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Technical analysis on USDCHF, NZDUSD, and EURJPY. 9th January – 14th January

USDCHF technical analysis: 9th January – 14th January

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Figure: Technical analysis on the USDCHF pair

The US dollar has been rallying higher in the market against the Swiss Franc after the FED hike their interest rate on the basis of 25 points in the global market. On that event, the U.S dollar index secured a record high in the market and tested its 14 years high. The FED have already declared that they are going to hike their interest three times at least three times in the year 2017.If they manage to hike their interest rate at least for two times in the market then the USDCHF pair will be rallied higher in the market. In the last trading week, the broke a critical support level in the market and found some fresh buying pressure in the 1.00884.However, on the last Friday, the dollar gained enough buying pressure in the market and rallied hard to test the critical resistance level at 1.02109.In the nest week, the pair is most likely to test the critical resistance level at 1.02109.If the pair manages to break that critical resistance level then the pair will head towards the next critical resistance level at 1.03357.A clear break of that level will bring strong bullish rally in the USDCHF pair.

If the pair manages to break the critical support level at 1.00554 then the pair head towards the next critical support level at 0.99508.From this level the pair most likely to find some decent buying pressure in the market however a valid break of that level will bring further downward momentum in the market. The initial bearish target for this pair is at 0.95389.From this level the pair most likely to find a huge amount of buying pressure in the market. Considering all the technical and fundamental parameter the overall bias remains bullish for the USDCHF pair and the professional price action trader will be looking to execute long orders in the market with bullish price action confirmation signal.

NZDUSD technical analysis: 9th January – 14th January

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Figure: Technical analysis on the NZDUSD pair

There has been a nice bullish attempt in the NZDUSD pair in the last week after hitting the critical support level at 0.68483.However, in the last trading day of the week, the pair retreated from the 38.0 Fibonacci retracement levels in the market near the 0.70528.The pair most likely to test the critical support level at 0.69163 in the market which is also the 50 % Fibonacci retracement level of this pair. Form that level the buyer might try for bullish recovery in the pair. If the pair manages to breaks this level then we will see a decent fall in the price towards the 61.85 Fibonacci retracement level at 0.67189.This level is going to provide a significant amount of buying pressure to the NZDUSD pair.

All the professional price action traders will be cautiously observing this level for bullish price action signal to enter long into this pair. If the support level at 0.67189 holds then the initial bullish target for the NZDUSD pair will be the critical resistance level at 0.691693.A valid break of that level on daily closing will bring further bullish momentum in the market towards the next critical resistance level at 0.70528.If the pair manages to break that level then the medium term uptrend will again resume in the NZDUSD pair. However, if the critical support level at 0.67189 fails to restrict the bearish momentum of this pair then we will a large drop in the NZDUSD pair towards the critical support level at 0.63492.Considering all the parameter the overall bias remains slightly bullish but we will most likely see some fresh selling pressure in this pair in the upcoming week.

EURJPY technical analysis: 9th January – 14th January

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Figure: Technical analysis on the EURJPY pair

There has been a nice triangle structure formation in the EURJPY pair on the daily chart. The top triangle resistance level is now at 123.40 and the triangle support level is at 122.046.The range traders have made a decent profit by trading the triangle support and resistance level in the market. The professional price action traders are now cautiously waiting for this pair to break the triangle chart pattern in the daily chart. Since the last prevailing trend was bullish most of the professional traders are thinking that the price will break in the upward direction. If the pair manages to break the critical resistance level at 123.40 in the daily chart than the air head towards the next critical resistance at 124.07.This level is going to provide minor resistance to the EURJPY pairs but ultimately the pair will go for a retest of the critical resistance level at 126.66 in the market. This level is going to provide a significant amount of selling pressure to the EURJPY pairs and most of the professional price action traders will be looking to short this pair with bearish price action confirmation signal in the market.

On the contrary, if the pair breaks the triangle support level in the market then we will see the pair dropping towards its next critical support level at 120.150.From that level, the pair might try for another bullish run in the market. But a clear break of that support line will further downward pressure in the market towards the critical support level at 116.19.This level is going to provide a significant amount of buying pressure to this pair. Considering all the parameters the overall bias remains bullish for the EURJPY pair.

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