Technically bullish above former overhead resistance now support which comes in at 1.5094 today. More support at the former all time high of 1.4967 (break out level). How far this move will extend is difficult to estimate as we are basically in unchartered territory, so I remain bullish until a clear reversal pattern develops. Have short term rising support down at 1.5024 as well today.
Support: 1.5094 (former overhead res), 1.4967(former high), 1.5024 (rising sup), 1.4750 (break out level), 1.4737 (rising support), 1.453, 1.4360, 1.4336 (key swing level)
Resistance: 1.5274 (Mondayâ€™s high)
240 min â€“ Rising support at 1.5024 and 1.4813.
Breaking below the rising support at 1.9823 overnight and thereby also halting the recent uptrend and opens for a pullback towards 1.9650 support. As outlined several days now the key resistance level is 1.9960, which is a stiff resistance level and it held up on the 2nd test as well on Thursday last week. Keep a close eye on this level if this level is tested again in the near term then a break could accelerate it higher.
Support: 1.9736 (break out level), 1.9650, 1.9500 (break out level), 1.9360, 1.9337 (key Jan low), 1.9310
Resistance: 1.9960 (key level), 2.0100, 2.0170 (Key level)
120 min â€“ From yesterday On this chart you can see that the short term rising support at 1.9832 was broken Friday, so should see some consolidation or break lower near term. Break above the 1.9960 would be bullish signal. Seems to be spot on and moving a bit lower this morning.
Solid break lower as CHF has outperformed the Euro over the last week as risk reduction has supported CHF. Stocks bounced strongly into the close after S&P Future hitting a very important support level at 1310 and bouncing higher. If stocks recover the CHF should underperform the EUR (could see CHF weaker across the board). Donâ€™t really have much support levels to go by as it is trading in unchartered territory, have underlying support from June 07 low coming in at 1.0050, which is way below the current level. Have falling resistance at 1.0686 today, with the key point being former all time low at 1.0728 now.
Support: 1.0050 (underlying support going back to June 07)
Resistance: 1.0430 (former sup line), 1.0554 (former support), 1.0667, 1.0728 (prior low), 1.0936 (break down level), 1.0950 (falling res), 1.1067 (overhead res), 1.1120, 1.1205(former support level), 1.1350(former support), and 1.1441 (key falling resistance from Jun 07 highs)
As indicated last week the break below 107.04 support line of the consolidation pattern was a bearish signal and saw a new multi year low yesterday. But strong bounce in the stock market towards the US close saw JPY losing ground and it might have bottomed out for now. Looks very much up to the stock market what happens in this pair going forward. Also have some key levels with 2005 low of 101.67 in sight, so should have a bit potential to bounce if that level is tested.
Support: 102.50 (key level), 101.67 (2005 low)
Resistance: 104.95 (former 2008 low), 105.70 (former key support), 107.04 (former rising support), 107.25 (falling res), 108.63 (overhead res), 110.00, 110.70, 112.80 (key level) 114.60 (key level), 114.73 (reaction high 11/7-07)
Found good support just below the 156 level as JPY was sold off on the late bounce in the stocks yesterday. Can also see that this bounce almost coincided with the trend line support from 23th of Jan low (slight overshoot). This trend line is coming in at 156.40 this morning. Next support level is now 155.53 followed by 154.04 (key support). Have falling resistance coming in at 160.95 today and key resistance remains 161.60.
Support: 156.46 (rising support), 155.53, 154.04, 153.75 (long term rising trend line)
Resistance: 160.82 (falling res), 161.60 (minor res), 162.17 (key res)
Bank of Canada cut rates by 50 bp yesterday and published a pretty bearish statement as well. Former support line coming in at 0.9985 (now resistance) today is the key level that needs to be taken out to extend the upside. Falling resistance is all the way up at 1.0114.
Support: 0.9743 (rising support from Nov07 low), 0.9710 (28/2 low), 0.9639 (underlying support)
Resistance: 0.9985 (former support line), 1.0124 (short term falling res), 1.0222(overhead res), 1.0280 (falling res from Aug 07 high), 1.0380 (key level, overhead res), 1.0400(former key support.)
Somewhat of a weak close Friday that signals some selling interest towards the 0.7680 level, but the reaction lower did not extend yet, so another break higher is possible. The BoE interest rates decision tomorrow is also important to watch, no change expected, but a surprise cut could see further GBP weakness. Technically still bullish above 0.7612 break out level. Rising support coming in at 0.7597 as well.
Support: 0.7612 (former high), 0.7597(rising support), 0.7495 (former res), 0.7487 (rising support), 0.7400, 0.7387 (rising sup), 0.7284 (rising support)
Resistance: 0.7677 (Fridayâ€™s high)
Risk Warning: Any information in this report is based on data considered to be reliable, but no representations or guarantees are made by Avantage Financial GmbH with regard to the accuracy of the data. This information is provided on condition that we accept no responsibility, legal or other for its contents. We, including our directors, officers, employees or publishers, disclaim all liabilities. Any statement constitutes only current opinions, which are subject to change. Neither the information nor any opinion expressed shall be construed to be, or constitute an offer to sell or a solicitation of an offer to buy any investments mentioned herein. Regardless of the account type you choose, there are risks inherent in trading, including the risk of loss greater than the original investment. The opportunity for profit creates a corresponding risk of loss. Anyone wishing to invest in any of the products mentioned should seek their own financial or professional advice. Prices can go down as well as up. Past performance is no guarantee of future results.