Majors Daily Forecast Oct 09 2017

EURUSD: Bearish Despite Hesitation!

The EURUSD remains on the downside as long as 1.1778/1.1814 resistance holds on a daily closing basis, support comes at the 1.1670 levels, a cut through that level will aim the 1.1585 levels, further down, support comes at the 1.1478 levels.

On the upside, resistance comes at the 1.1778/1.1814 levels, above that level sees a recovery risk to the 1.1936 levels where another fall is likely.

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

Note: According to the 4-hour chart, the pair remains in a recovery mode above 1.1719 levels and further upside could be seen to the 1.1775 levels where another fall is very likely, however; above 1.1775 will extend the recovery to the 1.1832 levels, further upside will aim the 1.1936 levels. On the downside, below 1.1719 should weaken recent recovery and turn the focus back on the 1.1670 levels, below 1.1670 will aim the 1.1625 levels, next support comes at the 1.1570 levels ahead of 1.1478 levels.

The best way to trade EURUSD is near resistance levels, If we look again at daily chart, we 2 critical levels, the first one 1.1814 (static daily chart resistance) this level is so close of Fib retracement 38.2% of the rally ( 1.2091/1.1668), the next level comes at the 1.1936 levels (static daily chart resistance) and so close of 61.8% FIb retracement of the same run.

GBPUSD: Bearish Despite Recovery Attempts!

As long as 1.3147 resistance holds on a daily closing basis, the GBPUSD remains on the downside to the 1.3041 levels, a cut through that level will aim the 1.2908 levels, a halt is very likely and it may turn higher from here, but a cut below that level will turn the focus on the 1.2795 levels.

On the upside, a clear break above the 1.3147 levels will turn the focus on the 1.3207/1.3250 levels before the next falling, above 1.3250 sees another rise to the 1.3350 levels…

Conclusion: The GBPUSD continues to face downside threats below 1.3147 levels, above 1.3147 sees recovery threats to the 1.3250 levels before the next falling…

According to the 4-hour chart, the pair is bullish in short-term above 1.3102 levels, but it needs to break and hold above the 1.3183 levels on a 4-hour closing basis to attack the 1.3250 levels, If seen a halt is very likely and it may turn lower from here, above 1.3250 will aim the 1.3370 levels. Alternatively; a failure to hold above the 1.3183 levels on a 4-hour closing basis could mean a return to the 1.3102 levels, a cut through 1.3102 level will restore the downside momentum and turn the focus on the 1.3025 levels.

USDJPY: Bullish But Hesitates Ahead Of the 113.25 levels.

Outlook in USDJPY remains on the upside as long as 112.20 support holds on a daily closing basis, resistance comes at 113.25 levels, a sustained breakout – daily closing – above that level will extend gains to the 113.95 levels, further upside, resistance comes at the 114.87 levels.

On the downside, support comes at the 112.20 levels, a cut through that level will aim the 111.47 levels ( daily & weekly chart support)  where a strong rebound is very likely to the upside, however; below 111.47 will suggest a short-term top at the 113.43 and turn the focus on the 110.25 levels.

Conclusion: The USDJPY continues to face upside threats above the 111.47/112.20 levels.

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