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Technical Outlook For EUR/USD, GBP/USD, USD/JPY & USD/CHF: 31.07.2018w

Anil Panchal
Updated

EUR/USD

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Having reversed from 1.1620, the EURUSD crossed the seven-week-old descending trend-line, around 1.1735-40 now, that favors the pair’s further advances in the direction to the 1.1790 and the 1.1810 resistances. If the pair sustains its trading beyond 1.1810, it might not hesitate to challenge the 1.1850 resistance-level. Should the pair fall short of holding recent breakout, mainly due to overbought RSI, it can witness pullback towards the 1.1660 and then to the 1.1620 re-test. Additionally, pair’s further decline after 1.1620 can drag prices to an upward slanting TL, at 1.1600, and to the 1.1550 level before highlighting the 1.1510-1.1500 support-zone.

GBP/USD

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Alike EURUSD, the GBPUSD’s up-moves are likely to be questioned by short-term symmetrical triangle resistance, at 1.3180, breaking which the 1.3215-20 and the 1.3290 may mark their presence on the chart. Given the quote’s extended rise above 1.3290, the 1.3310 and the 1.3345-50 might be flashed in the Bull’s radar. Alternatively, the formation support of 1.3120 can limit the pair’s immediate downside, if not then the 1.3080, the 1.3045 and the 1.3000 could entertain the sellers. If traders refrain to respect the 1.3000 round-figure, the 1.2955 and the 61.8% FE level of 1.2895 may gain market attention.

USD/JPY

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Bank of Japan’s failure to comply with speculations for its monetary policy tightening activated the USDJPY’s U-turn from two-month long ascending trend-line, which in-turn favors brighter chances of the pair’s recovery to 111.90 and then to the 112.15-20 horizontal-region. Should JPY weakness propel the pair beyond 112.20, the 112.65 and the 113.20 may act as buffers prior to emphasizing on the 113.70 mark, comprising 61.8% FE level. Meanwhile, pair’s dip beneath the 110.90 TL figure can fetch it to the 110.25 and the 109.30-25 rest-points. Also, Bears’ dominance over prices past-109.25 could suggest the 109.00 and the 108.10 as targets if holding a short position.

USD/CHF

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Contrast to aforementioned three majors, the USDCHF recently dipped beneath the support-line and is indicating to test the 0.9855 horizontal-line. Should the quote declines below 0.9855 hurdle, the 0.9825 and the 0.9785 can become its follow-on rests. On the upside, the 0.9900 and the 0.9950 may be considered as immediate resistances for the pair ahead of driving market focus to 0.9955 descending trend-line. In case the pair conquers the 0.9955 TL, the 0.9980, the 1.0000 and the 1.0035 might play their role of resistance.

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This article was originally posted on FX Empire

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