Forex Trading Analysis: USD/JPY, USD/CHF, AUD/USD, EUR/JPY, USD/CAD

Could USD/JPY fall towards its next support level at around 133?

(AAATrade Team)

Looking at USDJPY’s chart, we can see that although Yen gained some ground back, in the past few days, it is traded in a very short range. Today if it will manage to pass its resistance level which is located at around 135.50, then we could expect it to continue rising towards its next resistance level at around 137.50. However, if today falls below its support level which is located at around 134.50, then we should expect it to continue falling towards its next support level at around 133.

Daily technical and trading outlook – USD/CHF

(AceTrader Team)

Trend daily chart

Sideways

Daily Indicators

Neutral

21 HR EMA

0.9540

55 HR EMA

0.9553

Trend hourly chart

Near term up

Hourly Indicators

Bullish convergences.

13 HR RSI

51

14 HR DMI

-ve

Daily analysis

Choppy consolidation to continue.

Resistance

0.9652 – Fri’s high.
0.9612 – Aug 4 European high.
0.9564 – Hourly chart.

Support

0.9512 – Tue’s low.
0.9472 – Aug’s 3-month low.
0.9445 – 50% proj. of 0.9886-0.9472 fm 0.9652.

USD/CHF – 0.9544.. Dlr moved narrowly in Asian session n retreated to 0.9517 in European morning. Despite a rebound to 0.9549 at NY open, price tumbled to session lows of 0.9512 b4 staging a recovery to 0.9546 on usd’s rebound.

On the bigger picture, dlr’s impressive rise fm Jan’s near 6-year bottom at 0.8758 to 0.9472 on the 1st day of Apr due to rally in U.S. yields suggests erratic fall fm 1.0344 (2016 peak) to retrace LT rise fm 2015 record 0.7360 low has ended n despite subsequent 1-year long monthly sideways swings, dlr’s rally abv 0.9472 in Apr to a near 3-year peak of 1.0064 (May) indicates price would head twd 1.0128. Despite subsequent fall to 0.9546 in May n then rally back to 1.0052 in mid-Jun, dlr’s selloff after SNB’s hawkish rate hike n weakness to Jun’s 0.9496 bottom suggests further choppy swings below 1.0064 would continue. Thur’s rally to 0.9886 may head to 0.9930/35, break, 0.9989 later this month.

Today, despite dlr’s selloff below 0.9523 (Mon) to 0.9512, as 0.9512 was accompanied by ‘bullish convergences’ on hourly indicators, subsequent rebound suggests consolidation with mild upside bias remains n abv 0.9568 wud yield stronger gain twd 0.9582, then 0.9612. Only below 0.9500/03 may re-test 0.9472.

Ichimoku cloud analysis: AUD/USD, EUR/JPY, USD/CAD

(RoboForex Team)

AUD/USD, “Australian Dollar vs US Dollar”

AUDUSD is correcting inside the bullish channel. The instrument is currently moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s downside border at 0.6950 and then resume moving upwards to reach 0.7180. Another signal in favour of a further uptrend will be a rebound from the descending channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 0.6885. In this case, the pair may continue falling towards 0.6790. To confirm a further uptrend, the price must break the bearish channel’s upside border and fix above 0.7030.

EUR/JPY, “Euro vs Japanese Yen”

EURJPY is rebounding from Tenkan-Sen. The instrument is currently moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Kijun-Sen at 137.05 and then resume moving upwards to reach 141.45. Another signal in favour of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 134.70. In this case, the pair may continue falling towards 133.75. To confirm a further uptrend, the price must break the bearish channel’s upside border and fix above 139.65.

USD/CAD, “US Dollar vs Canadian Dollar”

USDCAD is testing Tenkan-Sen and Kijun-Sen. The instrument is currently moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 1.2850 and then resume moving upwards to reach 1.3120. Another signal in favour of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.2790. In this case, the pair may continue falling towards 1.2695. To confirm a further uptrend, the price must break the bearish channel’s upside border and fix above 1.3015.

Read Rates spark: A hawkish set-up to today’s US CPI