Currency Technical Analysis

EURO
Euro – c=a points to 1.105 and 38.2% retracement is at 1.102, the trend should still be lower.




USDJPY
USDJPY should continue higher in wave c up to 115. Support is near 110.60




USDGBP
USDGBP – took support on the averages and has mostly started wave 5 up. Support is near 0.783 amd 0.777 and we should be heading to test 0.808 swing high next and eventually the wave 3 high at 0.846.





USDCNY
USDCNY – corrected in 3 waves in what might be a 4th wave correction in a channel. Wave 5 up could start from 6.78. I cannot rule out a dip to 6.76, while non needed, and it would be a 38.2% retracement of wave 3. 5=1 pionts to 7.04 in wave 5 up. 6.892 resistance from the falling channel where we would have to breakout for higher levels.



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Adam Smith Associates Pvt. Ltd. offers trade & commodity finance related services & solutions to its domestic and international clients.
 
Views expressed in this article are purely of the author – Mr Rohit Srivastava – a leading technical analyst.
 
Visit www.adamsmith.tv for services offered by Adam Smith Associates Pvt. Ltd.

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