The currency couple has received a bullish impetus after encountering a tough support area at 79.23/11 and is currently heading towards an interim resistance located at 79.97/80.03, which is unlikely to contain USD/JPY for long, even though majority of weekly studies point to the downside. Subsequent levels may be found at 80.23/37 and at 80.85/91.
GBP/USD has managed to pierce through 1.5535/45 and should soon gain even more bullish momentum despite a considerable amount of formidable resistances that lie overhead. The initial level is situated at 1.5649/67, followed by an area at 1.5764/75, being a confluence of 200 day SMA, upper Bollinger band and weekly R2, which is unlikely to give in at the very
EUR/USD has stopped falling ahead of 1.2463 and is currently trying to commence a bullish correction, given the signals provided by daily technical indicators. However, in the medium to long run, the currency pair is viewed as bearish, trading within a downtrend channel. Therefore the Euro is supposed to continue depreciating relative to the U.S. Dollar while negating short-term rallies.
As expected, USD/CHF did not manage to penetrate a tough support area at 0.9512/0.9497, which has send the pair towards 0.9637, where the price is likely to make a short-term bearish correction prior to further growth. After 0.9637 is passed, USD/CHF will encounter resistances at 0.9744/76 and 0.9857. On the other hand, an initial support may be found at 0.9590.
USD/JPY is slowly heading towards a key support zone situated at 79.21/09, where the pair is expected to commence robust recovery. The first goal of anticipated rally lies at 79.89/80.03, while its extension should result in attainment of even higher levels - 80.23/34 and 80.85/91, as the long-term target is supposed to be at 83.00 and may be reached within
GBP/USD is still being capped by a tough downtrend resistance line at 1.5535/45, which should be overcome eventually, given strong positive outlook of the currency couple, which will be preserved as long as a key support level located at 1.5271/57 is intact. Following a bullish breakout of 1.5535/45, the Cable is likely to target 1.5649/67 next, then 1.5764/70.
Bullish advancement from 1.2337 was not sustained for a prolonged period of time and has already come to an end ahead of 1.2660. At the moment EUR/USD is consolidating near 1.2463, after a precipitous fall. Nevertheless, bearish momentum is expected to persist and drag the currency pair down to 1.2320/1.2283 or even 1.2200/1.2181, if the preceding area fails to halt
EUR/JPY bullish momentum added steam today as the Eurozone member states agreed to provide a 100B EUR financial support for Spain to preserve its banking system. In case bullish momentum holds ground, the pair is likely to test the 101.42 level (Initial resistance line) and the zone around 103.74/53 (55-day ma; R1 Monthly).
AUD/USD is trading higher today as the support of the Spanish banking system by the Eurozone members spread optimism among investors. Thus, if AUD/USD maintains positive dynamics, 1.0085 (55-day ma) will be the first resistance. A breakout of this level would expose further levels at 0.9900 (psychological level) and 1.0304 (Upper resistance level; 200-day ma).
USD/CAD inched lower today as the news that the Eurozone members will support the Spanish banking system has spread optimism among investors. Thus, the Canadian dollar appreciated against the greenback. If the bearish mood intensifies, 1.0174 (PP Monthly) is going to be the first support among bearish investors. A breakout here would expose 1.0088 (200-day ma) and 1.0009 (S1 Monthly; 100-day ma).
USD/CHF has effortlessly pierced through a support area at 0.9573/56 and is currently trying to erode 0.9512/0.9497, which should be able to withstand bearish pressure and reassure of an idea that present weakness of the pair is temporary and is a phase of a bearish correction before the price recommences recovery. Nonetheless, as long as a key support at 0.92340.9197
Being that USD/JPY has confirmed bullish breakout from a downtrend channel, the currency pair is now well-placed for further gains, even though weekly indicators point to the downside. The interim resistance is located at 80.03 and is reinforced by a subsequent zone at 80.23/35. In a few weeks, however, USD/JPY is capable of climbing as high as 80.85/91, since it
The second attempt to conquer 1.5538 was successful for GBP/USD. At the moment the currency couple is approaching 1.5564, which is not expected to provide sufficient resistance to halt the price from advancing further. Accordingly, we may soon observe attainment of areas situated at 1.5649/67 and 1.5764/73. An initial support, on the other hand, may be found at 1.5538, followed
Following a quick rally of EUR/USD at the end of the last week, the currency pair is consolidating ahead of a resistance located at 1.2660. In case it is overcome, the price will face even stronger levels at 1.2746/77 and 1.2848/1.2900, which are unlikely to be breached any time soon, given the bearish outlook suggested by the majority of technical
The market continues to respect a formidable support zone at 0.9566/50, therefore we suspect USD/CHF to carry on advancing towards 0.9662. In case the latter level is breached, the next resistances may be found at 0.9760/95 and 0.9904/53. Moreover, both for weekly and monthly time frames most of technical indicators point to the upside, increasing the possibility of a current
Following a recent rally through a tough zone at 79.24/04 the pair has instantly returned to it and is about to commence a consolidation phase. After trading flat for a short period of time, USD/JPY should recover during the next week and struggle at a resistance area situated at 80.03/43, which is reinforced by 80.82 (100 say SMA) and 81.22/52.
The first attempt of the Cable to overcome a downtrend resistance line at 1.5538 has been unsuccessful. The currency couple is now likely to pull back to 1.5443, where bullish activity of the pair should be triggered, leading to a repeated challenge of 1.5538 and its consequent violation. In a longer term perspective (several months), GBP/USD is still viewed as
Bullish correction did not drag EUR/USD far above 1.2555/85 and now appears to be fully terminated. The currency pair is currently heading towards an interim support located at 1.2436, which in case of a breach will pave the way to 1.2301/1.2249. The latter area, however, is unlikely to give in easily, but should capitulate eventually, given the overall negative outlook.
Even though a rebound from 1.5263/57 is not as robust as expected, GBP/USD is nevertheless advancing towards the closest resistance level, situated at 1.5538. Additional resistance will be provided by 1.5610/67 and 1.5778, however, these levels are likely to be overcome within the next several weeks. Dips in the meantime should be halted by 1.5443 and 1.5263/57.
The price of the U.S. Dollar, denominated in Swiss Francs, has dropped precipitously yesterday, straight down to 0.9539, where the currency pair is presently consolidating. For now USD/CHF is likely to trade sideways, being supported by 0.9558/38, which in turn is reinforced by 0.9510/0.9497. Accordingly, we should anticipate a bounce off the support area, which should reinstate a target at
USD/JPY appears to have finally breached a downtrend resistance line that weighed upon the currency couple for almost three months. The pair has left a bearish channel and is currently trading above a significant support area at 79.03/24. Nonetheless, to confirm its bullish intentions, USD/JPY will have to conquer 80.03/14 as well, prior to further advancement.
A formidable support area at 1.2565/85 managed to repel the currency pair, supposedly bringing to an end bullish correction, which was started after an encounter with a downtrend support at 1.2334/16. In case EUR/USD still erodes 1.2565/85, resistances at 1.2660 and 1.2773 will come into play, limiting further gains. An interim support, on the other hand, may be found at
NZD/USD continued trading in a flat trend over mixed US macroeconomic data. If the bearish momentum to emerge, support levels at 0.7619 (R1 Weekly; upper support level) and 0.7590 (23.60% Fibo) are going to be the initial targets. Near 0.7417/0.7368, a consolidation and further trend reversal is highly probable as bears will face a fierce bullish resistance there.
The bearish momentum in USD/CAD intensified today as the US economic recovery is losing pace as the labour costs declined last quarter (1.3% act./2.0% prev.). If the bearish reversal adds to gains, 1.0284 (S1 Weekly; Initial support line) is likely to be targeted by the bears. If the level is left behind, 1.0174 (PP Monthly) and 1.0008 (100-day ma) are going to be in focus