Please find hereafter our daily update on the majors as of June 9th 2011.
(Click on the dedicated link to access our forum post with the chart).
- EUR/USD
The EUR/USD has been under pressure yesterday pulling back just above the 1,4550 support. We consider this level as the first barrier to the downside for a possible retracement towards 1,4350.
It is still a retracement and the uptrend is not yet in question. However a sharp retracement right now would carve out a lower top on the weekly chart and might signify a shift in the trend over the long term.
A break above 1,47 would reinforce the bullish outlook for a next target at 1,48 and probably 1,49.Link to ATF Forum post : EUR/USD
- GBP/USD
The Cable continues to consolidate above the 1,63 critical level. It it holds above this support, the bullish outlook would be maintained but only a break above 1,6550 would warranty an acceleration to the upside for a next target at 1,67.
A break below 1,63 would negate this bullish outlook and expose 1,61.
With the BOE rate decision today, we might see some pressure on the Cable.Link to ATF Forum post : GBP/USD
- USD/JPY
The USD/JPY is still struggling with the 80,00 level.
Even though the pair remains under pressure, it might be in the process of carving out a material base on top of this level considering the technical setup with the oversold studies.
We now need to wait for a confirmation of the potential bounce in light of the US Dollar behavior.Link to ATF Forum post : USD/JPY
- USD/CHF
The USD/CHF has been trading flat since the beginning of the week after the sharp drop we saw over the last 2 weeks.
The pair remains under pressure and a break below 83,30 (historical low) would resume the downtrend.
With a US Dollar starting to show some relative strengh, we might see a retracement on the USD/CHF towards 0,86. A clear break above 0,84 would confirm this scenario.Link to ATF Forum post : USD/CHF
- USD/CAD
The USD/CAD continues to struggle with the 0,98 resistance but remains well supported in its daily rising channel (see chart attached).
As long as this channel is not broken, the pressure remains on the upside with a target at parity.
Inversely, a clear break below 0,9750 (lower bound of the figure) would resume the downtrend.Link to ATF Forum post : USD/CAD
- AUD/USD
The AUD/USD continues to consolidate in its daily range between roughly 1,05 and 1,08 (see chart attached).
The pair has been under pressure lately with a break below 1,06 which now exposes the lower bound of the range at 1,05. The long term bullish trend remains intact but a break below 1,0450 would open the door to a retracement towards parity.
Only a break back above 1,07 would leviate the immediate downside pressure and expose 1,08.Link to ATF Forum post : AUD/USD
Notice : the technical analysis are given for information purpose only. There is no entry timing so you will have to build your own strategy based on these recommendations.
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