2018-06-01
USD/CHF has been quite impressive inside the the bearish bias recently after being rejected off the 1.0035 area with a daily close. Ahead of the upcoming high impact US economic reports to be published today, the market is currently quite indecisive and volatile at the edge of 0.9850 area.
Today, US Average Hourly Earnings report is going to be published which is expected to increase to 0.2% from the previous value of 0.1%, Non-Farm Employment Change report is expected to increase to 189k from the previous figure of 164k and Unemployment Rate is expected to be unchanged at 3.9%. Though are a lot of speculations whether US economic reports wil be strong. If true, it may lead to further momentum in USD.
On the other hand, today Switzerland Manufacturing PMI report was published with a slight decrease to 62.4 from the previous figure of 63.6 which is expected to make certain weakness effect on the CHF gains against USD in the coming days.
As for the current scenario, high impact economic reports from the US today is expected to encourage USD gains further in the coming days. Though CHF has been gaining quite well against USD recently, upcoming positive economic reports may lead to continuation of the bullish trend in the pair in the future.
Now let us look at the technical view. The price is currently residing at the edge of 0.9850 support area from where certain bullish pressure is expected in this pair. Ahead of the upcoming high impact USD economic reports today, the market is expected to be volatile but as the price remains above 0.9850 with a daily close, certain bullish pressure is expected in this pair. On the other hand, a break below 0.9850 with a daily close, will lead to further bearish pressure in the pair with target towards 0.97.
USD/JPY analysis for June 01, 2018
2018-06-01
Recently, the USD/JPY pair has been trading upwards. The price tested the level of 109.24. According to the H1 time – frame, I found a broken supply trendline and potentially a broken bullish flag in the background, which is a sign that buyers are in control. My advice is to watch for potential buying opportunities. The upward target is set at the price of 109.90.
Resistance levels:
R1: 1.1730
R2: 1.1770
R3: 1.1812
Support levels:
S1: 1.1650
S2: 1.1605
S3: 1.1565
Trading recommendations for today: watch for potential buying opportunities.
Daily analysis of EUR/JPY for June 1, 2018
2018-06-01
EUR/JPY
Since the demand zone at 125.00 was reached, this cross has been engaged in a relentless effort to rally. The relentless bullish effort has become a threat to the recent bearishness in the market, and once price goes above the supply level at 129.50, the bias would turn completely bullish.
A downwards movement from here would also result in a confirmation of the recent bearish outlook on the market. The EMA 11 is still below the EMA 56, but the RSI period 14 is above the level 50. Should the current bullish correction continue, it would eventually lead to a new bullish bias being formed in the market.
Daily analysis of USD/JPY for June 1, 2018
2018-06-01
USD/JPY
In the context of a short-term downtrend, price is rallying, performing what can be called a bullish correction. A movement above the supply level at 110.00 would render the short-term downtrend invalid, while a movement below the demand level at 108.50 would strengthen it. However, a strong bearish pressure would be needed for the demand level at 108.50 to be broken to the downside, as the demand level has been tested several times without price staying below it.
Daily analysis of USD/CHF for June 1, 2018
2018-06-01
USD/CHF
This market has been going downwards gradually, forming a clear bearish bias. The week has generally been bearish and price is approaching the support level at 0.9850 gradually and it would soon breach it to the downside. After which price would target another support level at 0.9800.
A continuation of the bearish movement is expected today or early next week. There is a Bearish Confirmation Pattern in the market, and the bias is bearish. The Williams' % Range period 20 is almost into the oversold region.
EUR/USD analysis for June 01, 2018
2018-06-01
Recently, the EUR/USD pair has been trading upwards. The price tested the level of 1.1723. Anyway, according to the H1 time – frame, I found potential end of upward correction, which is a sign that buying at this stage looks risky. I also found a hidden bearish divergence on the MACD oscillator in creation, which is another sign of weakness. My advice is to watch for potential breakout of the upward trendline to confirm a further downward movement. The downward targets are set at the price of 1.1640 and at the price of 1.1600.
Resistance levels:
R1: 1.1701
R2: 1.1720
R3: 1.1738
Support levels:
S1: 1.1665
S2: 1.1645
S3: 1.1627
Trading recommendations for today: watch for potential selling opportunities.
Intraday technical levels and trading recommendations for EUR/USD for June 1, 2018
2018-06-01
Daily Outlook
The short-term outlook turns to become bearish as long as the EUR/USD pair keeps trading below the broken uptrend as well as the lower limit of the depicted consolidation range remains broken.
Bearish persistence below the price level of 1.2200 allowed further bearish decline towards the price levels of 1.1990 and 1.1880.
The price zone (1.1850-1.1750) failed to offer sufficient bullish demand when a descending high was established around the price level of 1.1980.
The EUR/USD bulls failed to pursue towards higher bullish targets. Instead, significant bearish pressure is being applied since then.
As bearish momentum dominates, bearish persistence below 1.1700-1.1750 (zone of previous daily lows) was maintained to enhance further bearish decline towards 1.1520 and probably 1.1420.
The price zone (1.1520-1.1415) is considered a prominent Demand zone to be watched for bullish price action and valid BUY entries. Early signs of bullish rejection have already been expressed around 1.1500 (within the depicted demand zone).
On the other hand, conservative traders should wait for bullish pullback towards the price zone (1.1850-1.1750) for valid SELL entries if the current bullish pullback persists.
NZD/USD Intraday technical levels and trading recommendations for for June 1, 2018
2018-06-01
The price zone of 0.7320-0.7390 stood as a significant supply zone during recent bullish pullback. The bulls failed to execute a successful Bullish breakout above 0.7400 during the previous week's consolidations.
The NZD/USD pair had been trapped between the price levels of 0.7170 and 0.7350 until bearish breakdown of 0.7200 occurred.
Since April 13, significant bearish pressure has been applied. This probably turns the short-term outlook for the NZD/USD pair into bearish giving considerable significance to the multiple-top reversal pattern.
That's why, bearish breakdown of 0.7220-0.7170 (neckline zone) was needed to confirm the depicted reversal pattern. Bearish target levels around 0.7050 and 0.7000 have been achieved already.
The bearish scenario needs obvious bearish persistence below 0.7050 to maintain significant bearish momentum towards 0.6860 and 0.6820. That's why, the price level of 0.7050 is currently considered a key-level for the NZD/USD bears.
Any bullish breakout above the price level of 0.7050 hinders further bearish decline allowing bullish pullback to occur towards 0.7170-0.7220.
On the other hand, If bearish momentum persists, the price zone of 0.6820-0.6780 will be the next destination for the NZD/USD pair. It should be watched for bullish rejection and a possible valid BUY entry.
Any bullish pullback towards the price level of 0.7050 (Broken Demand-Level) should be watched for a valid SELL entry. S/L should be placed above 0.7100.
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