The pair has extended the rally and soared up to 0.9359. USD/CHF is likely to consolidate before recommencing growth, although a pullback should be mild, not far below 0.9297or 0.9250.
USD/JPY was not capable of breaching 80.11 yesterday, but still was able to limit losses near a support at 79.84. The currency pair should keep on struggling with a downtrend and eventually overcome it, paving the way towards 81.49 (55 day SMA) first, then up to 83.11, where a major resistance is located.
Rally of the Cable has been halted by a tough resistance situated at 1.6106/11, which is reinforced by additional level situated at 1.6150/62, being a temporary cap for the pair. Therefore the focus is on supports.
EUR/USD continues to be sold off, since there are currently no signs of a possible recovery in the near term. The currency pair is presently attempting to stabilise at 1.2830/18. However, this support and the subsequent line at 1.2763 are likely to be broken, since EUR/USD is moving en route to a stronger level at 1.2645/42.
The currency couple has preserved its bullish momentum and thus should remain on a course towards a long term target at 0.9487/0.9513. Resistances located at 0.9359, 0.9405 and 0.9463 will attempt to hamper the rally, however, are anticipated to fail to do so.
USD/JPY has managed to stabilise ahead of supports that are situated at 79.84/61, 79.19/78.96 and 78.79/67. This implies an increasing possibility of the pair reversing a fall from Mar 14 and commencing recovery.
Break of a tough resistance at 1.6107/36 was not sustained, leading to a dip down to 1.6050. At the moment the pair is consolidating, but is viewed as able to renew bearish behaviour in near future, being that daily indicators point to the downside.
The currency pair has recently eroded a support level at 1.2947 and is currently following a path of least resistance - downwards. The initial target for EUR/USD lies at 1.2830/18, followed by subsequent lines situated at 1.2763 and 1.2645/42.
A one-day consolidation appears to be over, meaning that USD/CHF should resume its advancement towards 0.9595. However, at first it will have to encounter and then erode resistances situated at 0.9300/17, 0.9335/42 and 0.9407.
Even though the downside risk persists and a support at 79.15/78.90 is exposed, the currency pair shows signs of an emerging recovery. As soon as 80.45 will be overcome, the new aim will be set at 82.42.
Near term rallies of the Cable are expected to be tepid, following its recent test of a support at 1.6050. However, in the longer term perspective the bullish impetus is likely to strengthen and drag the price up to 1.6328, en route to 1.6425.
Tough resistances located at 104.62 and 105.34 should contain the pair from above, implying an increasing possibility of additional losses for EUR/JPY. Once a support at 102.55 is breached, 102.21 and 100.77 will be targeted next.
Given the presence of formidable resistances at 1.3000, 1.3055 and 1.3081, EUR/USD remains bearish, being that most of the indicators point to the downside as well. The initial target lies at 1.2809, followed by 1.2624.
Upward movement of the currency couple is unlikely to decelerate, since it has already cleared out April high. USD/CHF should now aim for 0.9317/42. Subsequent resistance level is at 0.9595 and may be reached within the next three months.
The currency couple is likely to remain bearish, given its inability to surge above a tough resistance at 80.55. The target is at 79.15/78.90, where USD/JPY may form a base and commence gradual recovery.
GBP/USD has overcome its temporary feebleness and should attempt to violate resistances at 1.6298 and 1.6330, before challenging a key level at 1.6425. Bullish bias will be preserved as long as support at 1.5980 is intact.
EUR/JPY plunged down to 102.54 and we anticipate to observe tepid growth of the pair, which may last until 104.62 is encountered. Longer term outlook implies even more weakness of the Euro relative to the Japanese Yen.
EUR/USD has breached a support at 1.2954 and is likely to consolidate in near future. Afterwards, however, the pair is expected to remain bearish and hunt for even lowers levels - 1.2809 first, then 1.2624.
USD/CHF is expected to maintain its current upward direction and attain 0.9317/42 en route to 0.9595. In the meantime, losses should be limited by supports, which may be encountered at 0.9184, 0.9123 and 0.9066.
USD/JPY has recently traded flat and may still reach lower levels at 79.15/78.90 (55 week ma), given that a resistance line situated at 80.64 is a tough level. The latter level guards 82.30 and 83.31/39.
The Cable is currently consolidating before it recommences its advancement towards a long term target located at 1.6425. In the near future, however, GBP/USD may dip down to 1.6050 or even 1.5970 prior to bullish move.
While both weekly and daily biases are negative, risk of EUR/JPY falling down to 102.54 first, and then down to 100.12 increases. In the meantime the pair is capped by 104.62, ahead of which all the rallies should halt.
Once the initial support line at 1.2964 is breached, EUR/USD currency couple will be targeting 1.2624 next, which is presently guarded by 1.2809. Near-term resistances may be encountered at 1.3081 and 1.3180.
Being that USD/CHF has recently severed a resistance at 0.9176, the currency couple is well-placed for further gains up to 0.9317/42. In case the latter level is overcome as well, then the rally may extend to 0.9595.