so far today. Intraday bias remains on the upside for 115.36 resistance. We're holding on to the view that correction from 118.65 has completed at 111.58. Break of 115.36 will confirm this bullish case and bring retest of 118.65 high. Meanwhile, below 112.85 minor support will dampen this bullish view and could extend the correction from 118.65. In that case, downside should be contained by 38.2% retracement of 98.97 to 118.65 at 111.13 and bring rebound.
GBP/USD
Previous Day Range High: 1.2523 Low: 1.2453 Close: 1.2491
Technical Chart Resistance
R-2:1.2539
R-1:1.2499





Support
S-1:1.2400
S-2:1.2341



Forecast
High:1.2499
Low:1.2400





GBP/USD drops notably today but stays in range above 1.2346 minor support. Intraday bias remains neutral first. Price actions from 1.1946 are viewed as a consolidation pattern, with rise from 1.1986 as the third leg. In case of another rise, we'd expect upside to be limited by 1.2774 to bring larger down trend resumption. On the downside, below 1.2346 will revive the case that such consolidation is completed at 1.2705 already. In that case, intraday bias will turn back to the downside for retesting 1.1946 low.
USD/CHF
Previous Day Range High: 1.0062 Low: 0.9963 Close: 0.9969
Technical Chart Resistance
R-2:1.0148
R-1:1.0099





Support
S-1:1.0020
S-2:0.9990



Forecast
High:1.0099
Low:1.0020





USD/CHF's rise from 0.9860 extends today and reaches as high as 1.0118 so far. Intraday bias remains on the upside for a test on 1.0342 resistance next. We'd be cautious on topping below there. On the downside, below 1.0030 minor support will turn bias neutral first. But new term outlook will now stay cautiously bullish as long as 0.9860 support holds.
AUD/USD
Previous Day Range High: 0.7732 Low: 0.7680 Close: 0.7692
Technical Chart Resistance
R-2:0.7776
R-1:0.7747





Support
S-1:0.7660
S-2:0.7602



Forecast
High:0.7747
Low:0.7660





Intraday bias in AUD/USD remains neutral for the moment. With 0.7510 support intact, further rise cannot be ruled out. However, lost of upside momentum is seen in bearish divergence condition in 4 hours MACD. We'd expect strong resistance from 0.7777/7833 resistance zone to limit upside and bring near term reversal. On the downside, break of 0.7510 minor support will indicate that rise from 0.7158 has completed already and turn bias back to the downside for this key near term support level.
USD/CAD
Previous Day Range High: 1.3080 Low: 1.3006 Close: 1.3072
Technical Chart Resistance
R-2:1.3144
R-1:1.3107





Support
S-1:1.3047
S-2:1.3024



Forecast
High:1.3107
Low:1.3047





USD/CAD is staying in range of 1.2968/3211 and intraday bias remains neutral. Near term outlook stays mixed. On the upside, break of 1.3387 resistance will confirm that fall from 1.3598 has completed at 1.2968. And more importantly, rise from 1.2460 is still in progress. In that case, intraday bias will be turned back to the upside for 1.3598 and above. On the downside, below 1.2968 will revive the case that rise from 1.2460 is completed and turn outlook bearish for this low. Overall, choppy rise from 1.2460 is still seen as a corrective move.