INTRADAY TECHNICAL ANALYSIS July 04th (observation as of  09:00 UTC)

[EURUSD]

Important Levels to Watch for:

-        Resistance line of 1.09009

-        Support line of 1. 08802

Commentary/ Reason:

1.      The price was in a wide range consolidation move as the price are creating lower highs and higher lows but the expected pattern were breached and rebound from a prominent resistance gave a negative outlook on its price movement.

2.      Extreme plunges in the US manufacturing indicator have been a catalyst for volatile movement seen in the market while Germany negative trade balance is a cause for concern in euros.

3.      The upcoming labour data from US will be detrimental to USD while there is no significant data from europe.

4.      The price is expected to trade lower but may continue upward if it completed its longterm continuation pattern which need a breakout from its upper trendline.

5.      Technical indicator are certain with sell while moving averages are mostly sell.

[USDCHF]

Important Levels to Watch for:

-        Resistance line of 0.89563

-        Support line of 0.89366

Commentary/ Reason:

1.      The pair were on a wide range consolidation pattern with lower highs and higher lows but the amount of rebound are not nearly as powerful as its retracement which suggest that the buyer is getting weaker.

2.      Slowing price growth in the Swiss economy might prompt further hike rate by the Swiss National Bank (SNB) just as they surprisingly raised their rates last few weeks.

3.      There is no upcoming data from the Swiss and the US.

4.      The price is uncertain but the trend suggests a break below support at 0.89522 have set its trend downward to possibly support line 0.89366.

5.      Technical indicators agreed with majority of it calling sell as do moving averages.

[USDJPY]

Important Levels to Watch for:

-        Resistance line of 144.436

-        Support line of 144.232

Commentary/ Reason:

1.      The pair were a wide range sideway movement with a lot of short-term position but the trend suggest a downtrend by accounts of its lower highs.

2.      There was concern of stimulus package which are government intervention that could suppress yen lower that is keeping speculators tipsy.

3.      There is Services PMI by the Japanese coming which are expecting slight contraction.

4.      The price is expected push lower as its rebound are much weaker than its retracement with a huge support area below at support.

5.      Technical indicators are mostly sell as well as moving averages.

[GBPUSD]

Important Levels to Watch for:

-        Resistance line of 1.27366

-        Support line of 1.26647

Commentary/ Reason:

1.      The pair have been moving in short range consolidation but remain unpredictable as to the direction as deviation from moving average is not too high.

2.      Some analysts suggest that sterling may have peaked against the dollar as it stays within short range on holiday basis.

3.      There was no significant economic indicator from the UK and the US.

4.      The price is expected to continue upward if it does break above its immediate resistance but expected to weaken before have the strength to break upward.

5.      Technical indicator is mixed while moving averages all pointed toward buys.