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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 1.3300
Overview – Early this week we are seeing the potential break of the daily trend line that has been down since the beginning of last November. The price has found resistance at 1.3400 but a break will look for the next extension higher. The next major support break comes through 1.3075.
Resistance – 1.3335 / 1.3313 / 1.3485 / 1.3595 / 1.3693
Support – 1.3185 / 1.3075 / 1.2986 /1.2890 / 1.2810 / 1.2750
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GBP/USD – Current 1.5910
Overview – Daily Fib near 1.5930 capping the rise so far this week. As long as this holds will look for indications of reversal back towards 1.5700. On a break could push back towards 1.6100.
Resistance – 1.5930 / 1.5993 / 1.6050 / 1.6100 / 1.6145
Support – 1.5875 / 1.5820 / 1.5770 / 1.5710 / 1.5656
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USD/CHF – Current 0.9645
Overview – Short term trend since Dec.31 has pressured higher but has not seen a confident break of the weekly down trend line. Ranging now between .9630 and .9730. Focused on the break of the trend line higher early on this week.
Resistance – .9730 / .9765 / .9813 / .9860
Support – 0.9635 /0.9600 / .9555 / .9585 / .9515
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USD/JPY – Current 82.65
Overview – Congestion between 83.50 and 84.40 has proven to be difficult on the way higher as expected. Only a break of 84.40 will see the next significant bull leg. Under 82.40 could begin a slide back to the mid 81.00’s
Resistance – 83.00 / 83.48 / 83.80 / 84.00 / 84.40 /
Support – 82.40 / 81.67 / 81.10 / 80.30
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USD/CAD – Current 0.9875
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. Confident break of .9900 has given way to expected fall. Looking for continued slide to .9830 then .9750 otherwise back above .9900 could head back to 1.0
Resistance – 0.9905 / 0.9985 /1.0015 / 1.0032 / 1.0050
Support – 0.9850 / 9829 / .9795 / .9750
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AUD/USD – Current 0.9940
Overview – Long term uptrend still recognized on weekly chart with no change at the moment. Shorter downtrend finding support at 0.9820 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
Resistance – 0.9966 / 0.9985 / 1.0028 / 1.0040 / 1.0100 / 1.0155
Support – 0.9865 / 0.9840 / .9820 / 0.9740 / 0.9660
