Daily Forex Preview – 16/01



Guest post by Orbex

EURUSD Daily Pivots

R3 1.1984
R2 1.1887
R1 1.1759
Pivot 1.1663
S1 1.1535
S2 1.1439
S3 1.131


EURUSD was volatile on account of the SNB’s news yesterday. However, price has trended gradually lower with the sharp declines being marked by a consolidation phase, forming into a bearish flag. We could expect to see a possible rally towards the daily pivot level, after which price could continue to push lower towards 1.154 and 1.15

USDJPY Daily Pivots

R3 119.13
R2 118.535
R1 117.35
Pivot 116.755
S1 115.57
S2 114.975
S3 113.79


USDJPY declined yesterday as noted hitting lows of 116 and below. Price is now currently bouncing off the major support level and we expect this bounce to rise as much as to the daily pivot level. To the downside, a retest of the support is likely, which if it holds could possibly shift USDJPY to aim higher again. Alternatively, a break of the support near 116 – 115.5 could see a further decline to the next support level at 114.25

GBPUSD Daily Pivots

R3 1.5363
R2 1.5314
R1 1.5247
Pivot 1.5199
S1 1.5133
S2 1.5083
S3 1.5017


GBPUSD continues to trade in a tight range with no clear direction as of yet. However, as long as the low at 1.5035 is not breached, GBPUSD could possibly aim higher. The current consolidation near the short term support/resistance level is something to watch out for. If support is established at this level of 1.519, we could expect a rally to 1.548 region to test for resistance before resuming lower.

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.