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Daily FX Outlook For EUR/USD, GBP/USD, USD/CHF And USDJPY

Published 02/22/2013, 01:28 AM
Updated 07/09/2023, 06:31 AM
EUR/USD
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GBP/USD
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USD/JPY
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USD/CHF
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III
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III
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III
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EUR/USD EUR

Near term support for the wave B started from 1.3710 is at 1.3160/1.3000. Current down move may be a wave [c] of a double zig zag wave (Alt- wave (iii) of a wave [c]). Immediate term support is at 1.3160. A break below targets 1.3100/1.3050 next. A move above 1.3280/1.3305 would signal near term recovery attempt for 1.3380/1.3435.

GBP/USD

GBP

The GBP/USD pair has broken below 2012 low at 1.5230 and the larger down trend targets 1.5000/1.4800 initially. A wave [iii] low may be in place at 1.5130 with a daily hammer like candle. A reversal below 1.5190 targets 1.5100/1.5000 next. A move above 1.5330 could extend the wave [iv] recovery to test the 1.5415/1.5450 resistance before failing.

USD/CHF

CHF

The pair may be now in a wave [c]. A move above 0.9335 aims for the tough 0.9350/0.9390 resistance where it is likely to pull back. Immediate term support is at 0.9275/0.9250. A reversal below refocuses on 0.9185.

USD/JPY
JPY

The pair may be in a complex wave 4 correction (Triangle?) within a wide range of 94.45/92.20. A break below 92.75 would test the strong 92.20 before renewing, but \would deepen the correction. A move above 93.55/94.05 is needed for the retest of 94.20/94.45. A close above however would signal a wave 5 and target psychological resistance 95.00 initially.

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