Foreign Exchange Price And Time At A Glance
USD/CHF
NZD/USD
EUR/GBP
by Kristian Kerr, Senior Currency Strategist for DailyFX.com
USD/CHF- USD/CHF has declined steadily since failing at the 2x1 Gann angle line of the year-to-date high in the .9750 area
- While below the 4th square root progression of the year’s low at .9405 our near-term trend bias will remain lower in the rate
- Gann and Fibonacci levels between .9305 and .9325 look like the next downside pivot with clear weakness below needed to trigger another meaningful leg lower in the rate
- Near-term time cycle studies suggest Thursday is a minor turn window
- A close above .9405 is required to alleviate the immediate negative tone and turn us positive on the dollar
NZD/USD- NZD/USD has continued to move steadily higher since finding support near Fibonacci symmetry during the first half of the month
- While over .7860 our near-term trend bias will remain higher in the Bird
- The 4th square root progression of the year-to-date low in the .8030 is now key resistance and traction over this level is required to trigger a more important move higher
- A medium-term cycle turn window is seen early next week
- The third square root progression of the year’s low in the .7945 area is immediate support, but only weakness below .7860 will turn us negative on the Kiwi
EUR/GBP- EUR/GBP has come under steady downside pressure since failing last week near the the 1st square root progression of the year-to-date high in the .8720 area
- However, while above the 2ndsquare root progression of the year-to-date low in the .8580 area our near-term trend bias will remain higher
- As such, the .8720 remains critical resistance with clear strength above this level needed to set up another push higher in the cross
- Near-term cycle studies warn that the next couple of days are a turn window
- Clear weakness back below .8580 will undermine the immediate positive structure in the rate and turn us negative
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by Kristian Kerr, Senior Currency Strategist for DailyFX.com