Technical Analysis on EUR/USD, GBP/USD, JPY/USD, October 8th,2015
FX77 | Oct 08, 2015 03:16AM ET
During the session today, there are three main announcements coming out of the market. Benchmark interest rate will come out of Bank of England at 11:00(GMT), AND European Central Bank Minutes will see light at 11:30(GMT). At 18:00(GMT), the federal reserve will also release its meeting minutes. With that being in the case, we are expecting more volatility in the market that provides opportunity to trade.
EUR/USD
Seen from the 1-hour chart, the MACD of the EUR/USD pair is approaching the 0 axis. Meanwhile, combing the 4-hour chart and 1-day chart, it has clearly shows a bullish trend. Therefore, we are mainly buyers of call options during the session today.
Support：1.1210/.1183/1.1140
Resistance：1.1257/1.1322/1.1345
GBP/USD
The GBP/USD pair yesterday surged to the pressure level 1.5331 in the 1-hour chart. Meanwhile, because of there is no obvious correction pattern, it requires a correction to pullback. Therefore, we are cautious of buying put options. But we should be alert that if pressure level 1.5319 is broken, we have to wait for another pressure level to enter the position for buying put options.
Support：1.5250/1.5191/1.5110
Resistance：1.5318/1.5331/1.5400
USD/JPY
The USD/JPY pair has been in the box range for a long time, while it’s technically supposed to fall contentiously. After experiencing the horizontal consolidation for such a long time, the day line shows that the bearish sentiment is waxing while the bullish momentum is increasing. Since the price movement is quite subtle, we would trade it with a thought of sideways. With that being in the case, we are cautious of buying put options during the morning session, while we have to adapt our strategies based on the big board to operate trading the afternoon and evening. Put options should be suspended above 120.20
Support：119.50/119.41/119.15
Resistance：120.28/120.54/120.89
[Tips]
All the information mentioned above is for reference only. FX77 Option team will keep an eye on the market and set the trading strategies specifically. If you are looking for more real-time signal-providing services and investment instructions, please follow us.
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