Forex Technical Analysis: EUR, GBP, JPY, CHF
|Euro (EUR)The EUR/USD corrected higher Thursday touching 1.0682.
The bias is Neutral in near term, outlook still Bearish.
1st support is seen at 1.0590. A clear break below that mark could bring on more Bearish pressure testing 1.0500.
1st resistance is seen at 1.0700. A clear break above that mark could bring on more Bullish pressure testing 1.0750 – 1.0800.
Great British Pound (GBP)
The GBP/USD attempted to drive North Thursday hitting 1.5025 but faded. The bias is Bearish in near term testing the 1.4850 – 1.4800 area.
1st resistance is seen at 1.4920. A clear break above that mark could push price to Neutral near term testing 1.5000.
Overall, the outlook is Bearish, prefer to sell on rallies.
Japanese Yen (JPY)
The USD/JPY was indecisive Thursday. Price bottomed at 120.62, moved North hitting 121.45. Yen price is moving inside a minor Bearish channel.
Prefer Bullish scenario in here, but need a clear break above 121.50 to continue the Bullishness testing 122.00 or higher
Swiss Franc (CHF)
The USD/CHF corrected lower Thursday bottoming at 0.9980.
The bias is Bearish near term testing 0.9950 – 0.9900.
Overall, Bullish and any Southside pullback now should be seen as opportunity to buy.
1st resistance is seen at 1.0070. A clear break above that mark may push price to Neutral near term. The major Bullish bias is strong testing 1.0125 – 1.0200.
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Technical analysis is a method of forecasting price movements by looking at purely market-generated data. Price data from a particular market is most commonly the type of information analyzed by a technical trader.
After finding a trading system that works for you, the more cryptic and esoteric fields of study can then be incorporated into your technical and trading toolbox.The bottom line when utilizing any type of analytical method, technical or otherwise, is to hold to the basics, which are methodologies with a proven track record over a long period.
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