Daily Forex Preview – 08/01

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Forex Market Weekly Forecast (Jan 5-9, 2015)

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Guest post by Orbex

 

EURUSD Daily Pivots

 

R3 1.1931
R2 1.1891
R1 1.1838
Pivot 1.1795
S1 1.1745
S2 1.1702
S3 1.1652

 

 EURUSDH1

 

EURUSD managed to lift off yesterday’s lows near 1.1778 levels and has currently broken the trend line. A possible dip to the daily pivot level could see EURUSD look to book some gains today with the first resistance level at 1.1922 followed by 1.20 levels. Alternatively, a break below yesterday’s low will see EURUSD decline to new lows near 1.1713

 

USDJPY Daily Pivots

 

R3 120.829
R2 120.395
R1 120.032
Pivot 119.598
S1 119.235
S2 118.801
S3 118.438

 

USDJPYH1

 

Failure to push higher after the falling trend line was broken is indicative that USDJPY could possibly look towards finding support at 118.974 levels. The current break of the rising trend line is indicative of this view. If the support at 118.974 holds, USDJPY could attempt to push higher targeting the resistance at 119.66

 

GBPUSD Daily Pivots

 

R3 1.5208
R2 1.5163
R1 1.5126
Pivot 1.5080
S1 1.5044
S2 1.2998
S3 1.4961

 

GBPUSDH4

 

GBPUSD formed an inside bar on the H4 time frame followed through with a higher close. A break below the low of 1.5035 would likely see more declines in the Cable. Alternatively, if price continues to push higher, we could expect GBPUSD to see a rally towards 1.52085 levels, the support level that was broken to be established for resistance before declining further.

 

Guest post by Orbex

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Deepak Tiwari, a law graduate, has been working as a journalist for six years now. He currently writes on Bitcoin, economic, and Forex related news at ForexMinute, the brand new financial news portal which is making waves among Forex traders around the globe for the innumerable Forex resources it offers for readers, traders and brokers. His other specialties include writing on law & governance, finance, internet marketing, careers, politics, international relations & diplomacy, etc.