The bullish correction of EUR/JPY has been completely erased as worries of the Euro zone macroeconomic prospects intensified. If the bearish mood holds, the initial support level at 99.76 is likely to be in focus (Lower support line; Lower Bollinger band). A breach here would expose 98.40 line (S2 Weekly) and, eventually, 97.34 (January 2012 low).
USD/CHF has finally managed to pierce through 0.9499/0.9507 and remains well-placed for additional gains. The only resistances that separate the currency pair from reaching the highest level in 20 months (1.0065) are two levels - at 0.9596 and at 0.9692.
USD/JPY is still considered to be unable to clear out a downtrend resistance at 79.80, which should carry on weighing on the currency couple, limiting its rallies. Accordingly, being that the market respects this line, subsequent development is likely to result in further depreciation of the US Dollar relative to the Japanese Yen.
Breakout of a tough support level at 1.5787 signifies considerable bearish momentum the Cable currently possesses. Accordingly, our favoured scenario is continuation of a fall, which should ultimately lead to an attainment of 1.5263/59.
Yesterday we have observed another leg down by EUR/USD, which halted its bearish advancement just ahead of 1.2509 and is now attempting to recover, although this rally should remain shallow, given the overall bias. Following a short-lived consolidation, the pair is expected to erode 1.2509 and resume moving en route to 1.1704 (downtrend support).
The NZD/USD recovery was stopped today as the pair continued trading in a bearish trend. The currency couple approached the initial support level at 0.7512 today and a breach here would expose the next levels at 0.7417 (Lower Bollinger band) and 0.7369 (November 2011 low).
Yesterday's losses were erased today as the greenback appreciated against the Canadian dollar and touched the first daily resistance at 1.0224 (R1 Daily). However, the pair has to go through a strong resistance around 1.0280/.0320 (upper Bollinger band; upper resistance line) in order to continue the rally.
The US dollar strengthened today against the Australian dollar, thus the recovery was short-lived. After hitting the 0.9802 level (S3 Daily), the bearish bias is likely to continue, therefore the next targets could be 0.9742 (S1 Weekly) and 0.9697 (23 November 2011 low) for the bearish investors.
The recovery of EUR/JPY stalled today after the announcement Bank of Japan is not going to introduce additional measures to stimulate its economy. If bullish scenario takes place today, then 102.14 level will be the first in focus among investors, whereas a breakout here would indicate a reiteration of the bullish trend.
Bullish impetus of USD/CHF is weakening ahead of 0.9499/0.9507, but nonetheless should be capable of dragging the pair above this resistance eventually. Being that the currency couple has ignored some of the resistances yesterday, it only encourages to assume continuation of the upward trend. Near term dips, on the other hand, are expected to be limited by supports at 0.9466
Just after an encounter with a downtrend resistance line the currency pair has plunged, pointing to the fact that this level will be hard to breach and it is unlikely to be done in the near future. Accordingly, we favour a scenario of USD/JPY maintaining its course down to 77.04/76.94, despite a large amount of supports that currently lie ahead.
GBP/USD has eroded a tough support at 1.5786 (200 day SMA) and is now well-placed to continue trading lower, given its strengthening bearish momentum. The nearest line in the sand should be found at 1.5654, while a deeper contraction, down to 1.5616 or even 1.5537/1.5497, is a viable perspective as well. Nonetheless, indicators remain mixed, suggesting the price is about
EUR/USD has precipitously sold off to 1.2642/40, where it is currently consolidating, before resuming sliding lower. The next target for the pair is situated at 1.2509, which guards 1.2377 and may become a reversal point, starting bullish waves. Rallies, in case of occurrence, will encounter resistances at 1.2772, 1.2818 and 1.2903/26, thus remaining tepid and unlikely to extend far above
The pair started a recovery today and it is prone to face a firm resistance at 0.7690, though if the level is successfully passed by, 0.7760 (R1 Weekly) and 0.7790 (61.80% Fibo) are going to be the next targets for the bullish traders. If the pair bounces off from 0.7690, it could rush to the 0.7574 initial daily support.
The pair committed a decline today after a strong really, initiated at the beginning of May. Bearish correction is likely to be confronted by the 200-day ma, where it will face a fierce resistance of bullish traders. Over the short run, 1.0143 will be an initial target for bearish market participants, a breach of which would pave the way towards
As the US dollar slightly weakened across the board, the Aussie managed to add to gains today, recovering after a prolonged downfall from 1.0850 area. If the bullish correction intensifies, traders are likely to set 0.9954 (61.80% Fibo, R1 Daily) as their initial profit target. It is going to be a strong resistance for the bullish investors, yet a break
EUR/JPY recovered today, though it is still trading within the 100.20-101.70 price channel, after falling for almost 2 consecutive months. A breakout of the 200-day ma at 104.50 and, if the pair manages to hold above that level, would signal an emergence of the bullish momentum for the pair.
USD/CHF seems to have terminated its bearish correction, which has stopped ahead of an initial support located at 0.9359. In case of an unlikely scenario when the currency pair breaches the latter level, it may target 0.9307 first, then 0.9216/11. Nonetheless, the idea of an additional attempt of USD/CHF to overcome 0.9499/0.9507 is reinforced by the majority of daily technical
USD/JPY is currently attempting to recover from 78.87 (200 day SMA), although the gains should remain tepid, being that the pair is closing in to a downtrend resistance, which has been respected by the market since Mar 15. As suggested by most of daily indicators, USD/JPY is now supposed to resume falling, resulting in a dip down to 77.04/76.94, where
Support at 1.5785 has repeatedly repelled GBP/USD, which is expected to erode the level eventually, as the CAble has recently bounced off a formidable resistance at 1.6111 and is headed towards 1.5263, which, in turn, might be attained within the next three months. Rallies are presently limited by resistances that may be found at 1.5888/1.5922.
Pullback of EUR/USD did not last for long, as the pair has only rallied up to 1.2818, where it was halted by a resistance. For the time being the currency couple should trade sideways, as it is supported by 1.2772. The long term outlook, however, remains bearish, given a tough resistance area that caps the price from 1.3028 till 1.3103.
The bearish bias for the pair persists as investors anticipate further appreciation of the US dollar in relation to the New Zealand dollar. However, if the pair attempts to initiate a bullish reversal, the first target for the bulls will be placed at 0.7715 (upper resistance line). If NZD/USD manages to hold above that level, it will signal a change
The pair managed to hold near this year high (1.0200), though to continue bullish movement, the pair has to breach the 1.0252 level—January 16 High. In case of a breakthrough here, it would expose levels at 1.0316 (upper resistance line) and 1.0383 (R2 weekly).
Bearish momentum of AUD/USD does not show signs of losing strength, as investors political uncertainty in Greece spurs worries over the Euro zone collapse. For now, bearish traders might be aiming at the 0.9742-0.9697 zone (Weekly S1; lower Bollinger band) unless there is a substantial change in fundamentals.