Forex Technical Analysis
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Forex Technical Analysis

Forex Technical Analysis


Daily technical analysis reports for the main forex markets including EUR/USD, GBP/USD, USD/JPY and EUR/GBP.
EUR/USD Technical Analysis Euro/Dollar
GBP/USD Technical Analysis Sterling/Dollar
USD/JPY Technical Analysis Dollar/Yen
EUR/GBP Technical Analysis Euro/Sterling
USD/CHF Technical Analysis Dollar/Swiss Franc

The following analysis covers short-term and long-term price movements. The different analysts give their interpretation of the support/resistance levels as well as market direction.

For more technical analysis also see:
Stock Market Technical Analysis Stock Market Technical Analysis
Commodities Technical Analysis Commodities Technical Analysis


Forex Technical Analysis - Updated: 22 February 2017


EUR/USD Technical Analysis

19-Mar-15 EUR/USD Technical Analysis [7:32am] EUR/USD Technical Analysis (30 mins chart)
  • EUR/USD pivot point: $1.067
  • Our preference: Long positions above $1.067 with targets @ $1.0915 & $1.105 in extension.
  • Alternative scenario: Below $1.067 look for further downside with $1.0575 & $1.0515 as targets.
Comment: The pair is posting a pull back but stands above its support.

Update by InterTrader
19-Mar-15 EUR/USD Technical Analysis [6:13am] EUR/USD Technical Analysis:

We saw the mother of all short squeezes yesterday as we breezed through $1.0800 hitting $1.1044, the trend line from the December highs.

This move shifts the dial and timeframe on a move to parity.

A break above $1.1050 could well target the $1.1250 area which was the initial breakdown area. Support comes in down at the $1.0730 level.

Update by Michael Hewson, Senior Market Analyst, CMC Markets
19-Mar-15 EUR/USD Technical Analysis [3:53am] EUR/USD closed higher on Wednesday and the high-range close sets the stage for a steady-to-higher opening on Thursday. Stochastics and the RSI are turning neutral-to-bearish again signalling that additional weakness is possible near-term. If it extends the decline off February's high, the 62% retracement level of the July-February rally crossing is the next downside target. Closes above the 20 day moving average crossing are needed to confirm that a short-term top has been posted.

Update by PipTrade



GBP/USD Technical Analysis

19-Mar-15 GBP/USD Technical Analysis [6:13am] GBP/USD Technical Analysis:

Despite putting in a new low at $1.4630 the pound did a sharp about turn surging back through the $1.4830 level to nail the $1.5000 level and hitting $1.5170 before slipping back.

This move suggests we could now see support come in down near at the $1.4830 level.

Update by Michael Hewson, Senior Market Analyst, CMC Markets
19-Mar-15 GBP/USD Technical Analysis [3:53am] GBP/USD closed higher on Wednesday. The high-range close sets the stage for a steady-to-higher opening when Thursday's session begins trading. Stochastics and the RSI remain neutral-to-bearish signalling that sideways-to-lower prices are possible near-term. If it extends this month's decline, the 50% retracement level of the November-February rally crossing is the next downside target. Closes above the 20 day moving average crossing would temper the near-term bearish outlook.

Update by PipTrade


USD/JPY Technical Analysis

19-Mar-15 USD/JPY Technical Analysis [6:13am] USD/JPY Technical Analysis:

Yesterday's sell off brought us back to the ¥119.30 area which also happens to be trend line support from the lows this year.

While above this trend line the prospect of a move towards the 2007 highs at ¥124.20 remains.

Update by Michael Hewson, Senior Market Analyst, CMC Markets
19-Mar-15 USD/JPY Technical Analysis [3:53am] USD/JPY closed lower on Wednesday. Wednesday's low-range close sets the stage for a steady-to-lower opening when Thursday's session begins trading. Stochastics and the RSI are neutral-to-bearish hinting that sideways-to-lower prices are possible near-term. If it renews the decline off March's high, February's low crossing is the next downside target. If it renews last week's rally, March's high crossing is the next upside target.

Update by PipTrade


EUR/GBP Technical Analysis

19-Mar-15 EUR/GBP Technical Analysis [7:36am] EUR/GBP Technical Analysis (30 mins chart)
  • EUR/GBP pivot point: ?0.717
  • Our preference: Long positions above ?0.717 with targets @ ?0.7295 & ?0.7325 in extension.
  • Alternative scenario: Below ?0.717 look for further downside with ?0.7135 & ?0.7105 as targets.
Comment: The pair remains on the upside.

Update by CMC Markets
19-Mar-15 EUR/GBP Technical Analysis [6:13am] EUR/GBP Technical Analysis:

We got our move higher, with the euro falling just short of the £0.7300 area.

We should now find support at the £0.7230 break out level, but while we sit below £0.7300 the risk remains for a turn back lower towards the £0.7100.

Update by Michael Hewson, Senior Market Analyst, CMC Markets


USD/CHF Technical Analysis

19-Mar-15 USD/CHF Technical Analysis [3:53am] USD/CHF closed lower on Wednesday. The low-range close sets the stage for a steady-to-lower opening when Thursday's session begins trading. Stochastics and the RSI are bearish signalling that sideways-to-lower prices are possible near-term. Closes below the 20 day moving average crossing are needed to confirm that a short-term low has been posted. If it renews the rally off February's low, the 75% retracement level of the July-February decline crossing is the next upside target.

Update by PipTrade

For more forex views or technical analysis see:
Readers please note:


Applying Technical Analysis to Forex Markets


Below, an older but still useful case study on the euro/dollar market by Shai Heffetz, InterTrader, 27-Sep-2011.

After a fairly strong bull run on the forex markets between January and April 2011, the euro started moving mainly sideways for about four months.

Towards the end of August, it started dropping and, on the 2nd of September, it closed decisively below the Ichimoku Kinko Hyo cloud at $1.41940, see the chart below.

Since then it has been downhill all the time, except for a short corrective run between the 11 and 15 September.

At the time of writing, 27 September, it stands at $1.3535, more than 1,000 points below the recent high of $1.4548 it briefly touched on the 29th of August 2011.

The underlying reason for this must surely be the lingering European debt crisis and the fact that it looks very likely that Greece will default on its debt repayments.

Countries like France are heavily exposed to Greek debt and this has already resulted in two major French banks having their credit ratings downgraded.

If Greece is able to honour its commitments, this time at least, we might well see a short-term resurgence in the price of the euro/dollar spread betting market. Over the medium term, prospects remain bleak though.

Returning to the chart, all aspects of the analysis shout ‘Bear Market’.


Euro - Dollar Spread Betting Chart


The price is far below the cloud of the Ichimoku Kinko Hyo and is also below both the blue Kijun Sen and red Tenkan Sen lines. The green Chinkou Span line is far below the price 26 periods ago, further confirming that we are in a bear market right now.

Those spread betting investors looking for a medium term long trade should wait for the price to rise above the Ichimoku cloud again, which could be a long wait.

Short traders should look for new lows, below the recent low of $1.33614, before entering a trade.




Trading Risk Warning
'Forex Technical Analysis' edited by Jacob Wood, updated 22-Feb-17


Commodities Analysis Index - an Index of Daily Commodities Analysis articles covering Trends, Supports and Resistance Levels for some of the major commodities markets including Crude Oil, Natural Gas, Gold, Silver and Coffee.


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