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Technical Overview: EURUSD, GBPUSD, USDCAD & USDCHF

EURUSD



Even as a month-old ascending trend-line break dragged EURUSD to near Brexit-day lows, pair's recent tick above 1.1005 downward slanting TL confirmed the short-term "Falling-Wedge" bullish formation, indicating additional run-up to 1.1050 and the 1.1085 resistances. However, pair's inability to sustain the break and drop below 1.1000 & 1.0980 immediate supports can reprint 1.0950 and the 1.0930 levels before showing 1.0900 on the face of quotes. Should the pair declines below 1.0900, 61.8% FE level of 1.0865 might act as intermediate halt before it can test 1.0800 round figure support. Should the pair reverses its immediate drag to breaking the 1.1085, the 1.1120, 50% Fibonacci Retracement of its June-26 plunge, around 1.1170, and the 1.1185-90 are likely consecutive upside numbers to be seen on the chart, which if broken might propel the pair towards 1.1270 mark.

GBPUSD



Ever since the GBPUSD reversed from 1.3480-85 horizontal resistance, the pair's upside have been confined by a short-term descending trend-line, at 1.3205 now; however, another horizontal line area of 1.3050-45 seems acting as a strong nearby support for the pair to clear, which if broken could quickly fetch the prices to 1.2925-20 and the 61.8% FE of its referendum result-day move, at 1.2860. If the pair extend its south-run below 1.2860, the 1.2800 could offer buffer rest to the pair's plunge towards sub–1.2700 area. Alternatively, pair's break above 1.3205 TL might extend its up-moves to 1.3285 & 1.3300 marks while its further advances needs to clear 1.3345-50 and the 1.3480-85 in order to revisit the 1.3650 resistance level.

USDCAD



Following its break above 1.3190 – 1.3200 horizontal resistance, the USDCAD managed to extend its up-move during Tuesday towards another important resistance-zone 1.3300 – 1.3310, encompassing 200-day SMA & 50-day SMA of its January – May south-run. Given the pair maintains its advance beyond 1.3310, the 1.3400 and the 1.3480 are likely upside numbers that it could portray on the chart. Meanwhile, pair's daily close below 1.3190 negates its recent break and can fetch it to 1.3135 & 1.3090 supports, breaking which 1.3020 & the 23.6% Fibo level of 1.2990 can put barriers before it could revisit the two-month old trend-line support of 1.2900. Additionally, pair's south-run below 1.2900 makes the downturn strong enough to flash 1.2830 & 1.2760 quotes.

USDCHF



From the start of July month, an upward slanting trend-channel has been able to portray a gradual improvement in USDCHF prices, the same happened on Tuesday when the pair bounced-off from 0.9830 support-line and is presently aiming the 0.9900 resistance. During its further advances beyond 0.9900, the 0.9920 can act as intermediate stop before enabling the pair to revisit May highs of 0.9955, which also comprises an upward slanting trend-line resistance. Though, pair's additional north-run above 0.9955, might find it difficult to break the mentioned channel resistance mark of 0.9980. On the downside, a break below 0.9830 can show 0.9800 & 0.9780 supports to the pair, clearing them drags it to 50% Fibonacci Retracement of May – June slide, around 0.9735. If the pair declines below 0.9735, also clears the 0.9720-15 area, the 0.9690-80 horizontal support-region becomes important for the pair trades to watch, including 38.2% Fibo, breaking which chances of the pair's dip to 0.9600 can't be denied.

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Wednesday, 27 Jul, 2016 / 2:20

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Source : http://www.mtrading.com/analytics/technical-analysis/technical-overview-eurusd-gbpusd-usdcad-usdchf

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