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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.
Looking forward to the end of the week, there are some significant news events that could dramatically change the technical trading outlook.
EUR/USD – Current 1.3145
4 hour View – As noted in the last update, a break of the 1.3300 area gave way to the next leg lower and now finding support in the mid 1.3100’s. Significant congestion between 1.3150 and 1.3080 could prove to be enough for a push back up.
Resistance – 1.3166 / 1.3187 / 1.3215 / 1.3234 / 1.3264
Support – 1.3145 / 1.3125 / 1.3110 / 1.3098 / 1.3080
Intraday Opportunities – Look for support between 1.3150 and 1.3080 for buy opportunities heading back to 1.3300. Break of 1.3080 look for 1.2980 and 1.2900.
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GBP/USD – Current 1.5500
4 hour View – Currently holding the bottom of the 4hr trend channel in the upper 1.5400’s. Breaking the 1.5480/60 area could see the next test of the lows in the mid 1.5300’s
Resistance – 1.5495 / 1.5513 / 1.5532 / 1.5555 / 1.5575
Support – 1.5480 / 1.5465 / 1.5448 / 1.5420 / 1.5400
Intraday Opportunities – A break below 1.5485/60 back to 1.5420 then 1.5400. Below 1.5400 a test of 1.5350. A hold in the upper 1.5400’s could see back to 1.5550.
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USD/CHF – Current 0.9645
4 hour View – 4hr trend line was broken at .9500. Testing resistance in the low .9600 from late Dec. A break of .9650 could see .9700 then the mid .9800’s. Otherwise resistance sends it back to the low .9300’s.
Resistance – 0..9650 / 0.9667 / 0.9687 / 0.9705 / 0.9735
Support – 0.9624 / 0.9600 / 0.9570 / 0.9522 / 0.9498
Intraday Opportunities – Watch for continued upside above .9650 to .9700. retracements back down target .9500 then .9350
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USD/JPY – Current 83.00
4 hour View – the push through 82.00 has seen strength through to the low 83.00’s. Congestion between 83.50 and 84.40 could prove to be difficult on the way higher. A break of 84.40 will see the next bull leg.
Resistance – 83.13 / 83.45 / 83.65 / 83.80 / 84.00
Support – 82.95 / 82.75 / 82.55 / 82.25 / 81.97
Intraday Opportunities – Holding under 83.45 look for pullback to 82.50’s then 81.60. A rise above 83.45 look for 84.40 and a break for the next bull leg.
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USD/CAD – Current 0.9960
4 hour View – Resistance at 1.0020 held and now falling back under 1.0. A continued slide could test .9950 and .9900. Only a break of 1.0020/30 will look for more upside.
Resistance – 0.9972 / 0.9993 / 1.0005 / 1.0020 / 1.0032
Support – 0.9950 / 0.9936 / 0.9916 / 0.9907 / 0.9886
Intraday Opportunities – Holding under 0.9985 continue to focus on slide to 0.9735 selling at resistance. On break above 0.9985 shift back to upside.
