Daily Forex Preview for June 17, 2015

June 17, 2015

URUSD Daily Pivots

R3

1.144

R2

1.1384

R1

1.1315

Pivot

1.1258

S1

1.119

S2

1.1134

S3

1.1065

 

EURUSD (1.125): EURUSD remained range bound, marking a sixth consecutive session of sideways price action. Understandably today's FOMC statement and press conference is likely to trigger a break out. Price action has been finding it hard to break above 1.12845 level of resistance on the daily chart with the nearest support at 1.09708.

On the intraday charts we notice price has managed to find dynamic support near the lower end of the price channel but a break above 1.1334 - 1.13575 is needed in order to ensure further gains. A break down from the price channel will likely see a decline towards initial minor support near 1.117 - 1.1135.

USDJPY Daily Pivots

R3

124.18

R2

123.991

R1

123.676

Pivot

123.486

S1

123.158

S2

122.969

S3

122.653

 

USDJPY (123.44): USDJPY has been ranging for four sessions so far on the daily time frame. On the intraday charts, price is trading below the broken support at 124. A break above 124 is needed to test new highs in USDJPY. On the flipside, should a test to 124 fail and turns to support, USDJPY could potentially stage a decline towards 122 region of support. We notice that price has broken out of the falling price channel and a modest retest of this break out could be a possibility with minor support coming in at 123.

GBPUSD Daily Pivots

R3

1.5799

R2

1.5725

R1

1.5686

Pivot

1.5613

S1

1.5574

S2

1.5501

S3

1.5462

 

GBPUSD (1.5641): GBPUSD has managed to post another session of gains on the daily chart, after breaking free above 1.552 level of support. The next resistance comes in at 1.57525.

On the intraday charts, price is well supported within the rising price channel, but currently price is just short of the previous resistance highs near 1.5674. Should this level contain the rally, GBPUSD could potentially risk a break out from the rising price channel. However, with support firm near 1.551 through 1.5455, the declines in GBPUSD are likely to be well contained.

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