Finotec

EUR/USD Daily Technical Reports
Spot Price: 1.3785

Technical Analysis:
O/B hourly bearish divergence seen o/n near 1.6800 triggered a needed pullback in prices. 1.3755-60 held on the pullback, as hourlies bottomed midrange again. Would buy a bounce there, but better value is seen at the 1.3730 low from Wednesday. Dailies are heavily o/b so not willing to risk too much on fresh longs.

USD/JPY Daily Technical Reports
Spot Price: 122.45

Technical Analysis:
We scrapped the long taken after prices traded above Wed and today"s 122.50 highs as well as the MLR and the Kijin line in that area after gains faltered and o/b hourlies began to crest. The 10-day MA at 122.70 is the next hurdle. Our downside pivot point is the 121.85 intraday low. Need a close outside 121.00/122.50 for a clear breakout.

GBP/USD Daily Technical Reports
Spot Price: 2.0295

Technical Analysis:
Had just taken out Wednesday’s highs by a pip reaching 2.0364 ahead of latest setbacks. Daily very overextended and a correction for the pair is definitely in the cards. Key support lies at 2.0245, with a break below the latter opening more sizeable setbacks. Look for today"s multi-year high to cap ahead of fresh drop.

USD/CHF Daily Technical Reports
Spot Price: 1.2035

Technical Analysis:
Huge slide from mid-Jun high at 1.2470 to Wed"s 1.1995 retest of this year"s low is being consolidated. Prices marginally popped back above the uptrend line taken from the Dec 04 lows, now at 1.2060, that was broken yesterday but a daily close above there is needed to reduce the risk of a broader breakdown below 1.1995. Sell rallies.