OSB Daily Technical Analysis for October 3, 2014

EUR/USD bounce back with a test of the 1.2700 significant resistance level. A close above extends to 1.2750. Support below at 1.2570 a break of which opens the market for lower prints in the 1.2480 area. Bearish bias intact.

EUR/GBP found support at the 108.00 handle only to turn back and close at 108.40. Resistance above at 109.00. Market remains bullish with a bounce likely.

EUR/JPY test of the 200 DMA resistance level forming a spinning top on Thursday. Indecisiveness and potential change of sentiment from recent sell-off. A close above the 200 DMA at 137.75 needed as confirmation. Neutral.

EUR/CHF Rally for the EURCHF finding resistance at 1.2090. Recent strength suggests that the pair has some room to run with further resistance at the 1.2096 area. Support below at 1.2075. Bullish momentum gathering.

GBP/USD Further decline in the GBPUSD with a close at 1.6140. Recent weakness suggests bears still dominating action in this market. Support below at 1.6090.

USD/JPY Sell off continued in USDJPY on Thursday with a dip below the 108.00 handle. A close below this area extends further down to the 107.30 area. Resistance above at 109.00

USD/CAD Wide swing in the USDCAD with a strong sell-off followed by bulls stepping in and pushing price back above 1.1100. Yesterday’s action suggests bullish bias is intact and the pair is likely to test higher grounds going forward. Resistance above at 1.1195.

USD/CHF Correction for the USDCHF after the recent run up in price. Support at 0.9515 and resistance above at 0.9595. A close above resistance opens the way for higher prints. Bullish.

AUD/USD Bounce back in the AUDUSD with buyers stepping in to take control of the day. Resistance above at 0.88300. Bearish bias intact.

NZD/USD broke the recent trend of declines and had a positive day on Thursday. Resistance at 0.7900-20. Bearish – a close above 0.80 might change that bias.

NOTE

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We are currently working to develop proprietary tools to add to our daily reports and will be rolling those out in due course. The analyst preparing our charts, a long time student of the market, offers his general guidelines about the markets and trading to bear in mind while reviewing the charts.

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