Yen Likely To Remain Under Pressure Against Dollar

Yen Likely To Remain Under Pressure Against Dollar

By: Oliver Miller | Where To Trade | On:25-02-2015 16:18
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Key Highlights

  • Japanese yen weakness against the US dollar is likely to stay in the near term.

  • Australian Construction Work Done released by the Australian Bureau of Statistics registered a reading of -0.2% in the fourth quarter of 2014, compared to expectation of a 1.2% decline.

  • Australian Wage Price Index was also released, which came in at 0.6% in the fourth quarter of 2014, compared to the last increase of 0.6%.

  • Australian Wage Price Index in terms of the yearly change registered a reading of 2.5% in the fourth quarter of 2014, compared to the last increase of 2.6%.

  • Chinese HSBC Manufacturing Purchasing Managers Index (PMI) released by the Markit Economics came in at 50.1 in February 2015, compared to the expectation of 49.5.

  • In the US, the number of New Home Sales will be released by the US Census Bureau.

  • GBPUSD remained stable when compared to the EURUSD pair.

USDCHF

The US dollar continued to gain strength against the Swiss franc, and recently tested the 0.9540-50 resistance area. There is a monster bullish trend line on the 4 hour chart, which we followed this past week, and might act as a catalyst this week as well. Moreover, the 38.2% fib retracement level of the last leg from the 0.9172 low to 0.9533 high is also sitting around the same trend line. So, if the USDCHF pair corrects or moves lower from the current levels, then there are several support areas on the way down.

Intraday Support Level – 0.9440

Intraday Resistance Level – 0.9540

  • Overall, as long as the pair is above the highlighted trend line it might continue trading higher.

  • A break above the last higher could ignite more gains moving ahead.

If the USDCHF pair moves higher from the current levels, and clears the last swing high, then it might ignite a sharp upside reaction in the near term. The next resistance area in that situation could be seen around the 0.9600 area which is a major barrier for the pair.

GBPUSD

The British pound continued to impress buyers, as it managed to hold gains against the US dollar and even tested the 1.5500 resistance area. It was broadly seen trading in a range with resistance around the mentioned level and support on the downside at 1.5400. There is a major bullish trend line formed on the 4 hour chart as well, which is sitting along with the 38.2% fib retracement level of the last leg from the 1.5209 low to 1.5480 high. So, one might say that the 1.5350-00 support area is a major barrier for sellers where buyers are likely to step in.

Intraday Support Level – 1.5400

Intraday Resistance Level – 1.5500

  • Buying dips around the stated trend line look like a good option.

  • A break below the same might call for more losses moving ahead.

On the upside, a break of the last swing high around the 1.5500 area might ignite gains in the GBPUSD pair leading it towards the key area of 1.5600.

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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