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Technical Analysis (2017-01-17)

EUR/USD
Previous Day Range High: 1.0636 Low: 1.0577 Close: 1.0604
Technical Chart Resistance
R-2:1.0665
R-1:1.0634





Support
S-1:1.0575
S-2:1.0547



Forecast
High:1.0634
Low:1.0575





With 1.0453 minor support intact, further rise is expected in EUR/USD for 1.0872 resistance and above. But after all, rise from 1.0339 is seen as a corrective move. Below 1.0453 will argue that it's completed and turn bias back to the downside for 1.0339 support. Break there will extend the larger down trend towards parity.
USD/JPY
Previous Day Range High: 114.45 Low: 113.63 Close: 114.11
Technical Chart Resistance
R-2:114.88
R-1:114.50






Support
S-1:113.68
S-2:113.24




Forecast
High:114.50
Low:113.68





Intraday bias in USD/JPY remain son the downside for the moment. Correction from 118.65 short term top is expected to extend lower to 38.2% retracement of 98.97 to 118.65 at 111.13. At this point, we'd expect strong support from there to contain downside and bring rebound. Above 116.86 minor resistance will turn bias to the upside for 118.65 high. However, sustained break of 111.13 will argue that whole rise from 98.97 has completed and bring deeper fall to 61.8% retracement at 106.48 and below.
GBP/USD
Previous Day Range High: 1.2085 Low: 1.1987 Close: 1.2068
Technical Chart Resistance
R-2:1.2145
R-1:1.2106





Support
S-1:1.2008
S-2:1.1949



Forecast
High:1.2106
Low:1.2008







GBP/USD's fall from 1.2774 resumed again by taking out 1.2036 and reaches as low as 1.1986 so far. Intraday bias is back on the downside for 1.1946 support. Decisive break there will confirm larger down trend resumption. Next near term target is 61.8% projection of 1.3444 to 1.1946 from 1.2774 at 1.1848 and then 100% projection at 1.1276. On the upside, break of 1.2342 resistance will invalidate our bearish view and extend the consolidation from 1.1946 with another rise before down trend resumption.
USD/CHF
Previous Day Range High: 1.0136 Low: 1.0085 Close: 1.0110
Technical Chart Resistance
R-2:1.0161
R-1:1.0136





Support
S-1:1.0085
S-2:1.0059



Forecast
High:1.0136
Low:1.0085





Intraday bias in USD/CHF remains neutral as it's staying in range of 1.0019/0342. As long as 1.0019 support holds, further rally is still mildly in favor. Firm break of 1.0342 will confirm up trend resumption. However, sustained break of 1.0019 will indicate near term reversal and could bring deeper fall bring to 0.9443/9548 support zone.
AUD/USD
Previous Day Range High: 0.7506 Low: 0.7454 Close: 0.7479
Technical Chart Resistance
R-2:0.7532
R-1:0.7505





Support
S-1:0.7453
S-2:0.7428



Forecast
High:0.7505
Low:0.7453





With 0.7351 minor support intact, the rebound from 0.7158 would extend through 61.8% retracement of 0.7777 to 0.7518 at 0.7541. At this point, we'd expect strong resistance from 0.7777/7833 to limit upside. On the downside, below 0.7351 minor support will turn bias back to the downside for 0.7144 key support level.
USD/CAD
Previous Day Range High: 1.3176 Low: 1.3115 Close: 1.3155
Technical Chart Resistance
R-2:1.3210
R-1:1.3182





Support
S-1:1.3121
S-2:1.3088



Forecast
High:1.3182
Low:1.3121





Mute in North America as the US markets are closed to observe Martin Luther King Day. On Wednesday this week the US releases key fundamentals CPI figures and the Fed Beige book at 8:30 am and 2:00 pm respectively. Bank of Canada rate announcement and Monetary Policy Report are also on Wednesday at 10 am followed by a press conference at 11:15 am. The Loonie has consolidated between support of 1.3108 and resistance of 1.3166 for the last three trading days. JS

We expect a range today of 1.2983 to 1.3094