The market has respected a support at 0.9563/56 and is currently attempting to push the currency pair up from the area, though this has proven to be unsuccessful for now. The dip may extend down to 0.9510/0.9492, but should be stopped there, given toughness of the level. An interim resistance is at 0.9602, though is expected to be penetrated easily
For the last few days USD/JPY has been choppy, fluctuating just above a key support zone at 79.18/11, which should hold the currency couple until it commences gaining bullish momentum. The nearest noteworthy resistance is located at 79.93/80.03, followed by subsequent levels at 80.23/25 and 81.52. Being that the chance of the pair sinking below 79.18/11 is not ruled out
A rally above a support area 1.5535/21 was not sustained, resulting in a pullback and temporary suspension of further bullish activity. Slowdown in appreciation of the British Pound, however, is expected to be short-lived, even though there is a number of tough resistance that lie ahead - 1.5628/67, 1.5739/66 and 1.5852/92, which are likely to hamper northward movement of the
Despite the overall bearish outlook for the pair, EUR/USD has recovered from 1.2463. The price is currently heading towards resistances situated at 1.2653/60 and 1.2746, which should be able to halt bullish advancement and return the currency couple to a downward path. Supports, on the other hand, may be found at 1.2565, 1.2508 and 1.2463.
NZD/USD rose moderately today as the US monthly retails sales contracted more than expected (-0.2% act./-0.1% est.). If bullish momentum to hold further, 0.7846 (61.80% Fibo) and 0.7906 (55-day ma) are likely to be the next targets among bearish market participants.
USD/CAD committed a mild decline today after the publication of the US monthly PPI (-0.1% act./-0.6% est.). Therefore, the US dollar depreciated against the Loonie dollar. If the bearish mood reiterates though, 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).
AUD/USD advanced further after the release of the weak US monthly core retail sales (-0.4% act./0.1% est.). Thus, if AUD/USD sticks to an upbeat impetus, 1.0085 (55-day ma) is going to be the next target after 0.9900 (psychological level) has been breached. Once the 55-day moving average is left behind, 1.0206 (R1 Monthly) is likely to be in focus among bearish traders.
EUR/JPY slightly rose today as the Eurozone members discuss the European banking union to help Spain to preserve its financial system. If bullish trend continues, 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).
USD/CHF has faltered ahead of 0.9637, but should be able to renew its bullish advancement, as the weekly and monthly outlooks for the pair remain positive. Once 0.9637 is breached, the price will aim for 0.9720, then 0.9776. Supports, on the other hand, currently are at 0.9602, 0.9563/56 and 0.9512/0.9497, limiting possible dips, which may by triggered by closure of
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