OSB Daily Technical Analysis for October 9, 2014

EUR/USD rebound in full swing heading for resistance and 20 DMA at 1.2770 area. Further resistance above at 1.28. A close back below 1.27 puts the pair back in line with longer term bearish trend.

EUR/GBP continues to struggle at the 0.7575 resistance level grinding it out just above on Thursday. Upswing appears to lack momentum and likely to run out of steam. More resistance above at 0.79.

EUR/JPY  corrective upswing retesting 200 DMA. Down move possibly on pause mode for now. A close above 137.80 resistance opens market for further upside in the 138.60 range.

EUR/CHF consolidation continues above 1.21 handle forming a base at this level. Resistance above at 1.2135. Neutral bias.

GBP/USD pushed higher with a clean break above resistance at 1.61. Gathering momentum suggest a push higher with 1.6225 being a short term target for now. Further resistance above at 16280. Support below at 1.6080.

USD/JPY  continues corrective pullback closing essentially unchanged on the day finding support at the 107.75 area. Weakness suggests a test of the 107.00 handle is likely. An upswing and close above 108.40 might put a pause to this correction. Neutral.

USD/CAD rally and attempt to get back above 1.12 was foiled by bears who stepped in and pushed price back down to the 1.10 area. Market likely to require more consolidation in this area before finding further direction. A close back above 1.12 gives bulls a lifeline to push higher again from there.

USD/CHF continued to sell off on Wednesday with a test of the 0.95 handle becoming imminent. Corrective downswing in appears to have legs and likely to find support in the 0.9450 area in the mid-term. Consolidation of recent up move.

AUD/USD rally continues to build momentum despite an intraday sell-off and dip below 0.88 handle. Resistance at 0.8880 and further above at 0.8910. Corrective up move possibly to continue.

NZD/USD pushed higher with a close back above the 0.79 handle. Momentum build up suggests a test of resistance at 0.7965. A close above this level might see price extend to 0.80 handle in the medium term. Bearish sentiment remains.

 

NOTE

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