Overview:
The USD/CHF pair will continue rising from the area of 0.9674-0.9660 in the long term. The current price is seen at 0.9674 which represents a key level today. It should be noted that the support is established at the level of 0.9674 which represents the daily pivot point on the H1 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of the highest level of 0.9743. So, buy above the level of 0.9743 with the first target at 0.9790 in order to test the daily resistance 2. Also, it should be noted that the level of 0.9790 is a good place to take profits. Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in coming hours. If the trend is able to break the level of 0.9790, then the market will call for a strong bullish market towards the target of 0.9828 today. However, if a breakout happens at 0.9620, this scenario may be invalidated.
Technical analysis of NZD/USD for September 26, 2017
2017-09-26
Overview:
The NZD/USD pair continues to move downwards from the zone of 0.7309 and 0.7279. Yesterday, the pair dropped from the level of 0.7309 to 0.7242 which coincides with a ratio of 23.6% Fibonacci on the daily chart. Today, resistance is seen at the levels of 0.7309 and 0.7279. So, we expect the price to set below the strong resistance at the levels of 0.7309 and 0.7279; because the price is in a bearish channel now. The RSI starts signaling a downward trend. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.7242 with the first target at 0.7213 in order to test the daily support. If the NZD/USD pair is able to break out the daily support at 0.7213, the market will decline further to 0.7183 to approach support 2 today. However, the price spot of 0.7309 and 0.7279 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 0.7279 is not breached.
Elliott wave analysis of EUR/JPY for September 26, 2017
2017-09-26
EUR/JPY - Weekly
EUR/JPY - 4 Hourly
Wave summary:
The break below minor support at 133.24 was the first good indication that wave (D) has completed prematurely and wave (E) now is developing. A break below support at 131.70 will add confidence in this count, while a break below the support-line near 131.10 will confirm the count and look for more downside pressure in wave (E), ideally close to support at 117.72. This should complete the huge triangle that has been developing since July 2008 for a strong rally above 134.41.
R3: 134.24
R2: 133.46
R1: 132.52
Pivot: 132.00
S1: 131.70
S2: 131.10
S3: 130.56
Trading recommendation:
Our stop at 133.15 was hit for a profit of 139 pips. We will be looking for a new selling opportunity.
Elliott wave analysis of EUR/NZD for September 26, 2017
2017-09-26
Wave summary:
We continue to look for more upside pressure above 1.6451 for a continuation higher towards 1.6875 and above. Short-term support at 1.6288 ideally will be able to protect the downside for the expected rally higher, but a break below here will indicate that an expanded flat correction is unfolding as red wave ii/ towards 1.6218 before turning higher in red wave iii/ towards 1.6690 and higher towards 1.6875.
R3: 1.6488
R2: 1.6451
R1: 1.6385
Pivot: 1.6350
S1: 1.6317
S2: 1.6288
S3: 1.6237
Trading recommendation:
We are long EUR from 1.6265 and will move our stop to break-even. If our stop is hit we will re-buy EUR at 1.6230 and place our stop at 1.6130.
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