Daily Currency Outlook: GPB/JPY And EUR/JPY : August 28,2018

GBP/USD Daily Outlook

Daily Pivots: (S1) 1.2847; (P) 1.2875; (R1) 1.2920;

GBP/USD is still bounded in range of 1.2798/2935 and intraday bias remains neutral first. As noted before, as long as 1.2956 support turned resistance stays intact, near term outlook remains bearish for further decline. On the downside, below 1.1798 minor support will target 1.2661 low first. Break will resume larger fall from 1.4376. However, considering bullish convergence condition in daily MACD, break of 1.2956 will indicate medium term bottoming. And stronger rebound would be seen back to 55 day EMA (now at 1.3060) and above.

GBP/USD

In the bigger picture, whole medium term rebound from 1.1946 (2016 low) should have completed at 1.4376 already, after rejection from 55 month EMA (now at 1.4091). Current downside acceleration argues that it’s possibly resuming long term down trend. In any case, outlook will stay bearish as long as 38.2% retracement of 1.4376 to 1.2661 at 1.3316 holds. Retest of 1.1946 should be seen next.

GBP/USD

USD/CHF Daily Outlook

Daily Pivots: (S1) 0.9773; (P) 0.9810; (R1) 0.9832;

USD/CHF’s fall resumed by breaking 0.9807 and reaches as low as 0.9786 so far. Intraday bias is back on the downside for 100% projection of 1.0067 to 0.9866 from 0.9981 at 0.9780 and possibly below. As current decline from 1.0067 is seen as the third leg of consolidation from 1.0056, we’d expect strong support from 38.2% retracement of 0.9186 to 1.0056 at 0.9724 to bring rebound. On the upside, break of 0.9865 resistance should indicate short term bottoming and turn bias to the upside for 0.9981 resistance.

USD/CHF

In the bigger picture, current development suggests that the consolidation pattern from 1.0056 is extending. As long as 38.2% retracement of 0.9186 to 1.0056 at 0.9724 holds, we’d expect rise from 0.9186 to resume at a later stage to retest 1.0342 key resistance (2016 high). However, sustained break of 0.9724 fibonacci level will bring deeper fall, as another declining leg in the long term range pattern.

USD/CHF

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