Technical Traits of EURUSD, GBPUSD and USDCHF

November 03, 2015 13:12

EURUSD

Ever since the EURUSD dipped below 1.1100 round figure mark, also encompassing 200-day SMA and a horizontal support-turned-resistance, the pair kept trading southwards in a gradual manner, favoring extended declines toward 1.0820 – 1.0800 crucial support area. Though, 23.6% Fibonacci Retracement of its December 2014 – March 2015 down-leg, near 1.0945-40, can offer immediate support to the pair. Should it break the 1.0800 on a closing basis, chances of the pair's plunge towards 1.0650 and to the March lows, around 1.0450, become stronger. On the upside, 1.1100 – 1.1110 region can keep limiting the pair's near-term advance, breaking which it can quickly move upwards to 1.1250, the 38.2% Fibo level. On a further rise beyond 1.1250, the 1.1330 and the 1.1400 are likely consecutive resistances that the pair might aim before going to test the 1.1485 – 1.1500 pivotal resistance-zone, including 50% Fibonacci.

GBPUSD

The 100-day SMA seems again playing a critical role in limiting the GBPUSD up-move, signaling the pair's pullback to 1.5330 prior to testing the 1.5250-40 support-zone, comprising of a month old ascending trend-line and 50% Fibonacci Retracement Level of its April – June rally. Further, inability to hold the 1.5240 mark can trigger the pair's renewed downside towards 1.5160 and to the crucial 1.5100 – 1.5085 support area, including 61.8% Fibo. Alternatively, a sustained break above 1.5485, encompassing the 100-day SMA, may find nearly five month old descending trend-channel resistance, around 1.5525-30 area, as another obstacle to propel its northward journey. Moreover, successful encounter of 1.5530 can strengthen the pair's rise towards 1.5600 – 1.5610, break of which may propel the pair to aim for 1.5800 resistance-zone; though, 1.5675-80 can act as a buffer.

USDCHF

USDCHF's break above 0.9800 descending trend-line resistance triggered the pair's rally to the highest level in more than seven months; however, a pullback from 0.9955-60 area stalled its further up-move. The pair currently bounced back from 0.9830 and is likely heading to 0.9955-60 mark again, breaking which six month old ascending trend-channel resistance, around 1.0050-55, and the 1.1100 – 1.1110 horizontal resistance region, may limit the pair's up-ward trajectory to January highs near 1.0240. Meanwhile, 0.9830 is likely immediate support for the pair, breaking which the 0.9750-45 zone, including the 76.4% Fibo and the mentioned trend-line resistance-turned-support, becomes a tough level to limit the pair's downside. If the pair fails to hold 0.9740, the recent breakout gets negated and the pair can become vulnerable to plunge towards 200-day SMA, near 0.9560-50.

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