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DailyFX Technicals
By DailyFX – EUR/USD * Euro bulls continued to bounce around the psychologically important 1.2000 handle, a level created by the 38.2 Fib of the… … 1.2588-1.1639 USD rally and is further reinforced by the combination of the 20-day and 50-day SMA's, as either side failed to make any progress.
As greenback longs push the pair lower, a further
advance by the dollar longs will most likely see the pair head lower target euro
offers around 1.1932, a level marked by the December 28 daily high and with further
advance on the part of the dollar trader seeing the pair head below 1.1900 figure
and target bids around 1.1864, a level defended by the 23.6 Fib of the 1.2588-1.1639
USD rally. However in case euro bulls manage to push the pair higher, a move above
1.2100 figure will most likely see the pair advance above 1.2115, a level defended
by the 50.0 Fib of the 1.2588-1.1639 USD rally. Indicators are favoring Euro longs
with both positive momentum indicator and MACD treading above the zero line, while
neutral oscillators give either side enough room to maneuver.
USD/JPY * Japanese Yen longs continued to keep the pair below 118.00 figure as price
action remained confined to a trading range that dominated USD/JPY since the
beginning of the year. As greenback bulls continue their advance, a further move to
the upside will most likely see the pair head higher and with a move above 118.00
target yen offers around 118.17, a level marked by the December 30 daily high. A
further move to the upside will most likely see the pair extend its gains above
119.00 figure and target offers around 119.39, a level established by the February 3
daily high. However in case greenback longs fail to push the pair above 118.00, a
reversal will most likely see the pair head below 117.35, a level marked by the 23.6
Fib of the 104.16-121.46 USD rally and target 116.00 figure, a level defended by the
January 17 daily high at 115.93. A further move to the downside will most likely see
USD/JPY extending its decline toward the psychologically important 115.00 handle, a
level protected by the 38.2 Fib of the 104.16-121.46 USD rally and 200-day SMA at
114.90. Indicators are favoring yen bulls with both negative momentum indicator and
negative MACD treading below the zero line, while neutral oscillators give either
side enough room to maneuver.
GBP/USD * British pound longs once again retreated below 1.7399, a level established
by the 23.6 Fib of the 1.8500-1.7048 USD rally after failing to capture offers above
the psychologically important 1.7500 handle, a level defended by the March 12 daily
low at 1.7512. A further move to the downside will most likely see GBP/USD extend
its decline below 1.7311, a March 24 daily low and target 1.7281, a level defended
by the February 14 daily low. A sustained momentum on the part of the dollar traders
most likely seeing GBP/USD head lower and target sterling bids around 1.7188, a
level marked by the January 3 daily low. However in case dollar bulls fail to
takeover the price action, a reversal will most likely see the pair head higher and
with a move above 1.7399 most likely target the psychologically important 1.7500
handle. A further move to the upside will most likely see GBP/USD head above the
50-day SMA at 1.7525, and target dollar offers around 1.7603, a level marked by the
38.2 Fib of the 1.8500-1.7048 USD rally. Indicators are mixed with positive momentum
indicator diverging from negative MACD treading below the zero line, while neutral
oscillators give either side enough room to maneuver.
USD/CHF * Swiss Franc bulls failed to follow through with a counter against the
greenback longs with USD/CHF once again heading above the 1.3100 figure. As dollar
longs push the pair above 1.3100, a further move to the upside will most likely see
USD/CHF head higher and extend its advance toward Swiss Franc defenses around
1.3201, a level defended by the December 30 daily high. A further move to the upside
will most likely see the pair head toward 1.3285, a level established by the 2005
High. However in case Swissie longs once again manage to push the pair lower, a
further move to the downside will most likely see the pair head lower and with a
break below 1.3040, a level marked by the 23.6 Fib of the 1.2240-1.3285 CHF target
dollar bids around the psychologically important 1.3000 handle, a level defended by
the November 28 daily low, and with sustained momentum most likely seeing the pair
extend its decline toward 1.2885, a level created by the 38.2 Fib of the
1.2240-1.3285 CHF rally. Indicators are favoring dollar bulls with both positive
momentum indicator and positive MACD treading above the zero line, while neutral
oscillators give either side enough room to maneuver.
