Please find hereafter our daily update on the majors as of June 8th 2011.
(Click on the dedicated link to access our forum post with the chart).
- EUR/USD
The EUR/USD continues to be well supported and the bullish trend is not is question.
Yesterday, the pair has tested the 1,47 level which was our main objective (projection of the double bottom formation in May). Next target will be 1,48 if the market manages to get through this resistance. Beyond 1,48 the EUR/USD will have the possibility to test its previous high from the beginning of May at 1,4950.
On the downside, the major might be under pressure if it breaks below 1,4550 (this week low). It would open the door to a sharp retracement considering that the studies show overbought levels. We will remain bullish as long as this support holds.Link to ATF Forum post : EUR/USD
- GBP/USD
With the 1,63 level remaining support, the Cable remains bullish and might accelerate with a break above 1,6550 (previous daily high).
So at first we will need see if the pair manages to test this previous high before considering an extension towards the 1,67 area.
A break below 1,63 would definitly negate this bullish outlook and expose 1,61.Link to ATF Forum post : GBP/USD
- USD/JPY
The USD/JPY is struggling with the 80,00 support which seems to hold.
The pair might be in the process of carving out a material base on top of this level but it is too soon to build a long position. We need to wait for a confirmation of the bounce over the coming sessions as the US Dollar remains under pressure.Link to ATF Forum post : USD/JPY
- USD/CHF
The analysis is the same as yesterday.
The USD/CHF has been consolidating in the beginning of the week but the pressure remains to the downside.
A break below 83,30 would accelerate the move downward.
We need to see at minimum a break above 0,8450 to leviate the immediate downside pressure. But even with that, the overall outlook would remain bearish.Link to ATF Forum post : USD/CHF
- USD/CAD
The USD/CAD continues to consolidate below the 0,98 resistance.
We will keep a close eye on the daily rising channel (see chart attached) as a break down would expose a resumption of the downtrend with a target 0,95.
Inversely, a confirmation of the bounce with a break above 0,98 would expose a test of the parity.
We will remain on the sidelines until we see a clear trend emerges.Link to ATF Forum post : USD/CAD
- AUD/USD
The AUD/USD continues to consolidate in its daily range between roughly 1,05 and 1,08 (see chart attached).
Only a breakout of this range would trigger a directional trend. By the meantime the range traders may continue to take advantage of the swing moves between the channel bounds.
We would like to bring to your attention though that the main long term trend (represented by the 20 moving average on the weekly chart) remains bullish. It is wiser to look for buying opportunities given this technical context and the particularity of the Aussie.Link to ATF Forum post : AUD/USD
Notice : the technical analysis are given for information purpose only. There is no entry timing so you will have to build your own strategy based on these recommendations.
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