Daily FX Market Comment 3/3

EUR/USD 1.0777. No change in view. EUR continues to consolidate between 1.0715 & 1.0830/45. Break of either side is needed to gauge the future moves.

USD/CHF 1.3564. No change in view. USD is confined to recent suggested range so far. Short term blip higher to 1.3595/05 cannot be ruled out while above 1.3555/45.

USD/JPY 118.20. Dollar hit 118.30 as suggested on Friday. It should grind higher to 118.55/65 now while support at 118.00 or 117.85 holds.

GBP/USD 1.5731. Cable went slightly above our resistance level, but turned down as expected to our target area. It should now drift down to 1.5685 while 1.5765/70 acts as resistance.

EUR/CHF 1.4618. Once the consolidation is over, EUR should drop to 1.4565.Resistance is at 1.4660/65.

EUR/JPY 127.37. Break of 126.85 is positive for EUR & it should move higher to 127.85/128.05. Supports are at 127.05 & 126.80.

EUR/GBP 0.6846. EUR rose after testing close to our suggested level near 0.6785 on Friday. 0.6830/25 should contain its short term weakness for rise to 0.6885/90.

AUD/USD 0.6063. No change in view Upside potential should extend to 0.6105/15 now. Support is at 0.6035/20.

USD/CAD 1.4854. Dollar’s weakness should extend to 1.4820/1.4795 while below 1.4890/1.4900.

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EUR/USD.. .1.0780. No change in view. Resistance near 1.0915/35 has so far managed to contain EUR's strength. It has now entered into correction, which is likely to continue for a while. Supports are at 1.0665, 1.0625 & 1.0560. Need a break of either 1.0865 or 1.0660 for gauging future direction.

USD/CHF.. 1.3560.No change in view. Dollar's corrective phase is expected to last for some time. Resistances are at 1.3705, 1.3775/80 & 1.3835/50.

USD/JPY..118.05. Dollar dropped to 116.80 last week as suggested. good resistances are at 118.85 & 119.30/35. As these hold one more drop to 115.75/55 cannot be ruled out.

GBP/USD..1.5745. Cable continues to be weak & should target 1.5685/60 initially & 1.5450/10 later. Resistances are at 1.5980 & 1.6035/50.

Regards.

 

EUR/USD 1.0907. EUR at last broke out of the consolidation to the upside & should target 1.0955/60 or 1.1005/25 now. Supports are at 1.0880/65 & below that 1.0845/30 (S/L).

USD/CHF 1.3365. Dollar is expected to target 1.3275/55 now. Shorts should be tried on corrective rise to 1.3425/40 with stop above 1.3480. Minor Resistance is at 1.3410.

USD/JPY 117.55. Dollar could not hold onto the gains made. It is too soon to determine if the upside correction is over. Preference is for short term dips to hold above 116.95/80 for one more rise to 117.95/118.30. Unexpected break of 116.80 will yield 116.45/35.

GBP/USD 1.5814. Cable may grind higher to 1.5840/45 in short term while above 1.5785.

EUR/CHF 1.4578. EUR’s weakness should push it down to 1.4545/40.Resistance is at 1.4610/15.

EURJPY 128.27. Short term strength should carry EUR to 128.60/75. Support is at 127.95/75.

EUR/GBP 0.6896. EUR should rise to 0.6915/20 or 0.6940 while above 0.6860/55. More support lies at 0.6840.

AUD/USD 0.6142. Upside potential should extend to 0.6175/85 now. Support is at 0.6105/0.6090.

USD/CAD 1.4832. Dollar can still drift down to 1.4795, while below 1.4875/85.

 

EUR/USD 1.0977. EUR held above our suggested support level near 1.0860 yesterday & is on track towards 1.1005/20 now. Supports have moved up to 1.0940 & 1.0920.

USD/CHF 1.3289. Dollar turned down from minor resistance near 1.3410 yesterday & should drift down to 1.3225/10 now. Resistance is at 1.3335/50.

USD/JPY 117.35. As expected Dollar went up to test our target near 118.05 but could not hold onto the gains made. It is too soon to determine if the upside correction is over. Immediate outlook is for a drop to 116.95/85 while below 117.65/70. Break of 116.80 will yield 116.45/35.

GBP/USD 1.5893. Cable’s short term strength may carry it up to 1.5925/45, but it may fail to pierce this area. Supports are at 1.5840 & 1.5805.

EUR/CHF 1.4585. No change in view. EUR’s weakness should push it down to 1.4560/50.Resistance is at 1.4610/15.

EUR/JPY 128.72. Short term grind higher to 129.10/15 is possible. Supports are at 128.45 & 128.20.

EUR/GBP 0.6899. EUR should consolidate for some time between 0.6875 & 0.6915 before going higher towards 0.6940/45.

AUD/USD 0.6169. One more grind higher to 0.6190 cannot be ruled out while above 0.6140/35.

USD/CAD 1.4704. Dollar can still drift down to 1.4660, while below 1.4745/50.

 

EUR/USD 1.0964. The suggested move to 1.1005 materialized without any difficulty. One target near 1.1005 seems to have been met yesterday, but only break of 1.0930/25 will confirm this intermediate top & warn about further correction to 1.0885/65. Until 1.0925 breaks one more move higher to 1.1020/35 cannot be ruled out.

USD/CHF 1.3303. Dollar is so far unable to break resistance near 1.3335/50 & as this area continues to cap its rise it should drift down to 1.3225/10 in the short term.

USD/JPY 117.35. As expected Dollar went down to test our target near 116.95 yesterday. This dip might have completed a “B” wave & Dollar should now rise to 117.85/90 or 118.40/45 in continuation of upside correction. Supports are at 117.15 & 116.95/80.

GBP/USD 1.6007. Under estimated the Cable strength yesterday. It has paused near one resistance level near 1.6045 & break of this level will add further strength for a move towards 1.6105/15. Supports are at 1.5960 & 1.5935.

EUR/CHF 1.4588. No change in view. EUR’s weakness should push it down to 1.4560/50. Resistance is at 1.4610/15.

EUR/JPY 128.66. EUR went close to our target near 129.10 yesterday & more upticks to 129.05/10 are possible while 128.45/20 lends support.

EUR/GBP 0.6845. EUR should drop to 0.6810/05 or 0.6785 in short term while below 0.6870/75.

AUD/USD 0.6137. Consolidation between .6115 & .6180 is likely.

USD/CAD 1.4685. Dollar can still drift down to 1.4655/30, while below 1.4715/30.

 

EUR/USD 1.0984. EUR held above our suggested support level 1.0925 yesterday retaining the chances of continuing its upward thrust towards 1.1025/35 or 1.1060/70. Supports are at 1.0955 & 1.0925.

USD/CHF 1.3313. SNB cut helped Dollar only briefly & its slide towards 1.3225/10 or 1.3175/55 should continue. Resistances are at 1.3370 & 1.3405/10.

USD/JPY 117.35. No change in view. Dips are expected to be contained above 116.80/60 area & Dollar should now rise to 117.85/90 or 118.40/45 in continuation of upside correction. Minor supports are at 117.15 & 116.95/80.

GBP/USD 1.6007. Cable’s strength should continue for a move towards 1.6105/15. Supports are at 1.5960 & 1.5935.

EUR/CHF 1.4632. EUR’s break above 1.4615 should help it grind higher towards 1.4670. Support is at 1.4605/1.4595.

EUR/JPY 128.93. EUR can try 129.25/40 while 128.65/45 lends support.

EUR/GBP 0.6865. EUR should inch higher to 0.6885/90 in short term while above 0.6845/40.

AUD/SD 0.6140. No change in view. Consolidation between 0.6115 & 0.6180 is likely.

USD/CAD 1.4716. Dollar can be sold on corrective rise to 1.4750/70 with stop above 1.4805/10 for a move down to 1.4605/1.4585.