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Daily Forex Preview – 29/09

EURUSD Daily Pivots

R3 1.1379
R2 1.1312
R1 1.1278
Pivot 1.1211
S1 1.1177
S2 1.1111
S3 1.1076

EURUSD (1.12): EURUSD closed on a bullish engulfing note yesterday with prices trading close to the major resistance at 1.12845. On the intraday charts, the break out from the falling price channel has been sharp with no retest of the break out level at 1.120. Support is identified at 1.1315 - 1.13 level. If prices struggle to break this resistance we can anticipate a sharp decline lower towards the pending support at 1.120 and eventually to 1.110. A close above 1.130 will however push EURUSD towards 1.1348 level of resistance and eventually to 18th September highs of 1.140.

USDJPY Daily Pivots

R3 121.344
R2 120.97
R1 120.447
Pivot 120.067
S1 119.544
S2 119.170
S3 118.641

USDJPY (119): USDJPY rallied above 121 but failed to hold on the gains resulting a sharp decline lower. Price is currently trading at the support zone of 119.52 and 119.3 levels. Below this support comes the major support level at 119.145. A break below 119.145 could see USDJPY post steep losses 117.25 region. We however expect the support at 119.145 to hold prices which could keep USDJPY range bound in the near term with any bounces likely to be halted near 120.3 level of support/resistance.

GBPUSD Daily Pivots

R3 1.5308
R2 1.5274
R1 1.5223
Pivot 1.5190
S1 1.5139
S2 1.5105
S3 1.5055

GBPUSD (1.51): GBPUSD is starting to show signs of a rebound with the Stochastics oscillator failing to confirm the lows, coinciding with price near the support level at 1.5178. A close above this support and a higher low confirmation by the Stochastics oscillator could signal a correection to 1.5343 level with the potential to rally towards 1.5395 region to test the break out from the falling price channel.

Tuesday, 29 Sep, 2015 / 11:34

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