Daily analysis for major Currencies

2013.09.02 04:27 Amman +3

EURUSD:

We prefer a downside scenario at this phase. Since bias is bearish in

nearest term targeting (1.3102). Another move back above (1.3285) could lead us to neutral zone. Try to sell

on rallies with a stop loss above (1.3285).

Hourly Alerts MACD Bullish Turning Point one hour ago:

EURUSD MACD signal line has crossed above the

indicator`s histogram while both of them, MACD and histogram, been less than Zero. This is a probable bullish

short term turning point. Down Trend one hour ago EURUSD is facing a selling pressure pushing it down as long as it

remains below (1.3285) any four hours close below (1.3185) will open the way for the instrument to test the

next support level. Any four hours bare close above (1.3285) will change instrument`s direction. Traders should

consider selling each rally with a stop loss at (1.3285).

Our view:

Pivot: 1.3285

Entry: short positions below 1.3285.

Targets: 1.3185, 1.3102 then 1.3020  Note, day trading range between 1.3290 and 1.3170 so don't wait for all targets done.

Stop: above 1.3312

Alternative Scenario: a break above 1.3312 will call for 1.3345 where you will Re-entry short if first position done it stoploss

Res: 1.3254  1.3295  1.3335  1.3370  1.3418

Sup: 1.3175  1.3133  1.3094  1.3052  1.3027

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GBPUSD:

GBPUSD maintains a bid tone for now. Break above

(1.5555) may trigger further recovery of the GBPUSD. While Going bellow latest swing low at (1.5481), however,

would confirm continuation of the bearish trend, towards next objective downwards (1.5428). Try to sell on

rallies with a stop loss above (1.5555).

 Down Trend 2 hours ago  Hourly Alerts:

GBPUSD is facing a selling pressure pushing it down as long as it remains

below (1.5555) any four hours close below (1.5481) will open the way for

the instrument to test the next support level.  Any four hours bare close

above (1.5555) will change instrument`s direction. Traders should

consider selling each rally with a stop loss at (1.5555).

Our view:

Pivot: 1.5555

Entry: short positions below 1.5555

Targets: 1.5503, 1.5371 then 1.5318 in extension.

Stop: above 1.5585.

Alternative Scenario: a break above 1.5585 will call for 1.5635  where you could Re-entry short if first position done it stoploss

Res: 1.5558  1.5591  1.5622  1.5655  1.5675

Sup: 1.5494  1.5463  1.5430  1.5399  1.5366

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USDCHF:

The pair Overall the direction upside favor and price is moving in (0.9330 – 0.9285) range area, the instrument

has a 50 – 50 chance of a recovery above (0.9330) or a fall towards (0.9285)

in the coming session. We need to keep a closer look on how prices would behave on today`s trading session.

Hourly Alerts Neutral Trend one hour ago:

USDCHF is struggling in a battle between both market forces (bulls and bears)

 the instrument has a trading range to break. Any four hours close above (0.9341) will open the way for a little push upward

 to test next resistance level, and a four hours close below (0.9285) will let the instrument test the next support level.

Our view:

Pivot: 0.9245

Entry: Long position above 0.9245

Targets: 0.9287, 0.9330 then 0.9375 in extension

Stop: below 0.9212

Alternative Scenario: a break below 0.9212 may put 0.9175 where you will Re-entry Long if first position done it stoploss

Res: 0.9351   0.9394  0.9414  0.9434  0.9454

Sup: 0.9294  0.9265  0.9241  0.9198  0.9169

Be careful and have a risk management

wish you Good day trading

currency Strategist, Yehia Noor