Daily Forex Preview for October 09, 2015

October 9, 2015

EURUSD Daily Pivots

​EURUSD (1.128): EURUSD is hovering near 1.12845 level of resistance on the daily chart with an attempt to test the 1.13 level yesterday showing prices being rejected. The resistance zone between 1.1315 through 1.13, looks to be holding for now. The minor bullish flag pattern shown on the chart is likely to see further upside in the near term ahead of a pullback to 1.1254 with an eventual rally likely to test the next main resistance of 1.1348. The upside bias could however come under pressure in the event prices fail above 1.1315 and breaks below the support of 1.1254, in which case, we could expect a potential breakout from the rising price channel.

R3

1.1414

R2

1.1370

R1

1.1322

Pivot

1.1277

S1

1.1230

S2

1.1185

S3

1.1137

USDJPY Daily Pivots

R3

120.631

R2

120.372

R1

120.152

Pivot

119.888

S1

119.673

S2

119.409

S3

119.189

USDJPY (119.9): USDJPY remains range bound with still no clear direction set in place. Yesterday, prices continued to decline off 120.275 minor resistance but we expect to see further downside in store for another attempt to 119.52 level of support. Failure to breakout from the 120.275 or 119.5 levels of resistance and support could keep USDJPY range bound for nearly the 5th week in a row.

GBPUSD Daily Pivots

R3

1.5501

R2

1.5436

R1

1.5391

Pivot

1.5327

S1

1.5280

S2

1.5216

S3

1.5170

GBPUSD (1.536): GBPUSD managed to break out above 1.5323 level of resistance and we could expect a continued rally to the upside. A dip to 1.5323 cannot be ruled out with the next main resistance coming in at 1.54 region. Only a close above 1.54 will see further gains to the upside with the next main resistance at 1.564 up for a test. To the downside, prices are supported above 1.5255 and any close below this support could keep GBPUSD range bound for the near term.

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