Daily Forex Preview for July 08, 2015

8 July, 2015

EURUSD Daily Pivots

R3

1.1216

R2

1.1135

R1

1.1073

Pivot

1.0994

S1

1.0930

S2

1.0851

S3

1.0787

EURUSD (1.10): EURUSD attempted to break out of last Monday’s range (June 29th, 2015) but saw a sharp rejection. Currently price is trading close to the lower end of the range and could see a potential break out to the downside. If this happens, price action could swiftly test the next major support at 1.0825 on the daily chart. On the intraday time frame, price dropped lower to 1.09275 and saw a strong reversal from these lows with price settling back above 1.0985 level of support resistance. With price trading close to the upper end of the falling price channel there is a potential risk of a break out to the upside. However, a retest back to 1.0985 is needed to validate this view. On the other hand, a decline in prices will see 1.082 on break of 1.09275..

USDJPY Daily Pivots

R3

123.797

R2

123.338

R1

122.932

Pivot

122.473

S1

122.067

S2

121.595

S3

121.188

USDJPY (122.0): USDJPY remains very bearish on the daily time frame after prices failed to hold above 122.65. The break of this support saw prices test back to the main support near 122 - 121.7 region, as we noted in our previous analysis. As long as prices hold above 122 - 121.7, USDJPY could see a possible break out from the falling price channel. On the other hand, should the support zone give way, USDJPY could well test previous lows near the next support at 120.8 region. There is also a risk of a possible break out noting the falling wedge pattern that has formed. Therefore another test to 122.65 is very likely which could offer early clues into the upside breakout in USDJPY, which will then see a test back to 124..

GBPUSD Daily Pivots

R3

1.577

R2

1.5688

R1

1.5574

Pivot

1.5493

S1

1.5379

S2

1.5299

S3

1.5185

GBPUSD (1.543): GBPUSD closed on a very bearish note yesterday and the price action is looking to see a further decline in prices. On the daily charts, the next support comes in at 1.532 level. On the intraday charts, price cleared the major support between 1.551 - 1.5455 on a very strong decline and we could therefore see a continued fall to the downside. The next support comes at 1.52 region. We could expect a possible retest back to the upside however before prices begin their descent.

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