EURUSD Daily Forecast Oct 07 2016

EURUSD, Bearish Below 1.1151, Eyes The 1.1100 levels !

Forex-big 65985

EURUSD, Bearish Below 1.1151, Eyes The 1.1100 levels!

The EURUSD maintained a bearish momentum yesterday, topped at the 1.1211 levels, bottomed at the 1.1139 levels.

USDCHF, Bullish Eyes The 0.9866 Levels

usdchf-daily-forecast-oct-07-2016As long as 0.9733/0.9711 support holds on a daily closing basis, the USDCJF remains on the upside to the 0.9866 levels,  a halt is likely, next resistance comes at the 0.9922 levels ahead of the 1.0002 levels, below 0.9711 sees a fall risk to the 0.9640/0.9600 levels…

This development leaves the pair targeting the 1.1100 levels. A halt is likely and a reversal may occur, However; A cut through the 1.1100 levels would open 1.1045, further down, support comes at the 1.0985 levels…

On the upside. Resistance comes at the 1.1151 levels, above 1.1151 on a daily closing basis will turn outlook neutral and bring consolidation below 1.1278 levels.

Conclusion: The EURUSD sees a falling threat below the 1.1211 levels with risk to the 1.1100 levels ahead of the 1.1045 levels. Sustained trading – daily closing – above the  1.1211 brings a recovery risk below 1.1278 levels.

Nonfarm Payroll data could be an opportunity to sell EURUSD on a rebound!

Today at 12:30GMT, the USD will release data on Nonfarm Payrolls for September, market analysis expects a rise to 175K, from 151K in the previous month.

The unemployment rate is expected to remain the same as the previous month at 4.9%…

Since the pair is bearish, any rebound is an opportunity to sell the pair near resistance levels.

EURUSD-Daily-Forecast-Oct-07-2016.pngEURUSD/USDCHF Correlation Strategy !!

  • According to the daily chart, EURUSD is bullish with eyes on the 1.1100 levels, USDCHF is bearish with eyes on the 0.9866 levels. As a result, EURUSD should fall…
  • EURUSD support comes at the 1.1100 levels, USDCHF resistance comes at the 0.9866 levels, If EURUSD consolidates around 1.1100 levels and USDCHF reaches 0.9866, then EURUSD is likely to rebound from 1.1100 levels to retest 1.1211 levels before the next falling.
  • If USDCHF fails to rise to 0.9866 levels that would mean there’s no enough momentum to push the EURUSD back to the upside from the 1.1100 levels, as a result, the key support 1.1100 is likely to surrender and open the way to the 1.1045 levels…

MARKET DATA

UPCOMING ECONOMIC EVENTS