Daily Forex News

Despite rebounding to 134.50 this morning, the single currency has resumed recent decline on yen’s broad-based strength, confirming our view for the fall (wave (2)) from 138.72 to extend weakness (in wave c) to 132.15 (50% projection of 137.85-132.51 measuring from 134.81), however, as this move is losing downward momentum,…

Despite yesterday’s fall to 0.8175, the stronger-than-expected rebound from there suggests further consolidation above 0.8156 support would take place and gain towards 0.8355/60 (approx. 61.8% Fibonacci retracement of 0.8479 to 0.8156) cannot be ruled out, however, if our view a temporary top has possibly been formed at 0.8479 is correct,…

GBP/JPY is still bounded in range of 153.43 and 157.47 and intraday outlook remains neutral for the moment. Some more consolidation cannot be ruled out. But after all, even in case of another rise, upside is expected to be limited below 160.34 resistance and bring fall resumption. As noted before,…

EUR/JPY’s strong recovery from 132.17 indicates that fall from 138.70 is not ready to resume yet and some more sideway trading could be seen. But after all, consolidation should be relatively brief as long as 134.79 resitsance holds. As discussed before, whole rise from 127.08 should have completed at 138.70…

Intraday outlook remains neutral for the moment and some consolidations could be seen below 0.8652. Nevertheless, downside is expected to be contained above 0.8484 support. Above 0.8652 will bring rally resumption to 0.8697 resistance. Break there will confirm whole rally from 0.8399 has resumed for 0.8866 resistance next.

EUR/CHF’s fall resumes after brief recovery and reaches as low as 1.5135 so far. Intraday bias remains on the downside as long as 1.5220 minor resistance holds. Further decline should be seen to 1.5108 and probably further to 100% projection of 1.5380 to 1.5108 from 1.5364 at 1.5092 before completing…

AUD/USD’s choppy rebound from 0.8154 is still in progress and further rise might be seen. But upside is still expected to be limited well below 0.8476 high and bring fall resumption. As discussed before, prior break of 0.8179 support indicates that whole rise from 0.7702 should have completed already and…

USD/CAD’s pull back from 1.1123 is still in progress and further fall cannot be ruled out. But downside is expected to be contained above 1.0792 support. Above 1.1123 will bring rally resumption to falling trend line resistance (now at 1.1260) next. Break there will solidify the case that a medium…

EUR/USD’s rebound from 1.4045 extends further to as high as 1.4266 before turn sideway. While another rise cannot be ruled out, recovery is expected to be limited below 1.4326 resistance and bring fall resumption. Below 1.4171 will flip intraday bias back to the downside first. Break of 1.4045 will target…

USD/CHF recovers mildly after dropping to as low as 1.0623. While the fall from 1.0883 was deeper than expected, there is so far no change in view that it’s a correction to rise from 1.0561 only. Hence, downside should be contained above 1.5061. Above 1.0883 will bring rise resumption to…