Daily FX Forecast

Daily Forex Technicals | Written by FX Dream | Aug 11 08 08:46 GMT |

EUR/USD Resistance levels: 1.5000/1.5060/1.5150 Support levels: 1.4920/1.4850/1.4770 EUR/USD has fallen strongly even below our longer term target at 1.4950 over the last trading sessions No important fundamental news today . On downside, the bias remains bearish in longer term with long term target near 1.4770 In short term, a break below 1.4920 daily bottom may ease price further to 1.4850 over the next trading sessions On the other side, there is a minor Resistance at 1.5000. Above squeezes price to 1.5060 later today In mid term, a beak above 1.5060 is required for deeper recovery towards 1.5140-50 region Strategy-neutral. GBP/USD Resistance levels: 1.9240/1.9360/1.9420 Support levels: 1.9130/1.9080/1.9030 GBP/USD has fallen further directly to 1.9130-20 area ( below 1.9180 our next down target ) Today focus will be on UK Producer Price Index at 08:30 GMT Higher than expected numbers may cause recovery to 1.9240-50 area later today In longer term, an upmove above 1.9250 is needed to signal reversal in the bias and rally towards 1.9360 On downside, below 1.9120 temporary base formed resumes the downmove towards 1.9030 Strategy-neutral. USD/JPY Resistance levels: 110.10/111.00/111.70 Support levels: 109.60/109.00/108.30 USD/JPY has risen further beyond 110.10 our up suggestion on Friday as it was suggested On the upside, in longer term the uptrend remains intact for test of 111.70 previous gap level First important Resistance comes near 110.10 again . On downside, first important Support comes at 109.65-60 area Below causes pullback down towards 109.00 later today and 108.40-30 area in longer term Strategy-neutral. USD/CHF Resistance levels: 1.0840/1.0900 Support levels: 1.0760/1.0700/1.0640 USD/CHF has rallied to our next up target at 1.0840 on Friday Currently the bias is neutral Below 1.0760 crucial Support eases price down to 1.0700 in short term and 1.0640 over today and tomorrow On the upside, a break above 1.0840 again confirms further rally to 1.0900 and higher Strategy-neutral. EUR/JPY Resistance levels: 165.30/166.00/166.50 Support levels: 164.00/163.60/162.30 The Cross has eased down to 165.30 our down target on Friday exactly as it was suggested and even below 164.00 in Asia today On downside, the bias remains bearish in longer term for test of 162.30 next down target First Support comes at 164.00 ahead of 163.60 daily bottom . On the upside, first important Resistance comes at 165.30 , a break above 165.30 recovers price to 166.00 later today and 166.50 over today and tomorrow Strategy-neutral. FXDream