Intraday Outlook: EUR/USD, USD/JPY, EUR/CHF, Oil
eFXnews | Nov 21, 2014 05:40AM ET
The following are the intraday outlooks for EUR/USD, USD/JPY, EUR/CHF and Crude Oil as provided by the technical strategy team at SEB Group.
EUR/USD: Bullish above the mid body point. It is possible that a correction low was put in place yesterday (after some impulsive intraday swings between 1.2505 and 1.2576). If our assumption is right the market should soon take out 1.2576 and continue the ascent towards next the 1.2623/40-area.
USD/JPY: Time for a short term breather? The rejection from the next Fibo projection point, 118.95, argues for the pair to take at least a short term pause (a more profound setback, 114, will be activated if the pair falls below the rising wedge formation). Falling beneath 117.51 will be an indication that we soon also will be conducting a test of the 117.07 support.
EUR/CHF: Over 1.2027 would target 1.204590. Price action at above the EUR/CHF 1.20 intervention level starts to look near-term bullish. A break above 1.2027 would target an early Sep reaction low of 1.2045, but not exclude extension into the short-term 1.20591.20751.2090 retracement grid.
Brent Crude: Sub-77.94 attempt rejection points up. The attempt below a supposed bearish trigger at 77.94 backfired into a bullish looking candle. This points higher today, ideally targeting the 82.2083.40-area, but with refs at 80.75 & 81.65 also in mind. Tides would turn again below 76.56. Current intraday stretches are located at 78.00 & 80.35.
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