The pair failed to hold above the 82.18 support level and presently is exposed to a deeper downside correction to 81.08 and 80.11 respectively where the pair could consolidate, though around the 80.00/79.80 psychological area the pair is likely to reassert bullish stance.
USD/CHF retraced to the 0.9024 4-month support line. If it holds above 0.9066, the downside pressure will be avoided within the rest of the week. While the pair is confronted by the latter level, the pair is prone to move to the 0.8931 February low.
The pair still holds above the 82.18 support level, maintaining a bullish momentum. For now, the market struggles to pass the 83.20 level. If this line is successfully pierced, the next targets will be located at 84.10/19.
GBP/USD has bounced off the recent high at 1.5992 without even hitting a psychological level at 1.6000 (the market has not traded above this level since 2008). The pair is likely to slide back to 1.5570 (22nd March 2012 low).
A fierce resistance lies ahead of EUR/JPY at 111.57 (intervention high). If EUR/USD fails to advance higher, it will commence a slide back towards 106.81 (2-month uptrend). 108.49 (last week low) and 109.08 (20-day ma) might become the initial supports whether this scenario proves to be correct.
The pair is continues to advance towards the 7-month high area at 1.3449/57 and it is likely to bounce off that level. As there is a high probability that EUR/USD will hold above that level, it might retrace to 1.3291 and 1.3237 respectively. If all those levels are pierced, recent low at 1.3004 might be targeted next.
The pair retraced to the 0.9019 (4-month support) level yesterday. If it remains untapped and moves above 0.9066, the downside pressure will be avoided within the rest of the week. While the pair is confronted by the latter level, the pair is prone to move to the 0.8931 February low.
The pair still holds above the 82.18 support level and the bullish momentum will remain as fast as this level holds. If the market maintains the bullish momentum, the 83.56 and 84.10 will become the next targets in the short-term.
EUR/JPY is holding bullish impetus while recovering from the 20-day average at 108.97. However, the pair could still face a fierce resistance at the 111.57 level once it is there, and if it fails to break through, the 2-month low at 106.44 will be the next target as the bearish momentum will loom.
The pair is attempting to advance further and it is likely to test the 7-month high at 1.3457. There is a good chance that EUR/USD will fail to go further and in the middle-term will retrace to 1.3291 and further to 1.3237.
The pair held above the 82 key level and is attempting to retain the bullish momentum. If the market maintains the bullish momentum, the 83.56 and 84.10 could become the next targets in the short-term.
EUR/JPY rallied above the 110 level and eased the risks of bearish reversal. However, the market could face a fierce resistance at the 111.57, and if it holds, it might move downwards to the 2-month low at 106.44.
USD/CHF pierced the 0.9066 level yesterday and although the pair is expected to recover further to 0.9186 (20-day ma), failure to do so would lead to the 0.9015 (4-month support level) and 0.8931 (February low).
GBP/USD committed a strong bullish reversal yesterday and the pair is likely to retest the recent high at 1.5992. However, if the pair stays below 1.5825, it might hit the 1.5643 and 1.5599 support lines in the near-term.
Even though the pair is trading slightly above the 1.3291/1.3325 area, it is expected to move southwards in the nearest future as the EU debt risks have not been swept away completely. The initial support is at 1.3291 followed by 1.3192 (55 day sma) and 1.3133.
USD/CHF has encountered 0.9066 while going lower and now the pair is expected to commence to recover. The immediate resistance is at 0.9179, while further levels are likely to be found at 0.9196/0.9200 and 0.9300.
Support at 82.25 did not manage to underpin the pair, which is now trying to form a base near 81.87/67. In case the latter level is breached, USD/JPY is likely to decline to 81.09 or even 80.13. Rallies are contained by 83.02 and 83.40 for now.
Resistance at 1.5927 is deemed to be impenetrable for the Cable, as it is being reinforced by an additional level situated at 1.5992. The interim support is likely to be found at 1.5760/545, while subsequent levels are at 1.5643 and 1.5599.
EUR/JPY is currently in a phase of a bearish correction, which may last until 105.65 is reached. However, supports located at 108.68 and 106.26 will attempt to prevent the pair from plummeting to such a low level.
Even though EUR/USD continues to hover just below 1.3291/1.3325, it is expected to move southwards in the nearest future. The initial support is at 1.3140, followed by 1.3130 (55 day sma) and 1.3004.
The pair credited its bearish sentiment, bouncing off the pivot of 0.91 and targeting the interim floor of 0.9090/59. USD/CHF caught momentum after jumping from this support level, started to appreciate but lost the spree and declined. Currently the pair broke 0.9085 support level and is anticipated to test support located at 0.9084.
After testing a resistance at 82.76, the pair started to tumble at an accelerated pace. At the moment, USD/JPY is struggling at support of 82.19. In case the pair manages to break this level it is likely to fall until support of 82.07 impedes its downswing.
After trading within a corridor of 1.5823/11, GBP/USD rallied and encountered a resistance at 1.5856. The pair bounced off the latter level and currently is consolidating in a narrow range between 1.5855 and 1.5821. It is expected to infract subsequent support at 1.5812.
Daily maximum: 109.82Daily minimum: 108.93|Despite neutral bias, the pair climbed sharply up to resistance of 109.69/79 and then retreated back to a support at 109.30, breached it and eroded further to 108.58. EUR/JPY may thus soon challenge next support at 108.14.Daily Resistance: 111.28; 110.13; 109.30/45.Daily Support: 109.04; 108.62/70; 107.32.Daily Bias: Neutral.