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Technical Analysis (2017-08-21)

EUR/USD
Previous Day Range High: 1.1774 Low: 1.1707 Close: 1.1762
Technical Chart Resistance
R-2:1.1815
R-1:1.1788





Support
S-1:1.1721
S-2:1.1681



Forecast
High:1.1788
Low:1.1721





EUR/USD's consolidation from 1.1908 continued last week and outlook is unchanged. Initial bias stays neutral this week as such consolidation might extend. But downside should be contained by 38.2% retracement of 1.1119 to 1.1908 at 1.1606 to bring up trend resumption. Break f 1.1846 minor resistance will argue larger rise from 1.0339 is resuming for 1.2042 long term support turned resistance next.
USD/JPY
Previous Day Range High: 109.60 Low: 108.60 Close: 109.18
Technical Chart Resistance
R-2:110.13
R-1:109.65






Support
S-1:108.65
S-2:108.13




Forecast
High:109.65
Low:108.65





USD/JPY tried to rebound last week but it was limited at 110.94 and reversed. The cross was also limited below 55 day and 55 week EMA. Breach of 108.72 suggests that fall from 114.49 is resuming. Initial bias remains on the downside this week for 108.12 low first. Whole corrective decline from 118.65 is possibly resuming and break of 108.12 will target 61.8% retracement of 98.97 to 118.65 at 106.48. On the upside, break of 110.94 is needed to indicate short term bottoming. Otherwise, outlook remains bearish in case of recovery.
GBP/USD
Previous Day Range High: 1.2916 Low: 1.2830 Close: 1.2881
Technical Chart Resistance
R-2:1.2962
R-1:1.2921





Support
S-1:1.2835
S-2:1.2790




Forecast
High:1.2921
Low:1.2835





GBP/USD's decline from 1.3267 extended to as low as 1.2830 last week. Initial bias stays on the downside this week for 1.2588 key near term support. We're favoring the case that correction from 1.1946 is completed at 1.3267. Decisive break of 1.2588 will confirm our view and target a test on 1.1946 low. On the upside, above 1.2915 minor resistance will turn intraday bias neutral first. But near term outlook will remains cautiously bearish as long as 1.3030 resistance holds.
USD/CHF
Previous Day Range High: 0.9670 Low: 0.9584 Close: 0.9646
Technical Chart Resistance
R-2:0.9719
R-1:0.9683





Support
S-1:0.9597
S-2:0.9547




Forecast
High:0.9683
Low:0.9597





USD/CHF failed to take out 0.9772 resistance last week and reversed. But the pair stays inside range of 0.9582/9772. Initial bias remains neutral this week first. On the upside, decisive break of 0.9772 resistance will revive the bullish case of reversal. That is, whole decline from 1.0342 has completed at 0.9437 after defending 0.9443 support. USD/CHF should then target channel resistance (now at 0.9862) next. Meanwhile, the pair is bounded inside medium term falling channel and limited below 38.2% retracement of 1.0342 to 0.9437 at 0.9783 for the moment. Break of 0.9582 will turn bias back to the downside for 0.9437. This could also extend the fall from 1.0342 through 0.9437/43 key support level.
AUD/USD
Previous Day Range High: 0.7944 Low: 0.7867 Close: 0.7933
Technical Chart Resistance
R-2:0.7992
R-1:0.7962





Support
S-1:0.7885
S-2:0.7838




Forecast
High:0.7962
Low:0.7885





AUD/USD's recovery last week argues that pull back from 0.8065 has completed at 0.7807 already. Initial bias is mildly on the upside this week for retesting 0.8065 first. Firm break there will resume the medium term rise and target 100% projection of 0.6826 to 0.7833 from 0.7328 at 0.8335. In case of another fall, we'd continue to expect strong support from 0.7785 cluster support (38.2% retracement of 0.7328 to 0.8065 at 0.7783) to contain downside and bring rebound.
USD/CAD
Previous Day Range High: 1.2691 Low: 1.2553 Close: 1.2573
Technical Chart Resistance
R-2:1.2744
R-1:1.2658





Support
S-1:1.2520
S-2:1.2468



Forecast
High:1.2658
Low:1.2520





USD/CAD's corrective recovery from 1.2412 could have completed at 1.2777 already. Initial bias remains mildly on the downside for retesting 1.2412 first. Break there will resume the larger decline and target next long term fibonacci level at 1.2048. On the upside, above 1.2690 will extend the correction fro 1.2412 with another rise. But we'd expect upside to be limited by 38.2% retracement of 1.3793 to 1.2412 at 1.2940 to bring fall resumption eventually.