OSB Daily Technical Analysis for October 7, 2014

EUR/USD Positive start to the week for the EUR/USD. Buyers pushed price into the 1.2650-80 resistance area. A close above might extend upswing towards 1.28. Support below at 1.25. Bearish bias remains intact with upswing likely to be short lived.

EUR/GBP pushed higher closing at resistance on the 20 DMA. Strong resistance above at 0.7875. Getting above this point to be a challenge. Support below at 0.7830. Overall bearish sentiment remains.

EUR/JPY An up day for the EUR/JPY which is hovering just beneath the 200 DMA. A close above the 200 DMA and the 138 handle puts the bulls firmly in control. Otherwise this pair remains in bearish territory.

EUR/CHF rally and clear break above the 1.21 handle finding resistance in the 1.2135 area. Market sentiment is tipping towards the bulls at the moment. Strong resistance above between 1.2140-50. Support at 1.21060.

GBP/USD rally and push back above 1.60 area. Significant support in this area despite the pair being very bearish. Likely consolidation prior to resuming downward trajectory.

USD/JPY pull back below 109.00 handle. Support below at 108.40 likely to be tested. Market likely to consolidate in the 108.30-109.40 range prior to finding further direction. Bullish.

USD/CAD sold off with a vengeance on Monday cutting through 1.12 with ease. Significant support below at 1.11. Bullish bias intact. A close back above 1.12 opens the space for higher prints.

USD/CHF closed negative for the day on Monday after making an attempt to test the 0.97 handle. Support below at 0.9550 and further down at 0.9515. Bullish bias.

AUD/USD Corrective upswing in the AUDUSD on Monday. Pair likely to consolidate in this range for now with a test of the 0.88 resistance level likely. Bearish bias remains with lower prints likely in the medium/longer term.

NZD/USD Positive day for the NZDUSD on Monday closing back above the 0.78 handle. Market likely to grind sideways after recent strong down moves. Bearish.

 

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