Dailyfx | Feb 26, 2014 12:50PM ET
Foreign Exchange Price & Time at a Glance:
Charts Created using Marketscope – Prepared by Kristian Kerr
USD/JPY Strategy: Square for the moment. Need to see the rate settle over 102.75 before committing to long positions.
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Instrument |
Support 2 |
Support 1 |
Spot |
Resistance 1 |
Resistance 2 |
USD/JPY |
*101.35 |
102.00 |
102.30 |
*102.75 |
103.15 |
Charts Created using Marketscope – Prepared by Kristian Kerr
USD/CAD Strategy: Like the long side while over 1.0905.
Instrument |
Support 2 |
Support 1 |
Spot |
Resistance 1 |
Resistance 2 |
USD/CAD |
*1.0905 |
1.1000 |
1.1085 |
1.1120 |
*1.1185 |
Focus Chart of the Day: USD/CHF
As we made mention on Monday, the next 24-36 hours or so look important for the Euro from a short-term cyclical perspective. This logic extends to USD/CHF as well as the exchange rate has some interesting Fibonacci time relationships of its own converging over the next day or so. A reversal of some kind looks possible during this time especially if the rate can continue to hold above key support near .8850 (2013 closing low). A settle over .8900 would be further evidence of at least a near-term bottom.
--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com
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