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Technical Overview of EUR/USD, GBP/USD, USD/CAD & USD/CHF: 20.02.2018

EUR/USD

EURUSD’s recent pullback from 1.2553 seems all set to re-test the two-month old ascending trend-line support of 1.2285, breaking which an intermediate TL figure of 1.2220, together with oversold RSI, might try restricting its follow-on downside. If the pair refrains to respect the 1.2220 level, the 1.2160 and the 1.2100 are likely consecutive stops that it can avail prior to resting on the 1.2085-80 horizontal-line. On the upside, the 1.2415, the 1.2455 and the 1.2520 may entertain short-term buyers before making them confront the latest high around 1.2555. In case if the pair continue rising beyond 1.2555, it become capable enough to target 61.8% FE level of 1.2650 with 1.2610 being a small halt during the rally.

GBP/USD

Following its U-turn from downward slanting TL resistance, the GBPUSD is expected to test the ascending trend-line support near 1.3855, which might limit its further declines. If the pair drops below 1.3855, it becomes vulnerable to visit the 1.3740 support-mark but the 1.3815 can act as a buffer. Should prices bounce off from present levels, the 1.4045 may become immediate resistance for trades to watch before observing chances of the 1.4120 TL resistance-break. Given the pair’s sustained trading above 1.4120, the 1.4180, the 1.4230 and the 1.4280 are likely levels that may please Bulls ahead of making them aim for the 1.4345 and the 61.8% FE level of 1.4410.

USD/CAD

Even after closing beyond 50-day SMA, the USDCAD still needs to surpass the 1.2615-25 horizontal-region, comprising 100-day SMA, in order to justify its strength in targeting 1.2660-65 and the 200-day SMA level of 1.2725. If at all the quote manages to conquer 1.2725 on a daily closing basis, the 1.2780 and the 1.2820 can appear on the chart. Meanwhile, 50-day SMA level of 1.2545 can offer nearby support to the pair, breaking which 1.2500 and the 1.2450 may gain sellers’ attention. Moreover, pair’s daily closing below 1.2450 can push Bears towards 1.2390, the 1.2350 and the 1.2300 support-levels.

USD/CHF

USDCHF’s break of six-week long descending trend-line resistance can’t be considered as a strong signal for the pair’s up-moves unless it confirms the short-term “Falling-Wedge” formation by surpassing 0.9365 resistance-line. Should the pair clears the 0.9365 barrier, it can rise in direction to the 0.9465-70 horizontal-line with 0.9405 acting as intermediate halt. During the pair’s successful trading above 0.9470, the 0.9500 and the 0.9550 can flash in the Bulls’ radars to target. Alternatively, the 0.9315 and the 0.9280 can become immediate supports for the pair, breaking which 0.9250 and the 0.9220 could become important. Given the pair’s extended downturn beneath the 0.9220, the 0.9200 and the 0.9170 TL figure might please the pessimists.

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Cheers and Safe Trading,
Anil Panchal

This article was originally posted on FX Empire

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