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
AUD/USD continued trading in a bullish trend as the Australian quarterly GDP data were higher than expected (1.3% act./0.5% est.). If the pair maintain bullish momentum, 0.9832 (R1 Weekly; Upper resistance line) will be the first target among bulls. A breakout of this level would expose further levels at 0.9900 (psychological level) and 1.0122 (100-day ma) accordingly.
Bullish correction in EUR/JPY continues as the EU leaders discuss the creation of the banking union in Europe. In case bullish reversal accelerates, the initial resistance level is likely to be placed at 99.47 (R1 Weekly), followed by 101.42 (initial resistance line) and 103.74/53 (55-day ma; R1 monthly).
The U.S. Dollar carries on depreciating against the Swissie following a failed attempt to surge above an accelerated uptrend resistance at 0.9730. USD/CHF has already penetrated a support at 0.9662 and is now crawling towards a tough area at 0.9553/42, near which the pair is likely to recommence gaining ground, since the long-term outlook remains bullish, aiming for parity.
USD/JPY is currently approaching a resistance area 79.02/24, which is formed by a confluence of several levels, implying unlikelihood of being breached any time soon. The currency pair is anticipated to continue trading within a tight downtrend channel until is slides down to 76.97, where there is an increased chance of changing present southward direction to an upward one.
The Cable is slowly gaining upward impetus after bouncing off a formidable support at 1.5263/44. Resistances, which will be most likely encountered at 1.5443 and 1.5538 are not expected to withstand bullish pressure, but to give in and thus pave the way towards attainment of 1.5620/67, where we may observe first significant correction before advancement resumption.