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USD/CAD Daily Outlook

Intraday bias in USD/CAD remains on the downside as momentum remains strong. Firm break of long term fibonacci level at 1.2048 will carry larger bearish implication and target 61.8% projection of 1.3793 to 1.2412 from 1.2777 at 1.1924 next. On the upside, above 1.2245 minor resistance will turn intraday bias neutral first. But outlook will remain bearish as long as 1.2439 support turned resistance holds.

USD/JPY Daily Outlook

Firm break of 108.12 support confirms resumption of whole medium term decline from 118.65. Intraday bias back on the downside for 61.8% retracement of 98.97 to 118.65 at 106.48. We’ll look for support from there again to bring rebound. On the upside, above 108.45 minor resistance will turn intraday bias neutral first. But outlook will now stay bearish as long as 110.66 resistance holds.

USD/CHF Daily Outlook

The break of 0.9427 argues that larger decline from 1.0342 is resuming. Intraday bias stays on the downside for the moment. Current fall should now target 61.8% projection of 1.0099 to 0.9437 from 0.9772 at 0.9363 next. On the upside, above 0.9493 minor resistance will turn bias neutral first. But outlook will stay bearish as long as 0.9679 resistance holds.

GBP/USD Daily Outlook

GBP/USD’s rise from 1.2773 is still in progress and intraday bias stays on the upside for 1.3267 resistance. Break will target 1.3444 key resistance level next. Price actions from 1.1946 are still seen as a corrective pattern. Hence, we’d expect strong resistance from 1.3444 to limit upside to bring larger down trend reversal eventually. On the downside, below 1.3018 minor support will turn intraday bias neutral first.

EUR/USD Daily Outlook

Break of 1.2069 resistance indicates that medium term rise in EUR/USD from 1.0339 is finally resuming. Intraday bias is back on the upside. Current rise should target next key fibonacci level at 1.2516. On the downside, break of 1.1822 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

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