Daily Forex Preview for October 28, 2015

October 28, 2015

EURUSD Daily Pivots

R3

1.1120

R2

1.1098

R1

1.1072

Pivot

1.1051

S1

1.1024

S2

1.1003

S3

1.0976

EURUSD (1.10): EURUSD has been subdued for the last two trading sessions but the price action points to a possibility of an upside correction in the near term. Prices have been strongly consolidating nera the lows of 1.103 but the Stochastics oscillator is forming a bullish divergence pattern which points to an eventual correction to as much as 1.13 in the near term. EURUSD will have to clear above 1.11 which marks the initial support/resistance level that needs to be cleared ahead of a test to 1.13. To the downside, a close below 1.0085 could see EURUSD decline lower towards 1.09 levels.

USDJPY Daily Pivots

R3

121.831

R2

121.452

R1

120.923

Pivot

120.544

S1

120.005

S2

119.627

S3

119.097

USDJPY (120.4): USDJPY closed on a bearish note yesterday but found support at 120.275 after breaking the minor rising trend line. A bounce off this minor support could see a test back to 120.8 through 121 level. Failure to close above these levels could see a decline lower with 119.5 being the likely support to be tested on a break below 120.275. To the upside, a close above 121 could see a possibility of a rally higher and unless USDJPY closes above previous highs of 121.425, the bias remains sideways.

GBPUSD Daily Pivots

R3

1.5424

R2

1.5391

R1

1.5346

Pivot

1.5314

S1

1.5271

S2

1.5239

S3

1.5195

GBPUSD (1.53): GBPUSD has declined strongly yesterday but prices are consolidating near 1.53 level of support/resistance. A strong close below 1.5 could see GBPUSD decline to the next support at 1.52175 - 1.52. On the daily charts, GBPUSD is trading inside the identified support level of 1.533 through 1.523. A daily close along with a strong bullish confirmation is required for an upside bias to be established.

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