EURUSD

EURUSD bulls could not break above the high of 1.1338 but successfully defended a rally by the bears who looked to close below the previous day’s low of 1.1160 unsuccessfully. Bulls will be looking to use this momentum as they target the SEP 15 highs of 1.1493, which lies just beyond yet another resistance point in the form of the 23.6% fibo level drawn from last year’s high at 1.1713. Support will be waiting at 1.1250, 1.1200 and 1.1150.

EURUSD

 
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1038 1.1098 1.1191 1.1251 1.1344 1.1404 1.1497
WEEKLY 1.0464 1.0638 1.0898 1.1072 1.1332 1.1506 1.1776
MONTHLY 1.0425 1.0567 1.0702 1.0844 1.0979 1.1121 1.1256
 

GBP/USD

The GBPUSD managed to break above 1.4500 after successfully defending the 1.4450 support zone. Bears got beat into submission as bulls tripped stops to reach above the 1.4545 resistance level, but were stopped just shy of our 1.4590 target as bears tried one last time to break below 1.4450 in a 130 pip move which was yet again defended by bulls who closed the day out above 1.4500. Currently 1.4500 is being retested, should this hold, we expect bulls to target 1.4545, 1.4590 and 1.4665. However, a break below 1.45 will potential open the way for a continuation of the long term trend and see the pair test support at 1.4450, 1.4400 and 1.4350.

GBP/USD

 
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.4320 1.4383 1.4453 1.4516 1.4586 1.4649 1.4719
WEEKLY 1.3816 1.4020 1.4262 1.4466 1.4708 1.4912 1.5154
MONTHLY 1.3209 1.3644 1.3945 1.4380 1.4681 1.5116 1.5417
 

USD/CHF

The pair peaked briefly above 0.9800 but found adequate resistance and managed to be pushed lower to the 0.9700 support zone. The trend is down but until more information hits the markets we expect the pair to range between 0.9700 and 0.9800, a break of either will give us intermediate term direction. The more likely scenario, should the pair break 0.9700, is for further bearishness as bears drive deeper into 2015 lows with targets at 0.9650 and 0.9600. However, should bulls take the 0.9800 level, they will target 0.9870 and 0.9920 as they try to recover from the recent bearishness.

USD/CHF

 
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 0.9571 0.9638 0.9685 0.9752 0.9799 0.9866 0.9913
WEEKLY 0.9402 0.9641 0.9976 1.0015 1.0150 1.0389 1.0524
MONTHLY 0.9601 0.9739 0.9986 1.0124 1.0371 1.0509 1.0756
 

CRUDE OIL

Crude dropped sharply after finding resistance at $31, only to find support just above the $29 support level. Currently bulls are retesting $29 and should they be successful in closing above, we would see them extend gains towards the $30, $31 and $32 resistance levels. However, should bears successfully defend the $29 zone, we expect prices to reach $27.68 and beyond to $26.50 and $25 as bears attempt to make new multi-year lows.

CRUDE OIL

 
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 24.68 25.96 26.66 27.94 28.64 29.92 30.62
WEEKLY 21.02 26.71 28.80 31.49 33.58 36.27 38.36
MONTHLY 14.89 20.54 27.09 32.71 39.29 44.94 51.49