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Technical Analysis (2017-10-23)

EUR/USD
Previous Day Range High: 1.1858 Low: 1.1761 Close: 1.1776
Technical Chart Resistance
R-2:1.1895
R-1:1.1836





Support
S-1:1.1739
S-2:1.1701




Forecast
High:1.1836
Low:1.1739






EUR/USD stayed in range of 1.1669/1879 last week and initial bias is neutral this week first. On the upside, break of 1.1879 will affirm the case that pull back from 1.2091 has already completed at 1.1669. In such case, intraday bias will be turned back to the upside for retesting 1.2091 high. On the downside, break of 1.1669 will resume the fall from 1.2091 to 38.2% retracement of 1.0569 to 1.2091 at 1.1510. We'd expect strong support from there to complete the correction.
USD/JPY
Previous Day Range High: 113.57 Low: 112.50 Close: 113.47
Technical Chart Resistance
R-2:114.25
R-1:113.86






Support
S-1:112.79
S-2:112.11




Forecast
High:113.86
Low:112.79





USD/JPY's break of 113.43 resistance last week indicates that rebound from 107.31 has resumed. This also revives the case that correction from 118.65 has completed at 107.31. Initial bias remains on the upside this week for 114.49 resistance first. Decisive break there will affirm this case and target 118.65 resistance and above. For now, this will be the preferred case as long as 111.64 support holds.
GBP/USD
Previous Day Range High: 1.3200 Low: 1.3087 Close: 1.3187
Technical Chart Resistance
R-2:1.3271
R-1:1.3229





Support
S-1:1.3116
S-2:1.3045




Forecast
High:1.3229
Low:1.3116





GBP/USD's decline last week suggests that rebound from 1.3026 has completed at 1.3337 already. And near term outlook is a bit mixed. Initial bias remains neutral this week first. On the downside, break of 1.3026 will resume the decline from 1.3651 and target 1.2773 key support level. This will also revive the case of medium term reversal. Meanwhile, on the upside, break of 1.3337 will resume the rebound from 1.3026 to 61.8% retracement of 1.3651 to 1.3026 at 1.3412 and above.
USD/CHF
Previous Day Range High: 0.9853 Low: 0.9754 Close: 0.9845
Technical Chart Resistance
R-2:0.9916
R-1:0.9881





Support
S-1:0.9782
S-2:0.9718




Forecast
High:0.9881
Low:0.9782






USD/CHF's break of 0.9835 resistance last week indicates that rebound from 0.9420 is resuming. More importantly, this affirmed the case that medium term fall from 1.0342 has finished at 0.9420. Initial bias stays on the upside this week for 61.8% retracement of 1.0342 to 0.9420 at 0.9990. Sustained break there will pave the way to retest 1.0342 high. However, break of 0.9736 support will mixed up the near term outlook and turn bias back to the downside for 0.9587 support instead.
AUD/USD
Previous Day Range High: 0.7882 Low: 0.7805 Close: 0.7817
Technical Chart Resistance
R-2:0.7912
R-1:0.7864






Support
S-1:0.7787
S-2:0.7758




Forecast
High:0.7864
Low:0.7787







AUD/USD's rebound from 0.7732 was limited at 0.7896 and turned sideway. Initial bias remains neutral this week first. On the downside, break of 0.7732 will resume the decline from 0.8124 and target medium term fibonacci level at 0.7628 first. This will also affirm the case of medium term reversal. On the upside, however, break of 0.7896 will extend the rebound to 61.8% retracement of 0.8124 to 0.7732 at 0.7974 and possibly above.
USD/CAD
Previous Day Range High: 1.2630 Low: 1.2472 Close: 1.2622
Technical Chart Resistance
R-2:1.2733
R-1:1.2677





Support
S-1:1.2519
S-2:1.2417



Forecast
High:1.2677
Low:1.2519





USD/CAD's break of 1.2598 last week indicates that rebound from 1.2061 has resumed. Initial bias is back on the upside this week for 1.2777 resistance first. Decisive break there will confirm medium term reversal and target 38.2% retracement of 1.4689 to 1.2061 at 1.3065 next. On the downside, break of 1.2432 support is needed to indicate completion of the rebound. Otherwise, outlook will remain mildly bullish in case of retreat.