Forex roundup: EURUSD/USDJPY/USDCHF

Gold and Dollar index daily analysis
December 1, 2014
My daily analysis on Gold and the Dollar index.
December 4, 2014

EURUSD remains in a tight trading range between 1.2350 and 1.2550. In our previous post I mentioned that the downward move is not over and I favor the bearish side as long as price is below 1.26. The long-term trend line resistance remains intact at 1.2550 and the Ichimoku cloud is also above current price confirming that trend remains bearish. A short-term tighter trading range is also in force between 1.24 and 1.25. A break of either level will increase the chances of a break out of the bigger trading range and a move either towards 1.30 or towards 1.22-1.20.

eurusd

USDJPY and USDCHF are both in the brink of breaking above double top formations with very good short-term bullish potential towards 120 for USDJPY and 0.98-0.99 for USDCHF.

USDJPY

USDJPY has bounced off the Ichimoku cloud and as long as it trades above 118 bulls are in control. The short-term resistance is at 119 and this is the double top level where the previous two times we saw a price reversal and rejection. This is the 3rd time and if  we break it(most probable) we will see a burst higher towards 120 as many traders use 119 as a stop level.

USDCHFSimilar bullish pattern is seen at USDCHF. This pair remains above the short-term rising black trend line and has held above the Ichimoku support. Critical support level is found at 0.96 while important resistance is found at 0.97 and at 0.9740. Breaking above this level will be a bullish signal with 0.99-1.00 as very possible targets.

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Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.