Currency Analyst since 2010

Societe Generale: technicals for majors

EUR/USD: The pair has achieved our initial target of 1.40 and has formed a double top. It has breached a multi month trend line support. With weekly RSI breaking dual support, the pair is poised to drift to January lows of $1.3476. $1.40 / $1.4040 will continue to remain a pivotal resistance. For the day, $1.3705 should limit the upside. 

GBP/USD: The pair retraced from resistance level of $1.70 and confirmed a head and shoulder pattern. Short term, the pair is poised to drift lower towards $1.6665. Only a decisive weekly close above 1.70 will trigger further up move. For the day, $1.6898/6927 and 1.6805 defines the consolidation zone.

USD/JPY: Only a decisive weekly break below 100.50 will trigger deeper retracement to100.20 / 99.40 with next support at 98.30. A break above 102.46 will be early signal for up move.

USD/CHF: The pair took support at our projected level of $0.8707/0.8680, where it is forming a probable double bottom. With weekly RSI approaching a resistance, it will take a break above $0.8955/0.90 to confirm the pattern.

AUD/USD: The pair has given a break below the lower limit of channel drawn from Jan. lows. With daily RSI breaking below the 50% mark, a break below $0.9203 will trigger further correction towards $0.9090/60. On the upside, $0.9450/0.95 remains a stiff resistance.

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