Most recent candlesticks pattern : N/A
Trend : Sideways

Tenkan-Sen level : 1.5198
Kijun-Sen level : 1.5180
Ichimoku cloud top : 1.5084
Ichimoku cloud bottom : 1.5045

New strategy :

Sell at 1.5190, Target: 1.5040, Stop: 1.5255

Despite early rise to 1.5382, the subsequent euro-led sharp retreat suggests top has been formed there and consolidation with mild downside bias is seen for weakness to the lower Kumo (now at 1.5045) and then test of 1.4977 support. However, it is necessary to see a breach of latter support to confirm entire correction from 1.4781 is over, then the fall from 1.5382 should extend weakness to 1.4910/20 and then test of key support at 1.4873 early next week.

In view of the above analysis, we are looking to sell cable on recovery as renewed selling should emerge around the Tenkan-Sen (now at 1.5198). Only above 1.5250/55 would prolong consolidation and risk 1.5300 but price should falter well below resistance at 1.5382.

Based on ActionForex.com Technical Outlook

Most recent candlesticks pattern : N/A
Trend : Near term down

Tenkan-Sen level : 1.0589
Kijun-Sen level : 1.0577
Ichimoku cloud top : 1.0694
Ichimoku cloud bottom : 1.0664

Original strategy :

Sell at 1.0670, Target: 1.0510, Stop: 1.0735

New strategy :

Stand aside

Despite intra-day brief retreat to 1.0540, as dollar has rebounded again after finding renewed buying interest above yesterday’s low at 1.0534, suggesting further choppy consolidation above this week’s low at 1.0507 would take place and gain to the Ichimoku cloud bottom (now at 1.0664) cannot be ruled out, however, break of the upper Kumo (now at 1.0694) is needed to signal recent fall from 1.0899 has possibly ended at 1.0507 and bring stronger rebound to 1.0750/60 and later towards key resistance at 1.0805/10.

On the downside, below 1.0534/40 would revive bearishness and extend the fall from 1.0899 for retest of 1.0507, then a stronger retracement of early upmove to 1.0424 (61.8% Fibonacci retracement of 1.0130 to 1.0899).

As near term outlook has turned mixed, we are standing aside for now.

Based on ActionForex.com Technical Outlook

Most recent candlesticks pattern : N/A
Trend : Sideways

Tenkan-Sen level : 1.3624
Kijun-Sen level : 1.3669
Ichimoku cloud top : 1.3700
Ichimoku cloud bottom : 1.3663

Original strategy :

Sell at 1.3700, Target: 1.3550, Stop: 1.3765

New strategy :

Sell at 1.3630, Target: 1.3470, Stop: 1.3695

As the single currency tumbled again after brief recovery towards the Tenkan-Sen, suggesting the entire correction from 1.3433 has ended at 1.3819 and downside bias remains for further weakness to 1.3460/70, however, break of said recent low at 1.3433 is needed to confirm early decline has resumed and extend weakness to 1.3405 (61.8% Fibonacci retracement of entire rise from 1.2329 to 1.5145), then towards 1.3350/60, however, reckon euro would stay well above 1.3246 (50% projection of 1.4580 to 1.3433 measuring from 1.3819).

In view of the above analysis, we are still looking to sell euro on recovery but at lower level as renewed selling interest should emerge below previous support at 1.3639. Only .above the Ichimoku cloud top (now at 1.3700) would prolong choppy consolidation and risk 1.3750.

Based on ActionForex.com Technical Outlook

Most recent candlesticks pattern : N/A
Trend : Sideways

Tenkan-Sen level : 90.28
Kijun-Sen level : 90.28
Ichimoku cloud top : 90.50
Ichimoku cloud bottom : 89.62

Original strategy:

Hold long entered at 90.20, Target: 91.70, Stop: 89.70

New Strategy :

Exit long entered at 90.20

Despite intra-day bounce to 90.72, failure to break yesterday’s high at 90.81 suggests further consolidation would take place and cross-buying in yen has increased downside risk for another fall towards 89.62-63 (current level of the Ichimoku cloud bottom and previous support), however, break there is needed to signal the rise from 88.14 is over and risk stronger correction of the rise from 88.14 to 89.27 (61.8% Fibonacci retracement of 88.14 to 91.09) but reckon 88.70 would hold from here.

In view of this, we are exiting our long position entered at 90.20 and stand aside for now. Only a firm breach of 90.81 would revive bullishness and signals upmove from 88.14 has resumed and bring retest of 91.09, above there would extend rise towards 91.70/80 but as broad outlook is still consolidative, dollar shall falter well below resistance at 92.16.

Based on ActionForex.com Technical Outlook

EUR/CHF dived further to as low as 1.4318 today, just inch above mentioned target of 1.4315 key support next. Intraday bias remains on the downside as long as 1.4406 minor resistance holds and further is still in favor. Sustained break of 1.4315 will target next medium term level at 100% projection of 1.5880 to 1.4557 from 1.5446 at 1.4123. On the upside, above 1.4406 minor resistance will turn intraday bias neutral and bring consolidations. But upside should be limited below 1.4533 resistance and bring fall resumption.

In the bigger picture, current development confirms that EUR/CHF's fall from 1.5880 has resumed. Also, as the cross is still staying well below a falling 55 weeks EMA, current decline might be resuming longer term down trend from 2007 high of 1.6827. Next medium term target will be 100% projection of 1.5880 to 1.4557 from 1.5446 at 1.4123 after taking out 1.4135 low (2008 low). On the upside, break of 1.4820 spike resistance is needed to be first signal of bottoming. Otherwise, outlook will remain bearish.

Based on ActionForex.com Technical Outlook

EUR/USD's fall from 1.3817 extends further to as low as 1.3533 in early US session and at intraday bias remains on the downside for 1.3435 low. As discussed before, consolidations from 1.3443 should have completed at 1.3817 already. Break of 1.3435 will confirm that whole decline from 1.5143 has resumed and should target 61.8% projection of 1.4578 to 1.3443 from 1.3817 at 1.3116 next.

In the bigger picture, outlook remains unchanged. The three wave rise from 1.2329 is treated as consolidation to fall from 1.6039 only and should have completed at 1.5143 already. Fall from 1.5143 is tentatively treated as resumption of the whole down trend form 1.6039 and should target a new low below 1.2329. Break of 1.4217 support turned resistance is needed to invalidate this bearish view. Otherwise, we'd expect fall 1.5143 to continue even in case of strong rebound.

Based on ActionForex.com Technical Outlook

GBP/USD's fall from 1.5381 continues today but is still kept above 1.4977 support. Intraday bias remains neutral for the moment. As discussed before, price actions from from 1.4783 are treated as corrections in the larger decline only. Break of 1.4977 support will suggest that such correction is completed and will flip intraday bias back to the downside for 1.4783 low and below. On the upside, even in case of another rise, we'd expect strong resistance from 38.2% retracement of 1.6456 to 1.4783 at 1.5422 to conclude the correction and bring fall resumption. However, note that sustained break of 1.5422 will dampen our view and would bring stronger rise towards next cluster resistance at 1.5814 instead.

In the bigger picture, there is no change in our bearish view. That is, medium term rebound from 1.3503, which is treated as a correction to down trend from 2.1161, has completed at 1.7043 already. Fall from there is tentatively treated as resumption of the down trend from 2.1161 and should target a new low below 1.3503. On the upside, break of 1.5814 resistance is needed to invalidate this view. Otherwise, outlook will remain bearish.

Based on ActionForex.com Technical Outlook

Intraday bias in USD/CHF remains neutral for the moment. Another fall cannot be ruled out with 1.0643 resistance intact. But we'd continue to expect strong support from rising trend line (now at 1.0482) to conclude the correction from 1.0897 bring rally resumption. Decisive break of 1.0634 will argue that such correction is finished and should flip intraday bias back to the upside for 1.0809 resistance for confirmation.

In the bigger picture, medium term correction from 1.2296 should have completed with three waves down to 0.9916 already. Current rise from 0.9916 is tentatively treated as resumption of the long term up trend from 2008 low of 0.9634. Sustained break of mentioned medium term trend line resistance (now at 1.0752) will further affirm this view. In such case, we'd be looking at stronger rise to 1.1963/2296 resistance zone in medium term. On the downside, however, sustained break of the rising trend line support (now at 1.0466) will argue that whole rise from 0.9916 is completed and will turn focus back to 1.0131 support instead.

Based on ActionForex.com Technical Outlook

Intraday bias in USD/JPY remains neutral as it's still bounded in choppy sideway trading below 91.08. As noted before, rise from 88.13 is still expected to continue as long as 89.62 cluster support (50% retracement of 88.13 to 91.08 at 89.60) holds. Above 91.08 will bring rally resumption to 92.14 resistance next. However, note that decisive break of 89.62 cluster support will indicate that rise from 88.13 is possibly finished and will flip intraday bias back to the downside for retesting this low.

In the bigger picture, outlook is rather mixed and we'll stay neutral for the moment. On the upside, break of 92.14 resistance will confirm that whole decline from 93.74 has completed with three waves down to 88.13 already. The corrective structure will in turn indicate that rise from 84.81 is still in progress for another high above 93.74. On the downside, break of 88.13 will reaffirm the bearish case that rise from 84.81 is completed at 93.74 already and will turn focus to 87.36 support for confirmation.

Based on ActionForex.com Technical Outlook