Technical Overview of EUR/USD, GBP/USD, USD/JPY & USD/CHF: 09.01.2018

EUR/USD

Following its failure to surpass the 1.2080-90 region, the EURUSD dropped below an immediate ascending trend-line, which in-turn dragged the pair towards conquering the 1.1960-55 horizontal-support. As a result, the pair’s further downside in direction to 1.1910 and then to the 1.1850 become more likely; however, two-month old upward slanting TL, at 1.1825, might confine the quote’s additional declines, failing to which can quickly flash 1.1800 and the 1.1760 numbers on the chart. Meanwhile, the 1.1980 could restrict the pair’s pullback from present levels, breaking which the 1.2000 and the 1.2040 are likely intermediate halts that it may avail prior to again challenging the 1.2080-90 region. If at all the pair successfully clears the 1.2090 mark, it can aim for 1.2180 and the 1.2250 resistances.

GBP/USD

Even after breaking an adjacent TL support, the GBPUSD’s downturn is likely to be limited by the 1.3495-90 horizontal-area, which if broken can fetch prices to 1.3455 and then to the 1.3430. Given the pair’s extended south-run below 1.3430, the 1.3400, the 1.3385 and the 1.3365 can entertain follow-on sellers. Alternatively, break of support-turned-resistance line, at 1.3535, can trigger the pair’s upside to 1.3555 and the 1.3585-90 north-side numbers. Should the pair manage to rise beyond 1.3590, it can target 1.3610 and the 61.8% FE level of 1.3660 during its rally.

USD/JPY

While a month-long descending trend-line confined the USDJPY’s advances, the pair didn’t drop below 112.45 and is presently running towards the previously said TL resistance of 113.40. If the pair successfully trades above 113.40, the 113.70, the 114.00 and the 114.30 can please the buyers ahead of making them question the November 2017 high around 114.75. In case of the pair’s break of 112.45, the 112.00 and the 111.65 could become important to watch, which if conquered may recall 111.00 and the 110.80 support-levels.

USD/CHF

USDCHF’s latest uptick might find it hard to surpass the 0.9835-40 horizontal resistance-zone and the 0.9870 descending trend-line. Should the pair successfully clears the 0.9870 mark, the 0.9885, the 0.9910 and 0.9925 may gain importance. On the downside, the 0.9785, the 0.9760 and the 0.9735 are expected nearby supports that can challenge the Bears’ strength. Given the price-drop below 0.9735, chances of witnessing 0.9695 and the 0.9650 as quotes can’t be denied.

Cheers and Safe Trading,
Anil Panchal

 

This article was originally posted on FX Empire

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