Despite the difficulties the pair has been facing lately, the price remains in an up-trend and should soon challenge 1.0560/34, where the it is expected to be strongly bid.
Bulls are likely to be reassured in the positive outlook on the currency pair by the most recent action of the pair, even though the day is not yet closed and it may be too soon to draw conclusions.
USD/CHF pair is bounded by a down-side resistance at 0.9240. The pair has tested this resistance during the previous week, but the Bollinger band prevented a further appreciation. Situation is really vague now, as USD/CHF is just on the resistance line and it is just the second bullish candle after the previous bearish week. Also the price is in the
USD/JPY pair demonstrates a recuperation of bullish sentiments, as the price increases to the weekly PP level at 87.49. The pair is driven by fundamental expectations to see an expansion of monetary easing by the bank of Japan, therefore market is guided only by the RSI indicator, which sends signals about overbought points. Currently, the RSI has a value of
The Cable moves more volatile than the major currency pair, since GBP/USD is already testing the 55-day SMA at 1.6060. Today, the price is already slightly lower than the average and, if the pair closes beneath the SMA, it is likely to see a further depreciation or even a trend reverse. The closest support levels are at 1.6010, the lower
EUR/USD was too weak to overcome a 1.3121 level yesterday, where the monthly PP merges with the weekly PP. As the price demonstrates a lack of bullish impetus to proceed a movement till the 20-day SMA, it is likely to see a recheck of the lower Bollinger band at 1.3037. The lower Bollinger band has already changed a direction by
Recent performance of NZD/USD could be hardly called univocal and steady, with candles having significantly varying sizes and different directions.
Bullish market participants do not seem to be disposed to giving in easily, but resist debasement of the greenback with 0.9837/08 acting as a springboard and initiating short-covering.
AUD/USD finds difficulties in sustaining a constant appreciation and is thus probable to prove to be lacking bullish momentum to successfully challenge 1.0560/34, a scenario which in turn would open a way towards 1.0625 and 1.0680.
Whereas forecasts for the next quarters are substantially lower than the spot price—107, 108 and 109 for Q1, Q2 and Q3, respectively, technical analysis suggests there is still some scope for extension of the rally.
USD/CHF pair's rapid appreciation and a spike above the upper Bollinger band made the price to depreciate. The pair gradually slips towards the 20-day SMA at 0.9170, to balance a bullish and bearish movements. However, price has stuck at a 0.9208 level, where the monthly and weekly PP are situated. Therefore, the situation is vague, as the pair has attempted
USD/JPY has performed a notable decrease yesterday, as the price has slightly passed the weekly PP at 87.49. The major Asian currency pair remains in a bullish trend—above the 20-day and 55-day SMAs, but experiences an oversold situation - the RSI has slipped to 69. The closest support levels are at 86.58, the weekly S1, and the 20-day SMA at
GBP/USD pair increased sharply yesterday, although has not reached any resistance level. Today the price has unexpectedly turned around and is depreciating towards a SMAs area at 1.6083/60, where the 55-day and 100-day SMA are located. It is very likely to see two scenarios today: the price will make a spike down and increase further at least till the 20-day
EUR/USD appreciated firmly during the week's first trading session, increasing to a 1.3121 level, where the monthly PP level intersects the weekly PP level. Currently, the price is consolidating and it is very likely to see a further appreciation till the 20-day SMA at 1.3173, as this level is usually reached after making a spike over the Bollinger band. The
NZD/USD looks to be poised for additional gains, as the rising trend-line proves to be sufficiently strong to direct the pair upwards.
USD/CAD remains unable to break neither the down-trend nor the up-trend lines that currently serve as boundaries of the triangle pattern the pair in turn has been forming since mid-September.
The trading range of the currency pair has decreased quite a bit, as bears are unable to overthrow bulls at 1.0462/39, while the latter ones are wary of entering the market at higher levels, bearing in mind proximity of a declining resistance line.
EUR/JPY has been moving sideways recently, being underpinned by support near 113.81.
Reaching the monthly R1 level at 88.40 forced USD/JPY to experience a down-side correction. Today the pair moves sharply lower, as the majority of technical indicators imply an oversold situation. Since this is the first day of correction, any short position is very risky, but the closest support levels area at 87.49, the weekly PP, and 86.58, the weekly S1.
USD/CHF consolidates around the upper Bollinger band at 0.9267. The price was appreciating very rapidly throughout the last week, thus technical indicators suggested occurrence of a correction. Currently, the price appreciates further and the next important resistance level will be at 0.9288, where the 55-day SMA is situated. Settlement above this level would be a signal for a buy position,
After GBP/USD consolidated during Friday's session just before the monthly S1 level at 1.6060, today the price continues its journey south. The cable moves along the lower Bollinger band and breaches the 55-day SMA at 1.6056 level. If the price settles beneath it, it is very likely to see a continuation of a bearish trend. The closest support levels are
EUR/USD rebounded from an upside resistance at a 1.3020 level on Friday, as the pair was sharply lower than the Bollinger band. Today, the major currency pair continues a down-side movement drifting along with the Bollinger line and retesting an upside resistance at a 1.3034 level. If a breakout is successful, the closest support levels will be at 1.2996/82, where
The price has re-tested the rising support trend-line and thus confirmed its topicality for traders, while 0.8259/36 alone was incapable of halting the recent dip.
Yesterday the price returned back above 0.9863, although it appears that a cluster of supports at 0.9837/18 is of greater interest to market participants, as this zone protects positive outlook on the pair.