Majors Daily Forecast Oct 05 2017

EURO -dollar

EURUSD: Bearish Despite Recovery Attempts!

The EURUSD remains on the downside as long as 1.1814 resistance holds on a daily closing basis,support comes at the 1.1730 level, below 1.1730 will accelerate the expected bearish move to the 1.1670 levels, a halt is likely but a cut would open 1.1585, further down, support comes at the 1.1478 levels.

Ont he upside, immediate support comes at the 1.1730 levels, a failure to hold below the 1.1730 levels on a daily closing basis could mean a return to the 1.1814 levels where another fall is likely, however; above 1.1814 sees recovery threats to the 1.1936 levels.

Conclusion: The EURUSD continues to face downside threats below 1.1814 levels.

Note: According to 4 hour chart, we have bearish divergence, neckline comes at the 1.1735 levels, below that level will open 1.1760 next. On the upside, resistance comes at the 1.1787 levels, a clear break above that level may expose daily chart resistance at the 1.1814 levels and pave the way to the 1.1935 levels, anyway; the pair may spike beyond 1.1787 levels before falling once again specially tomorrow on U.S jobs report news, keep that in mind!!!

GBPUSD: Sees Further Bearish Momentum!

As long as 1.3270 resistance holds on a daily closing basis, the GBPUSD remains on the downside to the 1.3205/1.3147 levels, a halt is likely but a cut would open 1.3041, further down, resistance comes at the 1.2908 levels.

On the upside, resistance comes at the 1.3270 levels, above that level sees a recovery threats to the 1.3350/1.3450 levels where another fall is likely…

Conclusion: The GBPUSD continues to face downside threats below 1.3270/1.3350 levels.

 Note: According to 4 hour chart, resistance comes at the 1.3245, stability below that level will keep eyes on the 1.3205/1.3147 levels…

USDJPY: Consolidates With Upside Bias!

as long as 112.20 support holds on a daily closing basis, the USDJPY remains on the upside to 113.95 levels, a halt is likely but a break would open 114.87 levels, further upside resistance comes at the 116.33 levels ahead of the 117.42 levels.

On the downside, support comes at the 112.20 levels, below that level sees a pullback risk to the 111.09 levels, further down, support comes at the 110.25 levels.

Conclusion: The USDJPY continues to face upside threats above the 112.20 levels…

 

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