Daily Forex Preview for July 31, 2015

July 31, 2015

EURUSD Daily Pivots

EURUSD (1.094): EURUSD declines for the past three days from the highs near 1.108 to test the previous support lows at 1.09250. The single currency is attempting to recover some of its losses from near the support zone as noted yesterday. We need to see a break out from the falling price channel in order to ascertain a short term recovery. To the upside, EURUSD will need to struggle with 1.10 level of resistance and a break of this resistance will see a test towards 1.113 through 1.117. To the downside, failure to break out of the falling price channel could push EURUSD even lower with the potential test back the previous lows at 1.082.

R3

1.1077

R2

1.1032

R1

1.1098

Pivot

1.0937

S1

1.0885

S2

1.0840

S3

1.0789

 

USDJPY Daily Pivots

R3

125.216

R2

124.898

R1

124.519

Pivot

124.2

S1

123.810

S2

123.492

S3

123.113

 

USDJPY (123.9): USDJPY rallied yesterday to reach the highs of 124.58 but price was sharply rejected. On the intraday charts, we can see that the price action failed to break the precious highs as USDJPY consolidates around the 124 level of support and resistance. We are biased to the downside on break of the minor rising trend line, which will see a decline down to 123 and to 122.65. To the upside, USDJPY needs to find support at 124 and break above the previous highs at 124.4336 in order to target the highs of 125.65.

GBPUSD Daily Pivots

R3

1.5723

R2

1.5683

R1

1.5642

Pivot

1.5602

S1

1.5561

S2

1.5522

S3

1.5481

 

GBPUSD (1.56): GBPUSD has been consolidating strongly for the past eleven sessions trading mostly sideways. The range high and lows come in at 1.563 and 1.55. A break out in the coming days is evident which could see the momentum either take the Cable to previous highs or could decline lower. Plotting a new rising price channel, we notice that the resistance at 1.563 - 1.565 has managed to hold prices on multiple tests. A break above the resistance could see GBPUSD target the highs to 1.579. The downside momentum could hit the strong obstacle support near 1.551 through 15455. We are therefore biased to see further gains in GBPUSD towards 1.579.

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