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Technical Analysis (2016-09-23)

EUR/USD
Previous Day Range High: 1.1257 Low: 1.1185 Close: 1.1205
Technical Chart Resistance
R-2:1.1288
R-1:1.1247





Support
S-1:1.1174
S-2:1.1143



Forecast
High:1.1247
Low:1.1174





Intraday bias in EUR/USD stays neutral for the moment. But today's rebound now put focus back to 1.3126 resistance. Break there should extend the whole choppy rise from 1.0911 and would target 1.1615 resistance next. Meanwhile, break of 1.1122 will confirm completion of corrective rise from 1.0911. In that case, EUR/USD will target a test on this key near term support level.
USD/JPY
Previous Day Range High: 100.93 Low: 100.10 Close: 100.79
Technical Chart Resistance
R-2:101.44
R-1:101.11






Support
S-1:100.28
S-2:99.78




Forecast
High:101.11
Low:100.28





Intraday bias in USD/JPY stays cautiously on the downside for 99.52 support. As noted before, the pair is still bounded inside medium falling channel and held below 55 days EMA. Outlook stays bearish as the down trend is in favor to extend lower. Break of 99.52 will affirm this bearish case and should send USD/JPY through 98.97 low to next fibonacci level at 94.77. Above 101.19 will extend recent sideway consolidation instead.
GBP/USD
Previous Day Range High: 1.3121 Low: 1.3029 Close: 1.3074
Technical Chart Resistance
R-2:1.3167
R-1:1.3120





Support
S-1:1.3028
S-2:1.2983



Forecast
High:1.3120
Low:1.3028







GBP/USD lost some downside momentum as seen in 4 hours MACD but further fall is still expected with 1.3137 minor resistance intact. Consolidation pattern from 1.2794 should have completed at 1.3444 and the larger down trend is possibly resuming. Break of 1.2794 low will target next projection level at 1.2457. On the upside, above 1.3137 minor resistance will possibly extend the consolidation pattern from 1.2794. In that case, upside should be limited by 38.2% retracement of 1.5016 to 1.2794 at 1.3643 and bring down trend resumption eventually.
USD/CHF
Previous Day Range High: 0.9724 Low: 0.9660 Close: 0.9695
Technical Chart Resistance
R-2:0.9781
R-1:0.9738





Support
S-1:0.9656
S-2:0.9617



Forecast
High:0.9738
Low:0.9656





Intraday bias in USD/CHF remains neutral but today's fall now turns focus back to 0.9648 minor support. Break will bring deeper decline to 0.9563. Break of 0.9536 will extend the whole corrective decline from 1.0327 through 0.9443 low. Overall, price actions from 0.9443 are viewed as a consolidation pattern. Break of 0.9949/55 resistance zone is needed to confirm completion of the fall from 1.0327. Otherwise, outlook will stays mildly bearish.
AUD/USD
Previous Day Range High: 0.7675 Low: 0.7626 Close: 0.7641
Technical Chart Resistance
R-2:0.7696
R-1:0.7668





Support
S-1:0.7620
S-2:0.7598



Forecast
High:0.7668
Low:0.7620





AUD/USD's strong rebound and break of 0.7571 resistance dampened the bearish view and suggests that pull back from 0.7754 has completed at 0.7441 already. Intraday bias is back on the upside for 0.7731/54 resistance zone. But still, we'd expect strong resistance from 0.7833 to limit upside and bring down trend resumption eventually. Break of 0.7441 will target 0.7144 support first.
USD/CAD
Previous Day Range High: 1.3097 Low: 1.3001 Close: 1.3052
Technical Chart Resistance
R-2:1.3146
R-1:1.3099





Support
S-1:1.3003
S-2:1.2954



Forecast
High:1.3099
Low:1.3003





USD/CAD's sharp decline and break of 1.3127 minor support suggests that rise from 1.2821 is completed at 1.3247, below 1.3251 resistance. Intraday bias is turned back to the downside for 1.2821 support first. Overall, price actions from 1.2460 are viewed as a consolidation pattern and should be limited by 38.2% retracement of 1.4689 to 1.2460 at 1.3311. Break of 1.2821 will likely extend the larger decline from 1.4689 through 1.2460 low.