Forex spot: EUR/USD USD/JPY GBP/USD USD/CHF
Spot 0537 GMT 1.2583 79.42 1.5522 0.9549
3 Day Trend Range Range Bullish Range
Weekly Trend Bearish Range Range Bullish
200 day ma 1.3200 79.64 1.5829 0.9190
3rd Resistance 1.2672 79.92 1.5785 0.9657
2nd Resistance 1.2626 79.74 1.5740 0.9595
1st Resistance 1.2611 79.50 1.5599 0.9570
Pivot* 1.2547 79.51 1.5537 0.9571
1st Support 1.2552 79.30 1.5455 0.9522
2nd Support 1.2515 79.17 1.5405 0.9514
3rd Support 1.2435 78.99 1.5322 0.9475
Intraday EUR/USD: Resistance at 1.2626 is the last line of defence protecting
Monday's prominent peak at 1.2672. EUR bulls need to force a break through
Wednesday's 1.2611 high and then 1.2626 in order to open the week's 1.2672 high
once more. While 1.2626 caps, EUR weakness will look to put pressure on
intra-day pivotal support at 1.2515, and only a move below 1.2515 would expose
the 1.2435/44 lows. Weekly chart EUR/USD trend: Bearish.
Intraday USD/JPY: Remains within the established range between Tuesday's low
at 79.17 and Monday's peak at 79.92. However, Wednesday's peak at 79.74 has
become a confirmed USD bull failure, suggesting a return to the 79.17 low is on
the cards. A downwave equality target at 78.99 would be generated on a break
below 79.17. Weekly chart USD/JPY trend: Range.
Intraday GBP/USD: A move lower to Monday's low at 1.5455 is threatened, as
resistance at the important June 7 reaction high at 1.5599 remains resolute. The
setback off Wednesday's high at 1.5595 has scope to extend to 1.5405, although
only a move below 1.5405 would put GBP bears in control. A push above 1.5595/99
would create additional upside scope to 1.5740 and 1.5785. Weekly chart GBP/USD trend: Range.
Intraday USD/CHF: Support at 0.9514 is the last line of defence protecting
Monday's prominent low at 0.9475. However, Wednesday's low at 0.9522 and support
at 0.9514 remain within striking distance, and are likely to come under fresh
pressure. A recovery above 0.9570 and 0.9595 is required to lift the tone,
opening 0.9657. Weekly chart USD/CHF trend: Bullish.
Forex spot: EUR/GBP EUR/JPY EUR/CHF AUD/USD
Spot 0537 GMT 0.8106 99.93 1.2014 0.9959
3 Day Trend Range Range Bearish Range
Weekly Trend Bearish Bearish Bearish Range
200 day ma 0.8337 105.12 1.2114 1.0252
3rd Resistance 0.8230 100.90 1.2030 1.0200
2nd Resistance 0.8157 100.33 1.2023 1.0146
1st Resistance 0.8106 100.10 1.2018 1.0011
Pivot* 0.8076 99.73 1.2010 0.9955
1st Support 0.8050 99.29 1.2006 0.9928
2nd Support 0.8012 98.71 1.2000 0.9889
3rd Support 0.7972 98.55 1.1990 0.9850
Intraday EUR/GBP: Remains within a bear flag continuation pattern, to come
within touching distance of this week's 0.8157 peak. A push above Wednesday's
high at 0.8106 is required to pave the way for further gains, but the 0.8157
peak is not expected to be broken at this stage. Support at 0.8050 protects
Tuesday's important low at 0.8012. Weekly chart EUR/GBP trend: Bearish.
Intraday EUR/JPY: There is scope for further corrective EUR gains towards
100.33, as the recovery from Tuesday's 98.86 low has room to extend. However,
Monday's commanding peak at 100.90 is not expected to be broken at this stage. A
setback below Wednesday's low at 99.29 is required to bring the focus back onto
the week's low at 98.71, and then 98.55. Weekly chart EUR/JPY trend: Bearish.
Intraday EUR/CHF: The corrective rally targets 1.2018, and potentially
1.2023, within a broader EUR bearish tone. A return to support at 1.2006 remains
the main threat though, which defends 1.2000 and the April 5 spike low at
1.1990. Orderly corrective gains will be restricted by 1.2023, and only a move
above 1.2023 would create risk of spikes to 1.2030 and 1.2076. Weekly chart EUR/CHF trend: Bearish.
Intraday AUD/USD: A trading range has been established between 0.9821 and
Monday's 1.0011 high. Consolidation of the short-term rally from the June 1
reaction low at 0.9581 is underway, and a break below 0.9928 would create
additional downside risk to 0.9889 and 0.9850. Only a fresh wave of AUD bull
pressure would manage to force an upside break through 1.0011, opening 1.0146
and then 1.0200. Weekly chart AUD/USD trend: Range.
* The pivot is the sum of the high, low and close divided by 3.
For more technical analysis see: Dow Jones Newswires, N/DJTA; Bloomberg, NI
DJTA; and Reuters key word search "INSI-DJN"
By Francis Bray; Dow Jones Newswires; +44 (0)207 842 9249;
francis.bray@dowjones.com
Francis Bray is Dow Jones' chief technical analyst for Europe, and has worked
as a technical analyst and trader for 20 years in London, Barcelona and
Guernsey.
Data provided by CQG International Ltd.
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