The currency couple is presently undergoing a bullish correction following its precipitous fall from a downtrend resistance at 1.3252. EUR/USD may attempt to test 1.2903/17, but is unlikely to extend gains above this level, which, in turn, will lead to continuation of a bearish move towards 1.2509, en route to a long term target at 1.18.
USD/CHF has just encountered a confluence of resistances at 0.9487/0.9507. This might lead to a short term bearish correction, which is unlikely to extend below 0.9405, being reinforced by 0.9359. In any case, the pair preserves its bullish outlook, since most of daily indicators point to the upside, meaning gradual erosion of a resistance at 0.9487/0.9507.
Instead of sustaining a rally above 80.00, USD/JPY has pierced through several supports and is presently closing in to a level at 79.19. Nonetheless, the currency pair still might stabilise and recommence recovery if it manages to bounce off 78.96/84, under which no considerable supports are situated until 76.92, implying a long fall before any consolidation.
EUR/USD has decided not to interrupt its move downwards and is about to hit a support at 1.2645/42, which stands in the way of reaching 1.2580. Given preceding behaviour of the pair, it is likely that it will slide down to 1.2509 eventually, break of which would imply increased possibility of extension of a dip to 1.18 - downtrend support.
GBP/USD has experienced a massive sell-off yesterday, which does not seem to have ended yet. Being that a key support at 1.5781 has already been violated, the Cable is currently headed towards 1.5616 and 1.5557, below which lie 1.5427 and a long term target 1.5260. In the meantime, rallies should by capped by a relatively strong resistance area located at
Following a test of a formidable resistance zone situated at 0.9466/0.9507, USD/CHF seems to have started a short-term bearish correction. Contraction is unlikely to extend far beyond 0.9372/59 and 0.9310, which should provide sufficient support while the pair restores its strength and recommences advancement towards 0.9507 and above.
USD/JPY did not manage to sustain its rally above 80.00 and is slowly pulling back after test of a resistance at 80.42/49, even though it was not viewed as a major level en route to 83.00. As long as a key support at 80.00/79.84 withstands bearish pressure, the outlook for the pair should still remain bullish. The latter level guards
At the moment GBP/USD struggles with a support situated at 1.5922/1.5869, which is about to be eroded, given strong downward impetus of the pair after encountering a tough resistance. In order to confirm further bearish intentions, the Cable, however, will have to push through 1.5781 (200 day SMA), thus opening the way towards attainment of 1.5262.
Following violation of support at 1.2830/12 and 1.2763, EUR/USD is now showing some signs of stabilisation. Therefore the currency pair is likely to consolidate ahead of 1.2645/42, which should be able to halt near term dips. However, in the longer term EUR/USD remains bearish, being that it is currently capped by a formidable resistance area located at 1.3014/28.
USD/CHF has effortlessly pierced though a number of resistances and is currently well-placed for additional gains up to 0.9510, which should cap the pair in the near term, but is unlikely to withstand bullish pressure for an extended period of time.
USD/JPY has finally managed to overcome a downtrend resistance and should now focus on inching higher in pursuit of levels that lie overhead. Intermediate resistance is located at 80.38, followed by 80.49 and 80.90/98.
As anticipated earlier, the Cable was unable to breach a tough area at 1.6106/10 formed by a cluster of resistances and has already eroded a support at 1.6015/1.5998, implying increasing downside risk.
Bearish momentum persists and is unlikely to vanish for the time being. After penetrating supports located at 1.2830/12 and 1.2763, EUR/USD is now headed towards a subsequent level situated at 1.2645/42, where we expect the currency pair to consolidate before recommencing downward movement and resuming a journey to a long term target at 1.18.
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.