The currency couple stays near 76.91 for the moment, the level from which it is expected to commence recovery. To confirm reversal USD/JPY will have to overcome key resistances at 79.44 and 80.44.
GBP/USD has tumbled below 1.5824 and may continue to fall down until it reaches 1.5632 or even 1.5272. Within the next three months though the price is expected to contract to 1.50. Rallies should be limited by 1.5872 and 1.6059.
Since a tough support at 104.75 was breached, subsequent levels will be tested in the near-term - 103.08 and 100.77. From above the price is capped by a key resistance levels situated at 106.60/80 and 108.50.
EUR/USD had pierced through a support at 1.3484 and is now approaching a lower level located at 1.3380/60. Should this line be penetrated as well, 1.3145 will come into play. Long-term target remains at 1.20.
The single European currency moved lower today after the German ZEW Economic Sentiment index has been released at -55.2 versus estimated -51.8, suggesting that the German economy might slow down in the short-term. This potential outcome spook investors, who pushed the pair lower to 1.3512, leaving the market mean at 1.3664 intact.
Rebound from 0.8910 is anticipated to extend further and USD/CHF should breach the initial resistance at 0.9157. Higher levels will be encountered at 0.9341 and 0.9399. Dips will be limited by a tough support area located at 0.8555/50.
USD/JPY has managed to consolidate at 76.89 and is unlikely to show any weakness from now on. The primary target for the pair is at 79.44, then it will aim for 80.44, which is 55 week ma. The ultimate goal is situated at 85.53.
Resistances at 1.6078 and 1.6139 should be able to negate advancement of the price, while the cable is expected to step lower to 1.5833, 55 day ma. Below this level GBP/USD is likely to target 1.5632 en route to 1.5272.
From above EUR/JPY is capped by resistances at 106.80 and 108.50 which will halt any rallies. The outlook for the pair is negative as it has already pierced through a support at 104.75, and is now on the way to 103.08, then 100.77.
For as long as the currency couple stays below a key resistance level located at 1.3870, the bias for EUR/USD will remain bearish. Currently the price is headed towards 1.3380/60, in case the latter line is breached, 1.3145 will be next in focus.
The euro moved lower today against the American dollar, after the German Chancellor Angela Merkel stated the European Union has to be integrated closer to survive the 'toughest hours since World War II', causing the pair to cross the market mean at 1.3717.
EUR/USD is considered bearish, as it is expected to slip down to 1.3380/60 in the near-term. Its further movements will target subsequent levels located at 1.3145, 1.2860 and eventually 1.20. Rallies should be capped by a resistance line at 1.3870.
For as long as resistances situated at 106.80 and 108.50 are untouched, the price is likely to trade off down to 104.75/26 and then erode it. Lower levels are at 103.08 and 100.77 - they should be able to halt any further dips.
From above the price's upward movement will be limited by resistances at 1.6087, 1.6139 and by 1.6139 as well. Therefore the initial target for GBP/USD is at 1.5842, which would give a way for a further decline to 1.5632 and 1.5272.
USD/JPY currency couple has penetrated 77.40 and is now headed towards 76.93/87, from where the recovery might commence. While advancing the pair will encounter resistances situated at 79.44, 80.44 and 85.53.
Despite the fact that resistance at 0.9157 has initially repelled USD/CHF, this level will be conquered by the pair once the price bounces off from 0.8884. Above 0.9157 USD/CHF should surge up to 0.9317, then 0.9341/99.
Support (1.3510; 1.3412; 1.3243) levels remained intact today whereas a breach of resistance 1 at 1.3679 paves the way to the remaining resistance lines at 1.3750 and 1.3920 respectively. The daily outlook remains strongly bearish.
EUR/USD currency pair is still considered bearish after its sharp decline yesterday. In the near-term the price might slide down to 1.3380/60 while on the road towards a mid-term target at 1.3145. Long-term aim remains at 1.20.
From above the pair is capped by strong resistances at 106.60 and 108.50, implying the increasing possibility of a drop below 104.75 to 103.08. In the case the latter level is breached, then 100.77 will be in focus.
The cable is not anticipated to be held by a support at 1.5848. On the contrary, GBP/USD is expected to tumble down to 1.5632 or even 1.5272, as its advancement will be immediately stopped by 1.6095 and 1.6140.
All dips of USD/JPY are likely to be halted by a rather tough support line at 77.40. In order for the pair to regain its forfeited bullish momentum resistance that lie at 79.64 and 80.52 should be overcome.
USD/CHF has failed to gain a foothold above 0.9082 as it struggled at 0.9157. The pair is thus likely to rebound from 0.8876/57 and make another attempt to climb over 0.9157 and approach 0.9317 within the next 3 months.
The common European currency has been trading actively against the greenback, reacting on the resignation of the Italian Prime Minister Silvio Berlusconi: after the pair breached the market mean at 1.3810 in the early trading, the pair committed a downward correction, reaching a fresh daily low at 1.3581.
According to the industry outlook, the current uptrend is expected to stay in USD/CHF and assist the price in overcoming a key resistance situated at 0.9082. Further levels will be encountered at 0.9317, 0.9341 and 0.9399.