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FX Daily Dose – July 3, 2014

July 3, 2014 in FX Daily Dose

Forex daily dose - July 3, 2014Forex Daily Dose- July 3, 2014: The FxDailyDose presents a quick snapshot of the price-action of The currency pairs which are in focus for today. This covers the immediate outlook, considering the overall picture. Please note that the daily outlook is for mainly for the currency pairs in focus and we may add or remove some of the currency pairs accordingly.

Do not hesitate in contacting us if you wish to know about our view for any specific currency pair.



USD/JPY

Neutral

 

 

USD/JPY chart - July 3, 2014

USD/JPY has been finding the support continuously over 101.00 except two occasions when it had touched 100.75 during February 2014 beginning and then in May 2014 when it went down to 100.82. The failure to retest 100.75 indicates that the psychological support of 100.00 in very much in play and a bottom may already be in place. However, the current price-action is very close to the 55-day EMA, which is at 101.93. This keeps us neutral. Today’s non-farm payroll data and unemployment report from the U.S. should be able to give some direction to USD/JPY. The unemployment is expected to remain same at 6.3% but the non-farm data is expected to be slightly lower than the last release. However the ADP employment change had shown a better than expected results and there is a possibility that the non-farm results may come better. We stay neutral for the currency pair till the results for these economic releases come tonight. On the upside, a break over 101.93 should find another strong resistance near 102.16 first and then 102.37. Upside will be favored only if the pair can break over 102.37 decisively. On the downside support is expected to hold over 101.40.

EUR/USD

Neutral

EUR/USD chart - July 3, 2014

EUR/USD had touched after recovering from 1.3503. This move has completed the 38.2% retracement of the fall from 1.3993 as we had mentioned at “EUR/USD Caught Between Uncertainties Of Fundamentals And Technical Factors“. We strongly believe that the currency pair already has it’s near-term bottom in place at the recent 1.3503 and further gains are favored. However, we will stay neutral today till the ECB interest rate decision at 11:45 GMT and the non-farm payroll data from the U.S. comes out at 12:30 GMT. In fact the total focus is at ECB interest rate decision as ECB had announced to keep the interest rate at 0.15% or even lower for an extended period of time. The same is covered on the update linked above. Any further rate cut today may take EUR/USD for some deeper dives below 1.3500. However, if the interest rate is kept same then though the non-farm payroll data may cause some volatile moves, but even then we will expect further gains towards 1.3748 or more. On the downside the first level of support is expected in the range of 1.3605 to 1.3610. Please check the short-term price-action channel in the above chart.

USD/CAD

possibilities of upward moves by CAD/JPY

USD/CAD chart - July 3, 2014

USD/CAD went as low as 1.0626 but then there has been a loss of momentum. The bearish shadows have nod disappeared but the current price action is touching a mid-term support trend-line which has been place since September 2012. Please check the weekly chart as shown above. Considering this we expect some upward consolidation. This outlook also finds it’s strength from the psychological aspects of 1.0500 ranges. Any dip below 1.0600 takes the currency pair in that psychological zone and hence some consolidation is expected even if another fall takes place subsequently. We would expect this consolidation to continue towards the resistance zone of 1.0730 to 1.0745. In case of resistance, even if USD/CAD falls below 1.0626, a very strong support will be expected above January 2nd’s 1.0588 to limit the fall.

USD/INR

Bearish

USD/INR - July 3, 2014

USD/INR had failed at 60.54 during the recent attempt for recovery. The subsequent efforts above 60 again failed at 60.22 and 60.21 respectively. The highs have been getting lower and recently the pair fells to as low as 59.46 before losing some of the downward momentum. We expect some more recovery if support over 59.40 holds. However we expect the recovery to be limited to the resistance zone of 59.80 to 59.95 to bring another fall. USD/INR is especially expected to be in downward pressure till the Indian budget announcement during the next week. Post budget direction will of course depend on the outcome of the budget but considering the bullish moods and expectations, we expect the currency pair to weaken further towards 58.90 or more in the coming days.

EUR/GBP

Bearish

EURGBP - June 3, 2014

EUR/GBP continues to be under strong bearish shadow. The current price action is at the level of the mid-term support trend-line and hence possibilities of some upward corrections can not be ruled out. However, considering the fact that the recent attempt of the recovery from the trend line’s has already failed once at the 5-week EMA, we favor the fall to continue. A decisive break of this support should take EUR/JPY towards the support zone of 0.7925/0.7930 first and then possibly below. This outlook will remain in place as long as the price-action stays below 0.8033. Any break of that resistance may extend the gains towards 0.8065/0.8070 resistance.

EUR/AUD

possibilities of upward moves by EUR/AUD
EUR/AUD - July 3, 2014

EUR/AUD seems to have lost the downward momentum, even though the currency pair is not out of the bearish shadows yet. In case there is no further interest rate cut by ECB today, we expect an upward correction towards 1.4740 to 1.4760 resistance zone. This outlook will remain in place as long as the price-action stays above the expected support level of 1.4382.

You may also check the periodic outlook updates at the following pages:

  1. EUR/USD outlook
  2. USD/JPY outlook
  3. GBP/USD outlook
  4. USD/CHF outlook
  5. AUD/USD outlook
  6. EUR/JPY outlook
  7. GBP/JPY outlook
  8. AUD/JPY outlook

FX Daily Dose – February 6, 2014

February 6, 2014 in FX Daily Dose

Daily Forex outlook for currency pairs in focus.Forex Daily Dose- January 29, 2014: The FxDailyDose presents a quick snapshot of the price-action of EUR/AUD, EUR/GBP, USD/INR, USD/CAD, EUR/USD, GBP/USD, USD/JPY and AUD/JPY for the immediate and medium-term outlook. Please note that the daily outlook is for current pairs in focus and we may add or remove some of the currency pairs accordingly.

Do not hesitate in contacting us if you wish to know about our view for any specific currency pair.

USD/JPY

Neutral

 

 

USD/JPY stays over 200-day SMA support

USD/JPY remains in a sideways mode after going as low as 100.75. The support has various angles to it e.g. the psychological support of approaching 100.00 level and 200-day moving average support. These support levels also become important considering the overall uptrend. However, considering the recent steep fall some more consolidation can not be ruled out. Even then the intraday  outlook stays neutral as we had indicated in today’s report titled “What USD/JPY Is Waiting For To Decide The Near-Term Direction?“. We expect a direction to be dictated by tomorrows non-farm payroll report and till that time we remain in favor of some more sideways price-action or even some upward consolidation which may extend towards 102.00.

EUR/USD

Neutral

EUR/USD price movement in sideways mode and with lack of volatility

EUR/USD tried to recover after touching the low of 1.3476. The break of the 200-day moving average support and also the brief failure of the psychological support level of 1.3500 has brought the near-term bearish outlook into the picture and the possibilities of further deeper consolidations can not be ruled out. However, the failures of these both support levels have been brief and can not be termed as decisive. Not only the recent price action during this week has been directionless but the volatility has been too low to keep the immediate outlook nothing but neutral. We expect this situation to continue till the non-farm payroll report which is due to be released tomorrow. We stay neutral and away from trading EUR/USD till then.

USD/CAD

Neutral outlook

USD/CAD is stuck in a sideways mode but further consolidations are expected.

USD/CAD’s fall from 1.1224 seems to have lost the momentum near the 22-day EMA support. The price-action is practically in a sideways mode over the recent 1.1031. However, the sideways range seems to be slopping down and there is denying that the short-term bearish pressures for further consolidation are in the picture. Even though our intraday outlook remains neutral but we do expect some more downward consolidation. Any break below 1.1031 should extend the fall towards 1.0990 or even 1.0960/1.0970 after a minor support near 1.1020.

CAD/JPY

possibilities of upward moves by CAD/JPY

Further upward moves are expected by CAD/JPY.

CAD/JPY’s recovery from 90.81 seems to have lost momentum and the price-action is in a sideways range below a resistance at 92.22. The support at 90.81 was a natural one considering the psychological aspects of approaching 90.00 level. The strong fall is arguing against that support as the overall outlook for the near-term stays bearish to expect some more consolidations. However, initially we remain in favor of some upward correction. Any break over 92.22 may extend the corrective moves towards 92.70 to 92.89 resistance zone first and then possibly towards 93.23. However, if the resistance holds then any break below 90.80 should extend the fall towards 90.44 support next and then possibly a retest of 88.51.

GBP/USD

NeutralGBP/USD is showing all signs to move downward for some more consolidation towards the next support level of 1.6217/1.6220. In fact the fall may extend to 1.6160 also. However the loss of volatility after the pair touched the recent low of 1.6252 is keeping our immediate outlook neutral. As mentioned in the EUR/USD and USD/JPY sections above, a direction may come tomorrow with the non-farm payroll report and till then some extended sideways moves or even some upward correction can not be ruled out.

EUR/GBP

Neutral

EUR/JPY is expected to move up for some more consolidation.

EUR/GBP is hesitating in moving ahead with the recent attempt of recovery after touching 0.8333. Euro has been weakening against the British pound since February 2013 i.e. for close to 1 year. There is no change in the overall outlook that some more weakness should take place. However the immediate outlook is neutral but has a mild bullish flavor for some more recovery towards 0.8373 to 0.8394 resistance zone, if the pair manages a break over 0.8333.

EUR/AUD

possibilities of upward moves by EUR/AUD
EUR/AUD may move up for some correction.EUR/AUD’s fall from 1.5832 represents the psychological resistance of approaching 1.6000 level. The fall, as of now has extended to 1.5060 and now the pair is in the psychological support territory of 1.5000 ranges. Even if some more downward moves take place, a strong support will be expected at or above 1.5035. We stay neutral but favor some upward correction first.

USD/INR

Neutral We stay neutral for USD/INR. On the upside the first resistance at 62.95 but then more importantly 63.49 is critical. Only a break over that will suggest a bottoming. Practically the USD/INR is stuck between the psychological levels of 60.00 and 65.00 after failing to touch the all time high of 70.00. We expect some extended sideways moves between the psychological 60.00 and 65.00 level. However the price action has been closer to 60.00 than 65.00 and hence the possibilities of a downward break is more, before another recovery takes place.  Our immediate outlook stays neutral for USD/INR.

Check previous entries of FxDailyDose (The short URL, for your convenience, is http://bit.ly/FXDailyDose).

You may also check the daily and weekly analysis for 8 currency pairs on the following pages:

Daily Analysis:

  1. EUR/USD daily analysis
  2. USD/JPY daily analysis
  3. GBP/USD daily analysis
  4. USD/CHF daily analysis
  5. AUD/USD daily analysis
  6. EUR/JPY daily analysis
  7. GBP/JPY daily analysis
  8. AUD/JPY daily analysis

Weekly Forex outlook

  1. EUR/USD outlook
  2. USD/JPY outlook
  3. GBP/USD outlook
  4. USD/CHF outlook
  5. AUD/USD outlook
  6. EUR/JPY outlook
  7. GBP/JPY outlook
  8. AUD/JPY outlook

FX Daily Dose – January 29, 2014

January 29, 2014 in FX Daily Dose

Daily forex outlookForex Daily Dose- January 29, 2014: The FxDailyDose presents a quick snapshot of the price-action of EUR/AUD, EUR/GBP, USD/INR, USD/CAD, EUR/USD, GBP/USD, USD/JPY and AUD/JPY for the immediate and medium-term outlook. Please note that the daily outlook is for current pairs in focus and we may add or remove some of the currency pairs accordingly.

Do not hesitate in contacting us if you wish to know about our view for any specific currency pair.

USD/JPY

Neutral

 

 

USD/JPY is finding resistance at 55-day EMA.

USD/JPY jumped up from 101.76, which was slightly above the expected resistance of 101.62 and that had indicated that the downward consolidation might be over. We had mentioned about this support on January 24, 2014. However, the current resistance is coming at 55-day EMA level and this previous support is acting as resistance now. Considering this the immediate outlook for the short-term is neutral. A decisive break over 103.44 but more specifically 103.85 is crucial to indicate the near-term bottoming. We expect some sideways trading till a break over 103.85 does not take place. There is no change in the longer-term outlook which stays bullish.

EUR/USD

Neutral

EURU/SD in sideways mode.

Please check the previous update where we had mentioned that EUR/USD’s recovery indicates that the pair might have already bottomed up for the short-term and further gains could be expected. The levels where the recent support came favor this outlook. However, after the initial recovery, past 4 day’s price-action has been directionless. Some improvement has been there in the daily volatility which had gone down drastically. We still favor further upward movement as long as the price stays over 1.3620/1.3629 support. However, considering the sideways moves, we stay neutral for the short-term. On the upside the resistance at 1.3716 but more importantly 1.3739 are critical. Any break above 1.3749 will indicate that the pair might have really bottomed up for the near-term. Similarly on the downside the support at 1.3581 is critical. Any failure of that support will argue against the above outlook and such a move may take EUR/USD to 1.3520/1.3530 support first and possibly lower.

USD/CAD

bullishUSD/CAD had broke out of the previous sideways mode and jumped up aggressively. If the support at 1.1119 holds and a break over 1.1180 takes place then further gains, first, towards 1.1230 and then possibly 1.1255 will be expected. Any decisive break below 1.1119 will make the short-term outlook neutral. However, the bearishness in the short-term outlook will only come is the support at 1.1031 fails. Such a move may bring a consolidation towards 1.0960/1.0970. Overall outlook stays bullish for USD/CAD.

CAD/JPY

bearishCAD/JPY has again entered a sideways mode after a sharp fall. Till there is a breakout from this range, we stay neutral but overall we expect another fall if the resistance at 93.23 holds. A break below the recent 91.85 should target 91.20 support next. We will again expect some sideways moves with that support because the psychological push of approaching 90.00 ranges should start coming into the picture there. However, any decisive failure of 91.19 support will have stronger bearish implications to target 90.44 support next and then possibly a retest of 88.51. If the support holds at 91.85 then on the upside, any failure of 93.23 support should bring further consolidation towards 93.88 first but it may extend as high as 94.20 or more.

GBP/USD

NeutralGBP/USD should find the first support at 1.6583 even if that support fails, as long as the price action stays above 1.6560, we expect further gains. However a better indication will come if the critical resistance at 1.6625 fails. Till then the short-term outlook stays neutral. On the upside a break over 1.6625 should target 1.6668 next and then possibly 1.6740. However any failure of 1.6561 support will turn the focus for a retest of 1.6535. Any failure of 1.6535 support will indicate the short-term topping to target 1.6475 first and then possibly 1.6420.

EUR/GBP

NeutralEUR/GBP’s support at 0.8168 had just represented the psychological support of the approaching 80.00 ranges. Overall outlook for EUR/GBP stays bearish  but the immediate outlook is neutral. If the pair breaks over 0.8253 then some more consolidation should come towards 0.8286/0.8306 resistance zone. The recent resistance pattern has been 55-day EMA and on the upside any decisive break over 0.8306 will not only represent the break of the resent resistance but also the break of this pattern. In case such a move takes place then it will indicate a short-term bottoming. However a better indication will only come if 0.8348 resistance fails. With these resistance a break below 0.8209 should extend the fall first to retest the recent 0.8168 and then possibly 0.8120 or more.

EUR/AUD

NeutralEUR/AUD’s fall from 1.5832 represents the psychological resistance of approaching 1.6000 level. Such a resistance may extend the downward consolidation further towards 1.5428 or more, if the resistance holds at 1.5737 and any break below 1.5475 takes place. However our immediate outlook is neutral for EUR/AUD though overall we stay positive.

USD/INR

NeutralUSD/INR fell strongly from 63.49 and the price-action indicates that a short-term bottom may already be in place. However the price-action since October 2013 has been proving that, on the downside, the 60.00 level is acting as a very strong psychological level. The lowest the pair has gone since the fall from 69.52 was 60.54. The next support levels have been above that. We expect some extended sideways moves between the psychological 60.00 and 65.00 level. However the price action has been closer to 60.00 than 65.00 and hence the possibilities of a downward break is more, before another recovery takes place.  Our immediate outlook stays neutral for USD/INR.

Check previous entries of FxDailyDose (The short URL, for your convenience, is http://bit.ly/FXDailyDose).

You may also check the daily and weekly analysis for 8 currency pairs on the following pages:

Daily Analysis:

  1. EUR/USD daily analysis
  2. USD/JPY daily analysis
  3. GBP/USD daily analysis
  4. USD/CHF daily analysis
  5. AUD/USD daily analysis
  6. EUR/JPY daily analysis
  7. GBP/JPY daily analysis
  8. AUD/JPY daily analysis

Weekly Forex outlook

  1. EUR/USD outlook
  2. USD/JPY outlook
  3. GBP/USD outlook
  4. USD/CHF outlook
  5. AUD/USD outlook
  6. EUR/JPY outlook
  7. GBP/JPY outlook
  8. AUD/JPY outlook

FX Daily Dose – January 21, 2014

January 21, 2014 in FX Daily Dose

Forex daily outlookForex Daily Dose- January 21, 2014: The FxDailyDose presents a quick snapshot of the price-action of EUR/AUD, EUR/GBP, USD/INR, USD/CAD, EUR/USD, GBP/USD, USD/JPY and AUD/JPY for the immediate and medium-term outlook. Please note that the daily outlook is for current pairs in focus and we may add or remove some of the currency pairs accordingly.

Do not hesitate in contacting us if you wish to know about our view for any specific currency pair.

USD/JPY

Neutral

 

 

USD/JPY moved up strongly to touch 104.69. We remain in favor of further gains however the immediate outlook stays neutral till there is a break over 104.92 but more specifically 105.00. In case such a move takes place then the pair should retest the resistance zone of 105.35 to 105.44 resistance zone. However, this outlook will change if USD/JPY breaks below 103.83 which is 3 pips below the recent support. Even if such a move takes place the next support will be expected at or above 103.57 but any decisive failure of that support will turn the focus back for the retest of 102.85.

EUR/USD

Neutral

EUR/USD - recent supportEUR/USD’s recent support at 1.3507 indicates the following:

  • The recovery came well ahead of retesting the low (1.3490) of the hammer styled daily candle of November 25, 2013.
  • 1.3500 psychological level held.
  • The short-term support trend-line as shown in the daily chart above also seems to be holding.
  • The support was also slightly over the 200-day moving average which indicated that the recent trend of support is holding.
EURUSD over 200 day moving average

EURUSD over 200 day moving average

Considering all the above points, we expect further gains towards 1.3600 where the resistance Tenkan line of the daily Ichimoku cloud may act and also the pull of 1.3500 level may come into the picture. On the upside if there is a decisive break of 1.3605 then further gains towards the resistance zone of 1.3640 to 1.3650 will be expected. The focus will turn towards downside only if the price-action overcomes the psychological support of 1.3500 by falling below 1.3490. Today’s ZEW surveys for economic sentiments from Germany and European Monetary Unions may also act as the driver for the short-term direction

USD/CAD

Neutral

USDCAD in sideways modeUSD/CAD has been in a volatile sideways mode for past 5 trading days. Overall sentiments and outlook stays bullish but till the resistance of 1.1000 is not overcome we stay neutral for upside. More specifically a break out on either side i.e. below 1.0905 or above 1.0991 is required to determine the short-term direction. An upside breakout should target 1.1050 next, however if the support at 1.0905 fails then further consolidation towards the next support zone of 1.0842 to 1.0860 will be expected. The immediate outlook will turn towards bearish side for some deeper consolidations only if a decisive break below 1.0842 but more importantly 1.0823 takes place.

CAD/JPY

Neutral outlook

 

CAD/JPY remains in a sideways mode for past 8 trading days after the recovery attempt failed at 95.90. If the resistance at 95.90 holds then the possibilities of deeper consolidations can not be ruled out but the break of 94.58 support is required as confirmation. CAD/JPY’s recent moves presented an excellent example of number psychology. The pair was in a strong uptrend but faced an equally strong resistance before hitting the major psychological level of 100.00. The sharp fall broke the psychological support of 95.00 but marginally. The recent price action after the recovery from 94.58 is indicating that the psychological support of 95.00 is also in place. In case there is no decisive break of 94.58, but more importantly 94.00, then some extended sideways moves can be expected. We stay neutral for CAD/JPY from short-term perspective.

GBP/USD

Neutral

GBP/USD maintains the overall bullish sentiments. However the drastic drop in the volatility and the continuous resistance of 1.6500 key psychological level are keeping us neutral for the pair, as far as the immediate outlook is concerned. To turn the focus back towards upside, the failure of 1.6464 resistance but more importantly a break of a.6517 resistance is crucial. In case such a move takes place then GBP/USD should target a retest of 1.6603 next. However if these resistances hold and the support of 1.6309 fails then the focus will turn back towards downside for 1.6217 or below.

EUR/GBP

Neutral

EUR/GBP has not only gone into a sideways range but the volatility has gone down drastically. The overall outlook stays bearish but some upward consolidation cannot be ruled out. On the upside the first resistance is expected in the range of 0.8330 to 0..8348. This range not only represents the recent resistance but also the 55-day EMA resistance. Even if this resistance fails we expect any upward consolidation to be limited to 0.8392 to bring another drop. On the downside a break below 0.8230 but more specifically 0.8220 is required to continue the ongoing fall to target 0.8180 or more.

EUR/AUD

Neutral

EUR/AUD’s strong recovery from 1.5030 i.e. well ahead of the psychological a.5000 level stalled after a brief break of 1.5500. We remain in the favor of further gains as long as the price-action stays above 1.5280. However a break above 1.5508 is critical to maintain this outlook. If such a break takes place then EUR/AUD should target the resistance zone of 1.5557 to 1.5597. However if this resistance holds and the expected support at 1.5280 fails then the focus will turn back towards 1.5030 or below. Our immediate outlook stays neutral.

USD/INR

Neutral

USD/INR remains in a narrow sideways range between 61.07 and 61.71 after failing below the resistance zone of 62.44/62.50. The price -action is clearly showing the psychological support of 60.00 ranges and a fear of entering that range by breaking below 61.00. Overall, as we have been mentioning is some of the previous updates, we expect some deeper consolidations in the days to come but our immediate outlook stays neutral for USD/INR.

Check previous entries of FxDailyDose (The short URL, for your convenience, is http://bit.ly/FXDailyDose).

You may also check the daily and weekly analysis for 8 currency pairs on the following pages:

Daily Analysis:

  1. EUR/USD daily analysis
  2. USD/JPY daily analysis
  3. GBP/USD daily analysis
  4. USD/CHF daily analysis
  5. AUD/USD daily analysis
  6. EUR/JPY daily analysis
  7. GBP/JPY daily analysis
  8. AUD/JPY daily analysis

Weekly Forex outlook

  1. EUR/USD outlook
  2. USD/JPY outlook
  3. GBP/USD outlook
  4. USD/CHF outlook
  5. AUD/USD outlook
  6. EUR/JPY outlook
  7. GBP/JPY outlook
  8. AUD/JPY outlook

FX Daily Dose – January 7, 2014

January 7, 2014 in FX Daily Dose

Forex daily outlookForex Daily Dose- January 7, 2014: The FxDailyDose presents a quick snapshot of the price-action of EUR/AUD, EUR/GBP, USD/INR, USD/CAD, EUR/USD, GBP/USD, USD/JPY and AUD/JPY for the immediate and medium-term outlook. Please note that the daily outlook is for current pairs in focus and we may add or remove some of the currency pairs accordingly.

Do not hesitate in contacting us if you wish to know about our view for any specific currency pair.

 

USD/JPY

Neutral

 

 

USD/JPY daily chart

USD/JPY tried to break the support of 104.00 and hence 22-day EMA which we have been mentioning for past 2 days but the break could not sustain and the pair jumped up immediately from 103.91 i.e. from 9 pips below 104. The previous daily candle was also a Doji styled candle which indicate complete uncertainty. Such a candle after a sharp drop may also cause an upside reversal. However, our outlook remains neutral and unchanged for the immediate price-action and as follows: ” The price action has been trying to break the 22-day EMA support but has not been able to sustain below it. This support trend has been in place for close to 2 months. Another immediate recovery should take place as long as the support holds at or above 104.00 but a break over 105.00 but more importantly 105.44 is required to expect the resumption of the trend. However, any failure of 104.00 support may result in deeper consolidations first towards 103.77 or below. In fact any break of 103.77 will change the immediate outlook slightly towards bearish to target the next support zone of 103.03 to 103.20.”.

EUR/USD

Neutral

EUR/USD daily chart for today's outlook

EUR/USD found resistance exactly at 55-day EMA level after trying to recover from 1.3571. There is no change in the outlook from what we had indicated in the previous update and we our views remain same that EUR/USD’s fall had lost momentum well ahead of the psychological level of 1.3500. The sharp fall which took place with the near year beginning was slightly unexpected but not unnatural because of the strong psychological resistance of 1.4000 level. Further drop can not be ruled out but a strong support is expected in the range of 1.3524 to 1.3528. Even if this support fails, 1.3500 level should provide a stronger support. However any decisive break of 1.3500 but more specifically 1.3490 will bring in some real bearish sentiments and such a move will be the first step in suggesting that a near-term top might have already been reached. Such a move, if takes place, should target 1.3400 first and possibly below. On the upside the first resistance is expected at or below 1.3675. In case the mentioned supports hold and a break over 1.3675 takes place then a recovery towards the resistance at 1.3728 will be expected. On the upside the first level of resistance should hold in the range of 1.3728 to 1.3749. Any failure of this resistance will be the first indication that the consolidation might be over. If such a move takes place then another test of 1.3800 should be in the pipe-line. Another break over 1.3800 should target a retest of 1.3894 and then possibly 1.3940.

USD/CAD

Neutral

USD/CAD daily chart for today's outlook

USD/CAD seems to be maintaining the support pattern at 55-day EMA. The recovery extended slightly to 1.0686 but the price is still 10 pips below the resistance level which we have been indicating from previous 2 updates. The outlook remains unchanged and we have to repeat our views once again for the ready reference: “The recent high was lower than the previous high but in the same way the subsequent lows have also been getting higher. Sooner or later we expect another upward jump but considering the overall volatile sideways moves, we stay neutral initially. On the upside the first resistance is expected at 1.0696. Any failure of that resistance should target 1.0723 to a.0737 resistance. We will repeat what we had mentioned in the previous update that with any break over 1.0744 to 1.0750 resistance zone we would expect USD/CAD to target 1.0854 of the week of May 24, 2010. Before the pair had touched 1.0854 during May 2010, an extremely strong resistance had continued to be in the range of 1.0744 to 1.0750. The recent resistance was felt just 7 pips below this range and that indicates that this resistance may prove to be critical. The possibilities of another recovery will remain in place as long as the price action remains over 1.0581. Any break below this support should first target 1.0561 minor support and then possibly 1.0520.”.

CAD/JPY

Bearish

 

 

CAD/JPY daily chart for today's outlook

CAD/JPY broke the support of 97.59 which we had been indicating in previous 2 updates. Yesterday’s support had come just 2 pips above that but the attempt of another recovery had failed at 98.47 before the pair went 9 pips below the said support to touch 97.50. We now expect some more consolidation towards a strong support zone of 97.19 to 97.25. This support level represents the previous support as well as the support level of 55-day EMA. Till the support holds at 97.19, another recovery to retest 99.15 will be expected. However as we had mentioned in last to last update, Even if CAD/JPY breaks above 99.15, a strong resistance will be expected at 99.38. This level had proved to be a minor support during May 2013 and now we expect it to turn into a resistance. Sooner or later we expect a break of this resistance and a test of 100.00, however. On the downside any failure of 97.19 support should bring further consolidation towards the support zone of 96.30 to 96.48.

GBP/USD

Neutral

GBP/USD daily chart for today's outlook

GBP/USD dropped further slightly to 1.6337. The support came just over 55-day EMA and 15 pips above the support zone of 1.6316 to 1.6322 which we have been indicating from past 2 updates. Further drop towards this support zone can not be ruled out but before that we expect some more recovery towards 1.6455. As we had mentioned earlier also, the immediate outlook will start turning towards bearish side only with any move below 1.6316 and such a move mat extend the consolidation to 1.6217 or below. On the upside the first level of resistance is now expected at 1.6444 but we will stay neutral for the upside till the price-action remains below the next resistance zone of 1.6474 to 1.6493 and any break of that resistance will be the first indication that the downward consolidation might be over. A better indication will come with another break over 1.6500, which should take GBP/USD first to the immediate resistance above that at 1.6533 and then possibly to retest 1.6603 and above.

EUR/GBP

Neutral

EUR/GBP daily chart for today's outlook

EUR/GBP extended the recovery slightly more to 0.8331. The resistance came at 22-day EMA. Our outlook remains unchanged from yesterday.  We expect further upward recovery but will stay neutral for that till a break over the recent 0.8331 does not take place. Even if this break takes place, as mentioned during the previous update, we will expect a very strong at 0.8350 or at the most at 0.8380. If this resistance holds and if the pair manages a break below 0.8252 then the continuation of the ongoing downtrend will be expected to take it to 0.8160 to complete the 61.8% retracement of the gains from 0.7755 to 0.8815 and then possibly 0.8085. On the upside any break over 0.8392 may delay the expected further fall and may target 0.8414 to 0.8423 resistance zone.

EUR/AUD

Neutral

EUR/AUD daily chart for today's outlook

EUR/AUD has extended the recovery to 1.5286 but seems to have stuck between the 55-day EMA support and 22-day EMA resistance. The price-action is in a volatile sideways mode and that is keeping us neutral. As we had also mentioned yesterday that the support at 1.5116 was more like a a psychological support of the approaching psychological ranges of 1.5000. A break above the recent 1.5286 bring some more recovery towards 1.5311 or more  but any significant upward gains will only be expected if the price-action breaks above 1.5365 to 1.5382 resistance. The important point to observe is that though EUR/AUD tried to break above 1.5500 psychological level time and again but failed to sustain over it. This facts suggests that at best we should expect some volatile sideways moves below 1.5500 and even some deeper consolidations cannot be ruled out.

USD/INR

Neutral

USD/INR daily chart for today's outlook

USD/INR remains in a very narrow sideways mode below the resistance zone of 62.44/62.50 which we have been indicating during previous updates. There is no change in our outlook and hence we will repeat what we had mentioned earlier i.e. “We remain neutral initially and our outlook stays neutral as long as there is no upward break of the resistance of the 62.44/62.50 range. If this resistance fails then further gains towards 63.00 may take place but we will expect any recovery to be limited below 63.40 to bring another fall. On the downside any break below 61.33/61.30 will be the first indication of topping. Overall we remain in the favor of further drop in the near-term and the only thing which is sustaining USD/JPY from further downward consolidation is the psychological support of 60.00. On the upside the first resistance is expected below 62.00 but overall only a break above 62.40 to 62.50 resistance will indicate the possibilities that a short-term bottom is in place.”.

Check previous entries of FxDailyDose (The short URL, for your convenience, is http://bit.ly/FXDailyDose).

You may also check the daily and weekly analysis for 8 currency pairs on the following pages:

Daily Analysis:

  1. EUR/USD daily analysis
  2. USD/JPY daily analysis
  3. GBP/USD daily analysis
  4. USD/CHF daily analysis
  5. AUD/USD daily analysis
  6. EUR/JPY daily analysis
  7. GBP/JPY daily analysis
  8. AUD/JPY daily analysis

Weekly Forex outlook

  1. EUR/USD outlook
  2. USD/JPY outlook
  3. GBP/USD outlook
  4. USD/CHF outlook
  5. AUD/USD outlook
  6. EUR/JPY outlook
  7. GBP/JPY outlook
  8. AUD/JPY outlook

FX Daily Dose – January 6, 2014

January 6, 2014 in FX Daily Dose

Forex daily outlook“Forex Daily Dose” presents a quick snapshot of the price-action of EUR/AUD, EUR/GBP, USD/INR, USD/CAD, EUR/USD, GBP/USD, USD/JPY and AUD/JPY for the immediate and medium-term outlook. Please note that the daily outlook is for current pairs in focus and we may add or remove some of the currency pairs accordingly.

Do not hesitate in contacting us if you wish to know about our view for any specific currency pair.

 

 

USD/JPY

Neutral

 

USD/JPY had extended it’s fall to 104.07 before recovering to USD/JPY finding support at 22-day EMA104.95 and falling back to 104.15 after failing below the psychological level of 105. As of now there is no change in our outlook from what we had mentioned during the previous update. The price action has been trying to break the 22-day EMA support but has not been able to sustain below it. This support trend has been in place for close to 2 months. Another immediate recovery should take place as long as the support holds at or above 104.00 but a break over 105.00 but more importantly 105.44 is required to expect the resumption of the trend. However, any failure of 104.00 support may result in deeper consolidations first towards 103.77 or below. In fact any break of 103.77 will change the immediate outlook slightly towards bearish to target the next support zone of 103.03 to 103.20.

EUR/USD

NeutralEUR/USD extended it’s fall to 1.3571 but lost momentum well ahead of the psychological level of 1.3500. The sharp fall which took place with the near year beginning was slightly unexpected but not unnatural because of the strong psychological resistance of 1.4000 level. Further drop can not be ruled out but a strong support is expected in the range of 1.3524 to 1.3528. Even if this support fails, 1.3500 level should provide a stronger support. However any decisive break of 1.3500 but more specifically 1.3490 will bring in some real bearish sentiments and such a move will be the first step in suggesting that a near-term top might have already been reached. Such a move, if takes place, should target 1.3400 first and possibly below. In case the mentioned supports hold then a recovery towards the resistance at 1.3728 will be expected. On the upside the first level of resistance should hold in the range of 1.3728 to 1.3749. Any failure of this resistance will be the first indication that the consolidation might be over. If such a move takes place then another test of 1.3800 should be in the pipe-line. Another break over 1.3800 should target a retest of 1.3894 and then possibly 1.3940.

USD/CAD

NeutralUSD/CAD found resistance 18 pips below the resistance USD/CAD remains over 55-day ema supportlevel mentioned during the previous update. The recovery attempt failed at 1.0678 and the price-action fell into a sideways mode. However the mentioned support of 55-day EMA continues and there is no change in our outlook. We will repeat what we had mentioned earlier for the ready reference: ” The recent high was lower than the previous high but in the same way the subsequent lows have also been getting higher. Sooner or later we expect another upward jump but considering the overall volatile sideways moves, we stay neutral initially. On the upside the first resistance is expected at 1.0696. Any failure of that resistance should target 1.0723 to a.0737 resistance. We will repeat what we had mentioned in the previous update that with any break over 1.0744 to 1.0750 resistance zone we would expect USD/CAD to target 1.0854 of the week of May 24, 2010. Before the pair had touched 1.0854 during May 2010, an extremely strong resistance had continued to be in the range of 1.0744 to 1.0750. The recent resistance was felt just 7 pips below this range and that indicates that this resistance may prove to be critical. The possibilities of another recovery will remain in place as long as the price action remains over 1.0581. Any break below this support should first target 1.0561 minor support and then possibly 1.0520.”.

CAD/JPY

Neutral

 

CAD/JPY had found support 2 pips above the support level mentioned by us during the last update. The pair then recovered to 98.69 but fell again to 98.11 before trying to recover again. There is no change in our outlook and we will repeat what we had mentioned earlier, with minor modifications,  for the ready reference: ” The fall from 99.15 was quite natural because of the psychological resistance of the approaching 100.00 level.  A minor support is expected at or over 97.59 and any failure of that should make CAD/JPY to target a strong support level of 97.19. Till the support holds at 97.19, another recovery to retest 99.15 will be expected. However as we had mentioned in the previous update, Even if CAD/JPY breaks above 99.15, a strong resistance will be expected at 99.38. This level had proved to be a minor support during May 2013 and now we expect it to turn into a resistance. Sooner or later we expect a break of this resistance and a test of 100.00, however. On the downside any failure of 97.19 support should bring further consolidation towards the support zone of 96.30 to 96.48.”.

GBP/USD

NeutralGBP/USD extended its fall to go as low as 1.6348. The price-action is still above the second level of support indicated by us during the previous update i.e. 1.6316 to 1.6322. Further drop towards this support zone can not be ruled out now. As we had mentioned earlier also, the immediate outlook will start turning towards bearish side only with any move below 1.6316 and such a move mat extend the consolidation to 1.6217 or below. On the upside the first level of resistance is now expected at 1.6444 but we will stay neutral for the upside till the price-action remains below the next resistance zone of 1.6474 to 1.6493 and any break of that resistance will be the first indication that the downward consolidation might be over. A better indication will come with another break over 1.6500, which should take GBP/USD first to the immediate resistance above that at 1.6533 and then possibly to retest 1.6603 and above.

EUR/GBP

NeutralEUR/GBP had failed in recovery from 0.8270 after touching 0.8319. However the subsequent drop did not retest the low of 0.8270 and the support came at 0.8275 to take the pair to 0.8316. We expect further upward recovery but will stay neutral for that till a break over the recent 0.8319 does not take place. Even if this break takes place, as mentioned during the previous update, we will expect a very strong at 0.8350 or at the most at 0.8380. If this resistance holds and if the pair manages a break below 0.8252 then the continuation of the ongoing downtrend will be expected to take it to 0.8160 to complete the 61.8% retracement of the gains from 0.7755 to 0.8815 and then possibly 0.8085. On the upside any break over 0.8392 may delay the expected further fall.

EUR/AUD

NeutralEUR/AUD extended it’s fall to as low as 1.5116 before falling into a sideways mode between 1.5116 and 1.5233. The support came above the 55-day EMA but more than that we take it as a psychological support of the approaching psychological ranges of 1.5000. We stay neutral with the current price-action. If the resistance at 1.5233 holds and a break below the recent1.5116 takes place then further downward consolidation can not be ruled out. This can extend to as low as 1.5017 to 1.5020 support zone of the sideways price action during December 5 to December 10, 2013. However we will expect a very strong support in or above that support zone. If that support fails then the bearish sentiments will come into the picture and the focus will turn back towards 1.4858 or even 1.4799. On the upside, a break over 1.5233 may bring some more recovery towards 1.5311 or more  but any significant upward gains will only be expected if the price-action breaks above 1.5365 to 1.5382 resistance. The important point to observe is that though EUR/AUD tried to break above 1.5500 psychological level time and again but failed to sustain over it. This facts suggests that at best we should expect some volatile sideways moves below 1.5500 and even some deeper consolidations cannot be ruled out.

USD/INR

NeutralUSD/INR found resistance exactly in the resistance zone indicated by us during the last update i.e. 62.44/62.50 range. The pair remained in a sideways mode after touching 62.48. There is no change in our outlook and hence we will repeat what we had mentioned earlier i.e. “We remain neutral initially and our outlook stays neutral as long as there is no upward break of the resistance of the 62.44/62.50 range. If this resistance fails then further gains towards 63.00 may take place but we will expect any recovery to be limited below 63.40 to bring another fall. On the downside any break below 61.33/61.30 will be the first indication of topping. Overall we remain in the favor of further drop in the near-term and the only thing which is sustaining USD/JPY from further downward consolidation is the psychological support of 60.00. On the upside the first resistance is expected below 62.00 but overall only a break above 62.40 to 62.50 resistance will indicate the possibilities that a short-term bottom is in place.”..

Check previous entries of FxDailyDose (The short URL, for your convenience, is http://bit.ly/FXDailyDose).

You may also check the daily and weekly analysis for 8 currency pairs on the following pages:

Daily Analysis:

  1. EUR/USD daily analysis
  2. USD/JPY daily analysis
  3. GBP/USD daily analysis
  4. USD/CHF daily analysis
  5. AUD/USD daily analysis
  6. EUR/JPY daily analysis
  7. GBP/JPY daily analysis
  8. AUD/JPY daily analysis

Weekly Forex outlook

  1. EUR/USD outlook
  2. USD/JPY outlook
  3. GBP/USD outlook
  4. USD/CHF outlook
  5. AUD/USD outlook
  6. EUR/JPY outlook
  7. GBP/JPY outlook
  8. AUD/JPY outlook

FX Daily Dose – January 3, 2014

January 3, 2014 in FX Daily Dose

Daily Forex outlook“Forex Daily Dose” presents a quick snapshot of the price-action of EUR/AUD, EUR/GBP, USD/INR, USD/CAD, EUR/USD, GBP/USD, USD/JPY and AUD/JPY for the immediate and medium-term outlook. Please note that the daily outlook is for current pairs in focus and we may add or remove some of the currency pairs accordingly.

Do not hesitate in contacting us if you wish to know about our view for any specific currency pair.

 

 

USD/JPY

Neutral

 

USD/JPY fell rather sharply after touching 105.44 to touch USD/JPY is close to the support pattern.104.54 and realizing some support there. The drop as of now does not change the views and the overall outlook remains positive. The price action is still above the recent support trend of 22-day EMA. This support trend has been in place for close to 2 months. Further consolidation is expected first towards 104.20/104.30 and may also extend to 104.00. Another immediate recovery should take place as long as the support holds at or above 104.00. However any failure of this support may result in deeper consolidations, first towards 103.77 or below. In fact any break of 103.77 will change the immediate outlook slightly towards bearish to target the next support zone of 103.03 to 103.20.

EUR/USD

NeutralEUR/USD started the new year with a sharp drop which has broken the support of 55-day EMA and hence the recent support pattern. The pair has touched the low of 1.3629 which is slightly above the previous support of 1.3625. Further downward consolidation can not be ruled out but we will wait for any break below 1.3625 as the confirmation for this view. Even with such a move another immediate support will be expected near 1.3615. However, any break below 1.3615 will turn the focus downwards for 1.3543 or more. On the upside the first level of resistance should hold in the range of 1.3728 to 1.3749. Any failure of this resistance will be the first indication that the consolidation might be over. If such a move takes place then another test of 1.3800 should be in the pipe-line. Another break over 1.3800 should target a retest of 1.3894 and then possibly 1.3940.

USD/CAD

bullishUSD/CAD found support at 55-day EMA. The recent high USD/CAD finds support at 55-day EMAwas lower than the previous high but in the same way the subsequent lows have also been getting higher. Sooner or later we expect another upward jump but considering the overall volatile sideways moves, we stay neutral initially. On the upside the first resistance is expected at 1.0696. Any failure of that resistance should target 1.0723 to a.0737 resistance. We will repeat what we had mentioned in the previous update that with any break over 1.0744 to 1.0750 resistance zone we would expect USD/CAD to target 1.0854 of the week of May 24, 2010. Before the pair had touched 1.0854 during May 2010, an extremely strong resistance had continued to be in the range of 1.0744 to 1.0750. The recent resistance was felt just 7 pips below this range and that indicates that this resistance may prove to be critical. The possibilities of another recovery will remain in place as long as the price action remains over 1.0581. Any break below this support should first target 1.0561 minor support and then possibly 1.0520.

CAD/JPY

Neutral

 

CAD/JPY fell very sharply after touching 99.15. The fall has been quite natural because of the psychological resistance of the approaching 100.00 level. Till now the price action has touched 97.71 and further drop can not be ruled out. A minor support is now expected at 97.59 and any failure of that should make CAD/JPY to target a strong support level of 97.19. Till the support holds at 97.19, another recovery to retest 99.15 will be expected. However as we had mentioned in the previous update, Even if CAD/JPY breaks above 99.15, a strong resistance will be expected at 99.38. This level had proved to be a minor support during May 2013 and now we expect it to turn into a resistance. Sooner or later we expect a break of this resistance and a test of 100.00, however. On the downside any failure of 97.19 support should bring further consolidation towards the support zone of 96.30 to 96.48.

GBP/USD

NeutralGBP/USD fell sharply to 1.6410 after touching 1.6603. Though further consolidation can not be ruled out but a better indication will only come if the support at 1.6400/1.6394 fails. Such a failure will represent the failure of the 1.6500 key psychological level. This previous psychological resistance level should now act a pulling force. If the support at or above 1.6394 fails then further consolidation towards 1.6316 to 1.6322 support zone should take place. The immediate outlook will start turning towards bearish side only with any move below 1.6316 and such a move mat extend the consolidation to 1.6217 or below. On the upside the first level of resistance is now expected at 1.6460 and any break of that resistance will be the first indication that the downward consolidation might be over. A better indication will come with another break over 1.6500, which should take GBP/USD first to the immediate resistance above that at 1.6533 and then possibly to retest 1.6603 and above.

EUR/GBP

bullishEUR/GBP extended it’s drop to 0.8270 before realizing some support over the previous support level of 0.8252. The slight recovery has take the pair to as high as 0.8319. Some more recovery may take place but we will expect a very strong at 0.8350 or at the most at 0.8380. If this resistance holds and if the pair manages a break below 0.8252 then the continuation of the ongoing downtrend will be expected to take it to 0.8160 to complete the 61.8% retracement of the gains from 0.7755 to 0.8815 and then possibly 0.8085. On the upside any break over 0.8392 may delay the expected further fall.

EUR/AUD

bullishEUR/AUD extended its fall to break below the previous EUR/AUD breaks supportsupport of 1.5287 to touch 1.5257. This failure of the expected support indicates the possibilities of further consolidation towards the support zone of 1.5163 to 1.5189. However we will wait to see if there is a break below 1.5257 to turn our focus towards 1.5189/1.5163 support. A failure of that support will indicate a near-term topping. The important point to observe is that though EUR/AUD tried to break above 1.5500 psychological level time and again but failed to sustain over it. This facts suggests that some deeper consolidations can not be ruled out.

USD/INR

NeutralUSD/INR jumped up strongly to touch 62.35. Further upward gains cannot be ruled out but the fact remains same that the price-action, as of now, remains in sideways mode between 61.31 and 62.44. We remain neutral initially and our outlook stays neutral as long as there is no upward break of the resistance of the 62.44/62.50 range. If this resistance fails then further gains towards 63.00 may take place but we will expect any recovery to be limited below 63.40 to bring another fall. On the downside any break below 61.33/61.30 will be the first indication of topping. Overall we remain in the favor of further drop in the near-term and the only thing which is sustaining USD/JPY from further downward consolidation is the psychological support of 60.00. On the upside the first resistance is expected below 62.00 but overall only a break above 62.40 to 62.50 resistance will indicate the possibilities that a short-term bottom is in place.

Check previous entries of FxDailyDose (The short URL, for your convenience, is http://bit.ly/FXDailyDose).

You may also check the daily and weekly analysis for 8 currency pairs on the following pages:

Daily Analysis:

  1. EUR/USD daily analysis
  2. USD/JPY daily analysis
  3. GBP/USD daily analysis
  4. USD/CHF daily analysis
  5. AUD/USD daily analysis
  6. EUR/JPY daily analysis
  7. GBP/JPY daily analysis
  8. AUD/JPY daily analysis

Weekly Forex outlook

  1. EUR/USD outlook
  2. USD/JPY outlook
  3. GBP/USD outlook
  4. USD/CHF outlook
  5. AUD/USD outlook
  6. EUR/JPY outlook
  7. GBP/JPY outlook
  8. AUD/JPY outlook

FX Daily Dose – December 26, 2013

December 26, 2013 in FX Daily Dose

Daily Forex Outlook“Forex Daily Dose” presents a quick snapshot of the price-action of EUR/AUD, EUR/GBP, USD/INR, USD/CAD, EUR/USD, GBP/USD, USD/JPY and AUD/JPY for the immediate and medium-term outlook. Please note that the daily outlook is for current pairs in focus and we may add or remove some of the currency pairs accordingly.

Do not hesitate in contacting us if you wish to know about our view for any specific currency pair.

USD/JPY

bullishUSD/JPY jumped up sharply with the opening of Monday morning session. The pair went over the previous high of 103.63 to touch 104.84 before losing the momentum.USD/JPY finding resistance below 105. The hourly candles are clearly reflecting an uncertainty and confusion because of the evident bullish sentiments against the fear of overcoming the psychological resistance of the 105.00 level. However, the break over 104.63 clearly indicates that we should be able to see the break of 105.00 barrier soon. As we have been mentioning in the previous update that a break over 105.00 should target 105.60 next. On the downside the first support is expected to hold at or over 104.57. Any failure of that support will be the first indication for a delay in targeting 105.00 but even in such case a strong support should come at 104.36. Any failure of 104.36 may bring some more consolidation before a recovery. Even with a break of 105.00, a drop in the upward momentum will be expected over 105.00. This is not just for today but even a sustained price action over 105.00 should bring a consolidation towards 102.00 or lower before hitting 107.40.

EUR/USD

NeutralEUR/USD has been in a sideways range since December 19th EUR/USD breaks the support of the trend line but stays above 55-day EMA supportafter failing to sustain over 1.3811. The price-action had broken the support of the short-term trend-line but has been staying over the 55-day EMA support. Further downward consolidation cannot be ignored but as long as the prices stay over the recent 1.3625, we stay neutral. Any decisive break below 1.3625 will also represent the failure of the 55-day EMA support. Even with such a move another immediate support will be expected near 1.3615. However, any break below 1.3615 will turn the focus downwards for 1.3543 or more. On the upside the first level of resistance should hold in the range of 1.3717 to 1.3723. Any failure of this resistance will be the first indication that the consolidation might be over and another test of 1.3800 should be in the pipe-line.

USD/CAD

bullishUSD/CAD’s fall after touching 1.0737 had broken the expected support of 1.0620 but the pair had found a strong support at 1.0581 i.e. well over the previous support level of 1.0561. We remain neutral till the price action is below 1.0653 but the overall outlook stays bullish. If the immediate resistance at 1.0653 fails the a retest of 1.0737 will be expected and with any break over 1.0744 to 1.0750 resistance zone we would expect USD/CAD to target 1.0854 of the week of May 24, 2010. Before the pair had touched 1.0854 during May 2010, an extremely strong resistance had continued to be in the range of 1.0744 to 1.0750. The recent resistance was felt just 7 pips below this range and that indicates that this resistance may prove to be critical. On the downside the first support is expected at 1.0606 and any failure of that will be the first indication that the pair may go for some consolidation but a better indication will only come if the support at 1.0561 fails.

CAD/JPY

bullishCAD/JPY rose again after finding support at 98.01 but there has been some loss of momentum with a resistance at 98.51. Further gains towards the resistance of 99.02 of the week of May 27, 2013 are now expected, however we will stay cautious because of the approaching strong psychological resistance level of 100.00. Even if CAD/JPY breaks above 99.02, a strong resistance will be expected at 99.38. This level had proved to be a minor support during May 2013 and now we expect it to turn into a resistance. The psychological pressure of 100.00 will also make this level critical. On the downside the support will be expected to hold at 98.01 but a failure of that will start neutralizing the bullish outlook for the short-term..

GBP/USD

bullishGBP/USD has fallen into a sideways range but overall bullish outlook remains intact. The pair had jumped strongly form the expected support zone as we had indicated earlier at “GBP/USD enters the zone of strong supports“. If the minor resistance of 1.6394 fails then a retest of 1.6484 and then a test of 1.6500 is expected. And break above 1.6500 should continue the gains towards 1.6545 to 1.6555 resistance zone. However if the immediate resistance holds then any break below 1.6316 will indicate a breakout of the channel on the downside and such a move my bring some consolidation towards 1.6250 i.e. towards 55-day EMA support. We wills stay positive as long as the support at 1.6217 remains in place.

EUR/GBP

NeutralEUR/GBP had failed to sustain over the resistance of 84.63 even after a slight breach of that resistance when it had touched 84.66. The slight recovery after the strong fall has found a resistance at the 55-day EMA. Even though the downward move is lacking any good momentum, we expect the fall to extend if the support at 0.8330 fails. However we are staying neutral till the price is over 0.8330. A failure of this support may find another support at 0.8274 but if that support also fails then deeper declines first for a retest of 82.52 and more will be expected. As we had mentioned in the previous update also, on the upside a break above 0.8414 is required to indicate any possibilities for further gains.

EUR/AUD

bullishEUR/AUD had fallen strongly after meeting the target mentioned by us during the last to last update. The fall from 1.5579 had extended to 1.5287 before a recovery to 1.5408. We remain in favor of further recovery towards 1.5477 first and then 1.5500 or beyond. However we will stay neutral till the price action is below 1.5411/1.5420 resistance.

USD/INR

NeutralUSD/INR remains in sideways mode between 61.31 and 62.44. We remain neutral initially and our outlook stays same as we have been mentioning earlier i.e. “Any break below 61.33/61.30 will be the first indication of topping. Overall we remain in the favor of further drop in the near-term and the only thing which is sustaining USD/JPY from further downward consolidation is the psychological support of 60.00. On the upside the first resistance is expected below 62.00 but overall only a break above 62.40 to 62.50 resistance will indicate the possibilities that a short-term bottom is in place.”.

Check previous entries of FxDailyDose (The short URL, for your convenience, is http://bit.ly/FXDailyDose).

You may also check the daily and weekly analysis for 8 currency pairs on the following pages:

Daily Analysis:

  1. EUR/USD daily analysis
  2. USD/JPY daily analysis
  3. GBP/USD daily analysis
  4. USD/CHF daily analysis
  5. AUD/USD daily analysis
  6. EUR/JPY daily analysis
  7. GBP/JPY daily analysis
  8. AUD/JPY daily analysis

Weekly Forex outlook

  1. EUR/USD outlook
  2. USD/JPY outlook
  3. GBP/USD outlook
  4. USD/CHF outlook
  5. AUD/USD outlook
  6. EUR/JPY outlook
  7. GBP/JPY outlook
  8. AUD/JPY outlook

FX Daily Dose – December 19, 2013

December 19, 2013 in FX Daily Dose

Forex daily analysis

“Forex Daily Dose” presents a quick snapshot of the price-action of EUR/AUD, EUR/GBP, USD/INR, USD/CAD, EUR/USD, GBP/USD, USD/JPY and AUD/JPY for the immediate and medium-term outlook. Please note that the daily outlook is for current pairs in focus and we may add or remove some of the currency pairs accordingly.

Do not hesitate in contacting us if you wish to know about our view for any specific currency pair.

USD/JPY

bullishUSD/JPY went up to hit the first target range i.e. 104.30 to 104.40, which we had indicated in the Forex Daily Dose of December 16th. The pair went up to 104.36 and found some resistance. Some more consolidation may take place but in such case we will expect a support at the previous resistance zone of 103.16 to 103.29. If this support holds then any break over 104.36 should take USD/JPY towards 104.70 to 104.80 resistance and then 105.00. The resistance of 105.00 may prove to be very strong but as the pair has face a long-term resistance before testing this level, we expect a break of that and any move above 105.00 should target 105.60. On the downside if the support at 103.16 fails then it may cause a short-term topping to extend the consolidation slightly more towards 102.90 but in such case also we would expect a test of 105.00.

EUR/USD

NeutralEUR/USD’s broke the support of 1.3709 and then moved as EURUSD trend line supportwe had indicated yesterday. The consolidation extended to 1.3649. Though the strong fall brings some bearish sentiments in the picture but the current price is at the support level of a short-term trend line. Just below this trend line the support of 55-day EMA is currently at 1.3617. With these support we expect a recovery towards the first resistance zone of 1.3723 to 1.3740. Any decisive break over 1.3740 should target 1.3800/1.3810 first then possibly the strong resistance zone of 1.3832 to 1.3858. However, any break below 1.3615 will turn the focus downwards for 1.3543 or more .

USD/CAD

bullishUSD/CAD found support at 1.0609 i.e. 34 pips above the support mentioned by us yesterday and then after breaking over 1.0660 did break over 1.0700 to touch 1.0725. This is the highest point after May 2010 i.e. of past three and a half years. We now expect it to target 1.0854 of the week of May 24, 2010. Even if such case the resistance should start coming into the picture from 1.0800. On the downside the support is expected to hold in the range of 1.0669/1.0660. A failure of this support will delay further gains by extending the consolidation towards 1.0620.

CAD/JPY

BearishCAD/JPY went as low as 96.48 which was 3 pips above the downside target which we have been mentioning during past couple of updates. Some recovery from there had taken the pair to 97.51 before another drop. Our outlook for short-term is mildly bearish as we had mentioned yesterday also. If resistance at 97.22 holds then we expect a retest of 96.48 and then possibly towards the 55-day EMA support i.e. 96.10/96.20 support. If support at 96.48 holds then focus will turn back towards upside for a test of 97.61/97.66. We would like to repeat what we have been mentioning previously also: a decisive break over July 24th’s 97.66 is required as an indication that bullish sentiments are not dying.

GBP/USD

bullishGBP/USD jumped up from 1.6217 strongly to touch 1.6484 before dropping to 1.6371. We now expect a support over 1.6336 and with that, we expect GBP/USD to overcome the psychological resistance of 1.6500. And break above 1.6500 should continue the gains towards 1.6545 to 1.6555 resistance zone. Do also check the chart alert which we had posted a couple of days back i.e. “GBP/USD enters the zone of strong supports“.

EUR/GBP

NeutralEUR/GBP broke below the 0.8350 support to go as low as 0.8339. The strong fall suggests that the upward consolidation might already be over at 0.8466 and the pair may continue the downward move. However, we remain neutral till a decisive break below 0.8274 support does not take place. On the upside, now, a break above 0.8414 is required to indicate any possibilities for further gains

EUR/AUD

bullishEUR/AUD touched 1.5579 i.e. 1 pip below the first target we had mentioned yesterday. A strong resistance was witnessed there which caused a drop to 1.5423. If the support over 1.5384 holds then we would expect a retest of 1.5579 and then possibly 1.5620. Any decisive break below 1.5384 may extend the consolidation to 1.5332.

USD/INR

NeutralUSD/INR found support at 61.31. The support came just 2 pips below the support we had indicated yesterday. We remain neutral initially and our outlook stays same as yesterday i.e. “Any break below 61.33/61.30 will be the first indication of topping. Overall we remain in the favor of further drop in the near-term and the only thing which is sustaining USD/JPY from further downward consolidation is the psychological support of 60.00. On the upside the first resistance is expected below 62.00 but overall only a break above 62.40 to 62.50 resistance will indicate the possibilities that a short-term bottom is in place.” .

Check previous entries of FxDailyDose (The short URL, for your convenience, is http://bit.ly/FXDailyDose).

You may also check the daily and weekly analysis for 8 currency pairs on the following pages:

Daily Analysis:

  1. EUR/USD daily analysis
  2. USD/JPY daily analysis
  3. GBP/USD daily analysis
  4. USD/CHF daily analysis
  5. AUD/USD daily analysis
  6. EUR/JPY daily analysis
  7. GBP/JPY daily analysis
  8. AUD/JPY daily analysis

Weekly Forex outlook

  1. EUR/USD outlook
  2. USD/JPY outlook
  3. GBP/USD outlook
  4. USD/CHF outlook
  5. AUD/USD outlook
  6. EUR/JPY outlook
  7. GBP/JPY outlook
  8. AUD/JPY outlook

FX Daily Dose – December 18, 2013

December 18, 2013 in FX Daily Dose

Forex daily dose

“Forex Daily Dose” presents a quick snapshot of the price-action of EUR/AUD, EUR/GBP, USD/INR, USD/CAD, EUR/USD, GBP/USD, USD/JPY and AUD/JPY for the immediate and medium-term outlook. Please note that the daily outlook is for current pairs in focus and we may add or remove some of the currency pairs accordingly.

Do not hesitate in contacting us if you wish to know about our view for any specific currency pair.

Currency pair

Near-term Outlook

Comments – Overall Outlook

USD/JPY

Neutral USD/JPY has been continuing with the support pattern just above the 22-day EMA and though this support pattern combined with the recent break over 103.73 has been keeping the bullish outlook intact but the recent price action has been a sideways range since the markets opened on Monday and is also indicating some short-term bearish pressure. Considering this some downward consolidation can not be ruled out. We are staying neutral till the price action is stuck between 102.50 and 103.29. a sustained resistance near 103.23 may result in a correction towards 102.15 first and then possibly 101.62

EUR/USD

Neutral EUR/USD has been in a narrow sideways range since the markets opened this week. Though the overall outlook stays bullish but we are staying neutral initially till the price does not break out from the range of 1.3709 to 1.3810. Our outlook stays same as day before yesterday. Any failure of 1.3709 support should bring further consolidation towards 1.3680 or more. Any break over 1.3810 should take the pair for a retest of 1.3832 and then possibly further gains towards 1.3858 will be expected

USD/CAD

Bearish USD/CAD’s price action has fallen into a short-term descending channel. The current price is near the resistance trend-line. If this pattern continues then some more consolidation can be expected towards 1.0575 or more. However the support at 1.0572 may prove to be critical. And failure of this may extend the consolidation towards 1.0525 to 1.0535 support zone of 55-day EMA. This support is also near the support trend-line of above mentioned channel. On the upside any decisive break over 1.0625 will be the first indication of the possibilities of further gains but in that case the resistance of 1.0660 is required to see a retest of 1.0700 or a break above that. We are staying neutral initially.

CAD/JPY

Bearish Our outlook for CAD/JPY remains exactly same as day before yesterday except that the possibilities of a downward consolidation are more now. We will quote what we had mentioned day before yesterday: ” CAD/JPY seems to have stuck up below 97.61. Overall outlook remains mildly bullish as the lows are still getting higher but till a break above 97.61 takes place we remains neutral of upside. 97.61 is just 5 pips below July 24th’s 97.66 resistance and hence not just a break over 97.61 but a decisive break over 97.66 is required as an indication that bullish sentiments are not dying. If such a move takes place then the focus will turn towards 98.20/98.37 resistance first and then possible for a move towards 99.02. The recent support had come in the support range which we had mentioned in the previous update of Friday, December 13th and our views still remain same that the first level support is now expected in the range of 96.87 to 96.98. In case this support fails then further drop towards 96.45 may takes place before another recovery. The near-term outlook will stay bullish as long as the price-action stays above 96.30.”

GBP/USD

Neutral GBP/USD moved exactly as we had indicated in the day before yesterday’s “Forex Daily Dose”. Resistance came 6 pips below 1.6355 and then the fall took place to the indicated support zone of 1.6210 to 1.6220. The pair found support at 1.6217. This support was also just above the 55-day EMA support. We are staying neutral for the pair initially. If the resistance at 1.6355 continues and a break of the support zone i.e. 1.6210 takes place then further consolidation towards 1.6125 to 1.6140 can not be ruled out. However please note that the current price action is in a very strong support zone. Please check the chart alert GBP/USD enters the zone of strong supports.

EUR/GBP

Neutral EUR/GBP found resistance 10 pips below the resistance indicated in the day before yesterday’s FX Daily Dose. The pair should find support at 0.8390 and if that support holds then further gains towards 0.8466 will be expected. In case this support fails then it will indicated a topping and that should result in further falls 0.8350 or more.

EUR/AUD

Neutral EUR/AUD should find support at 1.5390 but if this support fails then further consolidations will be expected towards 1.5330. The recent drop indicates that the psychological resistance of 1.5500 is coming into the picture and that keeps us neutral for upside. In case a break over the recent 1.5484 but more importantly 1.5500 takes place then further gains towards 1.5580 or even 1.5620 will be expected.

USD/INR

Neutral USD/INR found support at 61.43. Our outlook stays same as day before yesterday and we will repeat that as: Any break below 61.33 will be the first indication of topping. Overall we remain in the favor of further drop in the near-term and the only thing which is sustaining USD/JPY from further downward consolidation is the psychological support of 60.00. On the upside the first resistance is expected below 62.00 but overall only a break above 62.40 to 62.50 resistance will indicate the possibilities that a short-term bottom is in place.

Check previous entries of FxDailyDose (The short URL, for your convenience, is http://bit.ly/FXDailyDose).

You may also check the daily and weekly analysis for 8 currency pairs on the following pages:

Daily Analysis:

  1. EUR/USD daily analysis
  2. USD/JPY daily analysis
  3. GBP/USD daily analysis
  4. USD/CHF daily analysis
  5. AUD/USD daily analysis
  6. EUR/JPY daily analysis
  7. GBP/JPY daily analysis
  8. AUD/JPY daily analysis

Weekly Forex outlook

  1. EUR/USD outlook
  2. USD/JPY outlook
  3. GBP/USD outlook
  4. USD/CHF outlook
  5. AUD/USD outlook
  6. EUR/JPY outlook
  7. GBP/JPY outlook
  8. AUD/JPY outlook

FX Daily Dose – December 16, 2013

December 16, 2013 in FX Daily Dose

FX Daily Dose

“Forex Daily Dose” presents a EUR/AUD, EUR/GBP, USD/INR, USD/CAD, EUR/USD, GBPUSD, USDJPY and AUD/JPY for the immediate and medium-term outlook. Please note that the daily outlook is for current pairs in focus and we may add or remove some of the currency pairs accordingly.

Do not hesitate in contacting us if you wish to know about our view for any specific currency pair.

Currency pair

Near-term Outlook

Comments – Overall Outlook

USD/JPY

bullish USD/JPY again found support just above the 22-day EMA. This support pattern has been in the picture for the third week now and though it suggests that the bullish sentiments are in the picture, we will wait for any decisive break over 103.39 as confirmation. Such a break should take the pair towards retesting 103.73 first and then possibly take it to 104.30 to 104.40 resistance thru 103.92 resistance. However, a sustained resistance near 103.39 may result in a correction towards 102.15 first and then possibly 101.62. Overall we stand by the view that sooner or later USD/JPY should be moving up to test 105.00.

EUR/USD

bullish EUR/USD has tried to break over 1.3769 resistance and that suggests that further gains may take place before a downward consolidation. More than that, the break of 1.3737 had found support 14 pips over 1.3695 and that keeps the outlook positive. First support in now expected at 1.3728 and even if that fails then at 1.3709. If these supports hold then will expect another test of 1.3800. Any break over 1.3810 should take the pair for a retest of 1.3832 and then possibly further gains towards 1.3858 will be expected. Any failure of 1.3709 support should bring further consolidation towards 1.3680 or more. However, till the price action remains over 1.3618 critical support, the near-term outlook will stay on bullish side.

USD/CAD

Bearish USD/CAD is still above the 1.0561 support but the price action is now indicating a bearish pressure for some more downward consolidation. If the support of 1.0561 fails then we would expect further consolidation 1.0520/1.0530 support zone. This zone does not only represent a previous support but also the 55-day EMA and the psychological support of 1.0500 level. In case and decisive break below 1.0500 takes place then it will indicate a short-term topping. On the upside a break over 1.0660 is required to see a retest of 1.0700 or a break above that.

CAD/JPY

Neutral CAD/JPY seems to have stuck up below 97.61. Overall outlook remains mildly bullish as the lows are still getting higher but till a break above 97.61 takes place we remains neutral of upside. 97.61 is just 5 pips below July 24th’s 97.66 resistance and hence not just a break over 97.61 but a decisive break over 97.66 is required as an indication that bullish sentiments are not dying. If such a move takes place then the focus will turn towards 98.20/98.37 resistance first and then possible for a move towards 99.02. The recent support had come in the support range which we had mentioned in the previous update of Friday, December 13th and our views still remain same that the first level support is now expected in the range of 96.87 to 96.98. In case this support fails then further drop towards 96.45 may takes place before another recovery. The near-term outlook will stay bullish as long as the price-action stays above 96.30.

GBP/USD

Bearish GBP/USD has recovered slightly with the market opening on Monday, however we still expect a resistance near 1.6355. If this resistance holds then a retest of 1.6262 and with a break of that support further consolidation towards 1.6210 to 1.6220 range will be expected. As we have been saying that the overall outlook stays positive for a test of 1.6500 in the coming days but we expect some more consolidation before that. On the upside the resistance at 1.6418 is critical and only a break above that will indicate that the sentiments favor further gains before a consolidation takes place.

EUR/GBP

bullish EUR/GBP found support over the support zone indicated by us during the previous update of Forex Daily Dose. We remain in favor of further upward consolidation but a better indication of the same will only come if a break over 0.8440 takes place. The sentiments are all set for some upward consolidation but the resistance of the approaching 0.8500 psychological level seems to be keeping EUR/GBP in check. A break over 0.8440 should take the pair towards 0.8475 thru 0.8462/0.8463 resistance. However the resistance at 0.8477 is critical and if that holds then another fall should take place. Considering this we will remain cautious before any break of 0.8500 psychological level takes place. The support is again expected in the range of 0.8380 to 0.8390 and a failure of that will signal the topping.

EUR/AUD

Neutral EUR/AUD had broken below the first level support indicated by us during the previous update i.e. 1.5350 but found support at 1.5312 and then moved to 1.5413. We remain in favor of further gains if there is a break of the 1.5432 resistance. However, considering the resistance of the psychological level of 1.5500, we stay cautious and neutral. a break over 1.5432 should take the pair further up for a retest of 1.5462 of May 2010. Our near term outlook stays bullish as long as the price -action stays above 1.5180/1.5189 support zone.

USD/INR

Neutral USD/INR dropped to 61.72. During the previous update for “Forex Daily Dose” we had mentioned that we will remain cautious as long as the price is below the resistance zone of 62.40 to 62.50. We remain neutral for USD/INR. Any break below 61.33 will be the first indication of topping. Overall we remain in the favor of further drop in the near-term and the only thing which is sustaining USD/JPY from further downward consolidation is the psychological support of 60.00.

Check previous entries of FxDailyDose (The short URL, for your convenience, is http://bit.ly/FXDailyDose).

You may also check the daily and weekly analysis for 8 currency pairs on the following pages:

Daily Analysis:

  1. EUR/USD daily analysis
  2. USD/JPY daily analysis
  3. GBP/USD daily analysis
  4. USD/CHF daily analysis
  5. AUD/USD daily analysis
  6. EUR/JPY daily analysis
  7. GBP/JPY daily analysis
  8. AUD/JPY daily analysis

Weekly Forex outlook

  1. EUR/USD outlook
  2. USD/JPY outlook
  3. GBP/USD outlook
  4. USD/CHF outlook
  5. AUD/USD outlook
  6. EUR/JPY outlook
  7. GBP/JPY outlook
  8. AUD/JPY outlook

FX Daily Dose – December 13, 2013

December 13, 2013 in FX Daily Dose

FX Daily Dose

“Forex Daily Dose” presents a EUR/AUD, EUR/GBP, USD/INR, USD/CAD, EUR/USD, GBPUSD, USDJPY and AUD/JPY for the immediate and medium-term outlook. Please note that the daily outlook is for current pairs in focus and we may add or remove some of the currency pairs accordingly.

Do not hesitate in contacting us if you wish to know about our view for any specific currency pair.

Currency pair

Near-term Outlook

Comments – Overall Outlook

USD/JPY

bullish USD/JPY broke over the critical resistance or 103.73 to go as high as 103.92. The pair found resistance ahead of 104.00 to move down to 103.52. This resistance was natural because entering 104.00 ranges means the readiness to break the psychological barrier of 105.00. However the break over 103.79 has opened the doors for a test of 105.00. We now expect a support in the range of 103.20 to 103.39 and with that support USD/JPY should target 104.30 to 104.40 resistance first. A decisive break over 104.40 will open the roads for a test of 105.00. However, we will expect a very strong resistance in the range of 104.60 to 104.80. On a longer-term basis we will expect a test of 105.00 sooner or later

EUR/USD

bullish EUR/USD had tried to break over 1.3800 again after the first effort failed at 1.3810. The second break over 1.3800 brought resistance at 1.3800. If support holds at 1.3737 then we will expect another test of 1.3800. Any break over 1.3810 should take the pair for a retest of 1.3832 and then possibly further gains towards 1.3858 will be expected. Any failure of 1.3737 support will be the first sign for a temporary topping and such a move should bring further consolidation towards 1.3695 or may be lower. However, till the price action remains over 1.3618 critical support, the near-term outlook will stay on bullish side.

USD/CAD

bullish USD/CAD found support 2 pips over the support we had mentioned yesterday. The pair jumped up strongly from 1.0561 to touch 1.0656 before falling into a sideways mode. Our overall outlook stays bullish for USD/CAD but initially we stay neutral. On the downside a support is now expected at 1.0620. If this support holds then a break over 1.0660 should take the pair to retest 1.0700 first and with a break over 1.0708 the next target should be 1.0750. Any failure of 1.0620 support should bring another correction towards 1.0584 support first but as long as the price action stays above 1.0561, our focus will be for upside.

CAD/JPY

bullish CAD/JPY jumped up and broke the critical resistance of 97.48 to touch 97.61. As we have been mentioning that the outlook has been mildly bullish, the overall bullish outlook has strengthened with this break of 97.48. However we will stay cautious till the pair breaks over July 24th’s 97.66. If such a move takes place then the focus will turn towards 98.20/98.37 resistance first and then possible for a move towards 99.02. The first level support is now expected in the range of 96.87 to 96.98. In case this support fails then further drop towards 96.45 may takes place before another recovery. The near-term outlook will stay bullish as long as the price-action stays above 96.30

GBP/USD

Neutral GBP/USD has been falling below the psychological resistance of 1.6500.In case the resistance at 1.6418 holds then some further downward consolidation is now expected. However a better indication will come only if a break below 1.6293 takes place. any failure of that support may bring further consolidation towards 1.6210 to 1.6220 range. We stay neutral initially though we expect a test of 1.6500 sooner or later, probably sooner

EUR/GBP

bullish EUR/GBP found support exactly as we had indicated during the previous update. The support came at 0.8390. The near-term outlook stays same as yesterday for EUR/GBP. We now expect some more upward consolidation towards 0.8455/0.8460. This outlook will be intact as long as the support in the range of 0.8380 to 0.8390 holds. In case this support fails then another support will be expected at 0.8350. However in case of further upward moves, we will expect a very strong resistance below 0.8480 because of the approaching 0.8500 psychological level.

EUR/AUD

bullish EUR/AUD moved as we had indicated yesterday and broke over the indicated 1.5420 to touch 1.5432. Since then the pair has fallen into a sideways range. Our immediate outlook stays bullish as long as support holds at above 1.5306. While saying this we also wish to mention that the first level of support is expected at 1.5350. With these supports holding, a break over 1.5432 should take the pair further up for a retest of 1.5462 of May 2010. We would be cautious because of the approaching psychological level of 1.5500. Our near term outlook stays bullish as long as the price -action stays above 1.5180/1.5189 support zone.

USD/INR

Neutral USD/INR moved as high as 62.12 before falling in a sideways range. Further gains cannot be ruled out however we will remain cautious as long as the price is below the resistance zone of 62.40 to 62.50. In case the pair breaks above 62.50 then further gains towards 62.99 to 63.02 resistance zone will be expected. The price action is stuck between the two psychological levels of 65.00 and 60.00 but a closer look indicates that the pull towards 60.00 is stronger than the pull towards 65.00. Overall we remain in the favor of further drop in the near-term and the only thing which is sustaining USD/JPY from further downward consolidation is the psychological support of 60.00.

Check previous entries of FxDailyDose (The short URL, for your convenience, is http://bit.ly/FXDailyDose).

You may also check the daily and weekly analysis for 8 currency pairs on the following pages:

Daily Analysis:

  1. EUR/USD daily analysis
  2. USD/JPY daily analysis
  3. GBP/USD daily analysis
  4. USD/CHF daily analysis
  5. AUD/USD daily analysis
  6. EUR/JPY daily analysis
  7. GBP/JPY daily analysis
  8. AUD/JPY daily analysis

Weekly Forex outlook

  1. EUR/USD outlook
  2. USD/JPY outlook
  3. GBP/USD outlook
  4. USD/CHF outlook
  5. AUD/USD outlook
  6. EUR/JPY outlook
  7. GBP/JPY outlook
  8. AUD/JPY outlook