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The Daily Trader update provides technical analysis of major currency pairs and forex market conditions at the time of the post. The support and resistance levels posted and current market price could be dramatically different from what you are seeing at the moment.
EUR/USD – Current 1.2925
Overview – Supports along 1.2890 area holding bottom side pressure for now. A confident break of this support will look for the next slide to 1.2800 and 1.2750. Resistance will likely be seen near 1.2975 but a push could send it higher to 1.3080.
Resistance – 1.2975 / 1.3035 / 1.3080 / 1.3148 / 1.3190
Support – 1.2890 / 1.2810 / 1.2750 / 1.2670 / 1.2625
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GBP/USD – Current 1.5540
Overview – Consolidation is dominant viewed on the 4hr chart. Lower highs and higher lows have persisted since Dec.28. The downtrend that began in early Nov. is still the overall focus. A break above 1.5600 area could change the trend outlook. For now focusing on sells below 1.5600 and looking for the next down leg below 1.5350.
Resistance – 1.5595 / 1.5655 / 1.5711 / 1.5800 / 1.5858
Support – 1.5508 / 1.5445 / 1.5350 / 1.5265 / 1.5188
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USD/CHF – Current 0.9700
Overview – Short term trend since Dec.31 has pressured higher resting just under .9700 where the weekly trend line is offering resistance. Only on a clear break of .9700 can we expect more upside. A hold could see the fall back to the low .9500’s.
Resistance – 0.9708 / .9736 / .9780 / .9808 / .9860
Support – 0.9633 / .9585 / .9515 / .9325
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USD/JPY – Current 83.00
Overview – Congestion between 83.50 and 84.40 could prove to be difficult on the way higher. Only a break of 84.40 will see the next significant bull leg. Under 82.60 could begin a slide back to the mid 81.00’s
Resistance – 83.65 / 84.40 / 85.18 / 85.70
Support – 82.80 / 82.30 / 81.67 / 81.10 / 80.30
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USD/CAD – Current 0.9960
Overview – Resistance at 1.0000 still dominant and continuing to focus on sell opportunities under that level. Only a break of 1.0020/30 will look for more upside. Still need a confident break of .9900 for next support targets to be achieved. Playing the range now between 1.0 and 9900. 4hr chart seeing triangle developing with lower highs and higher lows.
Resistance – 0.9980 / .9993 / 1.0015 / 1.0032 / 1.0050
Support – 0.9945 / .9923 / .9900 / .9829 / .9750
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AUD/USD – Current 0.9905
Overview – Long term uptrend still recognized on weekly chart with no change at the moment. Shorter downtrend finding support at 0.9900 which is in the area of the weekly trend line. A hold at this area could see a rally back to the mid 1.0150 area. Confidence will grow in the downside on the break of the weekly trend line and supports between .9900 and .9835
Resistance – 0.9935 / 0.9980 / 1.0040 / 1.0100 / 1.0155
Support – 0.9900 / 0.9835 / 0.9740 / 0.9660
