The outlook for EUR/USD is deemed to be bearish due to a formidable resistance located at 1.3487. Recently the pair has bounced off 1.3291/1.3325 and is now expected to pierce through 1.3112 (55 day sma) while being on the way towards 1.3004.
In the morning fluctuation of the pair was bounded by 0.9122 from above and by 0.9099 form below. Nonetheless, later in the day USD/CHF appeared to be capable of breaching a resistance at 0.9154, even though it was unable to maintain bullish momentum and then retreated to a support at 0.9165/0.9151.
The pair eroded a support at 83.27 (200 hour SMA) and tumbled to a subsequent level - 82.85, which was unable to halt bearish momentum for long. After overcoming the latter level, USD/JPY fell further and is likely to extend its current dip to 82.50.
The pair tested 110.42/09 at the beginning of the day, but breached a support at 110.10 and followed expected bearish path, violating supports at 109.42 and 108.87. EUR/JPY is expected to prolong its downward trend, but at a slower pace.
After breaking the resistance level at 1.3227, the pair retreated and sharply plunged. Despite predicted bullish tendency, EUR/USD broke a support at 1.3169 and may reach next support level at 1.3121, though the pair currently is struggling at 1.32150/31.
Regardless of bullish bias suggested by majority of indicators, GBP/USD has managed to pierce through supports at 1.5870 and 1.5818. However, the pair bounced off at 1.5769 and is currently trading within a narrow range - between 1.5802 and 1.5783.
Being that a tough support at 0.9066 was not breached, the pair is well-placed for gains up to 0.9206/11, penetration of which will pave a way towards 0.9317. Further levels may be found at 0.9342 and 0.9595.
As long as a key support at 83.38/82.38 manages to underpin the currency pair, USD/JPY will remain bullish and should aim for 85.53 in the long-term. However, if 82.38 is violated, additional supports at 81.87 and 80.58 might be able to contain further dips.
After stalling ahead of 1.5927 the Cable is now expected to commence moving towards supports. The initial goal lies at 1.5760/45, whereas subsequent levels should be encountered at 1.5643/1.5599.
Upside impetus of the pair has vanished, implying EUR/JPY is likely to start falling down from 111.57. The price is now expected to reach 108.45 while being en route to a longer term target located at 105.89.
EUR/USD presently does not seem to possess enough bullish momentum to be capable of breaching a key resistance zone 1.3291/1.3325. In case the currency pair dips below 1.3140, there will be an increased possibility of a drop down to 1.3112 (55 day ma).
Despite the majority of the indicators poiting to the downside, USD/CHF currency pair has managed to rally and has already breached a resistance at 0.9118/21.
After surging up to a resistance at 84.11, the pair has bounced off it and is now headed towards support at 83.60, where USD/JPY is expected to commence recovering until 84.56 is reached.
GBP/USD broke the resistance at 1.5896 in the morning but retreated afterwards and fell rapidly, breaching a support level at 1.5831. The pair currently is struggling at a confluence of supports at 1.5850/42.
After finding resistance at 111.32 the pair bounced off and sharply fell, broke the support at 111.17 and extended dip breaching a next support at 110.62. EUR/JPY may decline further until next support at 110.41.
Despite strong bullish sentiment, EUR/USD was falling until it met a support at 1.3226. The pair struggled at 1.3241/20 but prolonged its downward movement. EUR/USD currently is eroding support at 1.3195. In case the pair breaks this support level, it may drop further till next support at 1.3141.
There is little chance of the pair closing below 0.9066, however, we cannot rule out the possibility of a drop down to 0.8998. At the same time resistances at 0.9179, 0.9205 and 0.9300 will attempt to prevent USD/CHF from recovering.
Encounter of the currency couple with a key support area at 83.12/82.38 is expected to reignite bullish momentum, which should last until at least 85.53 is attained. Resistances are at 83.98, 84.19 and 84.82.
GBP/USD should be unable to reach 1.5992. Even if it climbs over 1.5927, rallies should be tepid. Near-term support may be found at 1.5755/45, while subsequent levels are situated at 1.5643 and 1.5235.
Failure to overcome resistance level at 111.57 might result in a dip, which is likely to extend down to a support at 108.20. Bullish outlook, nonetheless, should be preserved, as EUR/JPY is headed to 113.29.
Current bullish advancement of the pair is expected to come to an end near a strong resistance zone located at 1.3291/1.3325. Once EUR/USD is rejected by this area, it will recommence moving towards the long-term target at 1.2624.
The currency couple has failed to overcome 0.9148 and is now attempting to form a base near an immediate support located at 0.9110. This level is unlikely to withstand bearish pressure for long, as USD/CHF has been trading in a downward sloping channel since Mar 15 and there is little chance of a reversal in the nearest future.
Given a large amount of resistances USD/JPY is currently facing, it will take some time to erode the area from 83.52/84.20. Therefore the pair is likely to drop down to 82.90/77 first and only then current bearish correction will be deemed to be over.
Cable's bullish momentum has temporarily weakened, allowing for a dip down to 1.5780/74. Nonetheless, the pair should be able to regain strength at the latter level and recommence advancing towards 1.5949/66.