USD/CHF has experienced some difficulties at initial resistance, but nevertheless remains well-placed for further gains, as is pointed out by technical studies. Near-term level is at 0.9838, above which the currency pair will face more serious resistances - 0.9896/0.9906 and 1.0006/42. In the meantime, dips should be contained by supports at 0.9692/90 and 0.9619/52.
Despite the presence of a key support area at 79.47/35, USD/JPY continued to crawl lower. Bearish breakout has not yet been confirmed, but there is little chance the price will not close below 79.35 today, which in turn would activate further downward activity of the pair. The next support may be found at 79.17, followed by 78.96/85.
The Cable has tested formidable resistance at 1.5530/53, proving insufficiency of strength of bullish momentum in order to overcome this level and to challenge some of the higher zones - 1.5583/92 and 1.5646/51. Accordingly, GBP/USD is expected to inch lower, possibly even down to 1.5291/56, however, may be underpinned by 1.5389/85 and commence robust recovery there.
EUR/USD has temporarily stopped near yesterday's support at 1.2240, but should continue sliding downwards, as suggested by most of indicators for all three time frames. The closest support at the moment lies at 1.2200 and guards subsequent levels at 1.2128/06 and 1.1986/26, where we are likely to see a more pronounced rebound.
The New Zealand dollar deteriorated against the US dollar and the currency pair is targeting 0.7922. As bearish inertia seems to intensify, bearish investors might expect the next major resistance levels to be located at 0.7886 (50% Fibo) and 0.7812 (Lower Bollinger band), respectively.
USD/CAD edged higher and the bulls are attempting to fix above 55-day simple moving average. However, if the bearish trend commences, investors might fix profits at 1.0168 (PP Weekly). A breach of this level is likely to open 1.0099 (200-day SMA) and 1.0043 (61.80% Fibo) in case bearish momentum gains strength. To keep the bullish inertia, the pair has to close above the 55-day
The Aussie dollar weakened against the US dollar as the currency couple is currently approaching 1.0162 (100-day SMA). If bearish mood persists, investors might encounter next support lines at 1.0083 (S2 Weekly) and 0.9988 (55-day SMA; S3 Weekly), respectively.
The 17-nation currency erased Monday gains versus the Japanese yen and at the moment the pair is heading towards lower Bollinger band at 97.22. A breakout of this initial resistance level would pave the way to the potential levels at 100.20 (23.60% Fibo; 55-day SMA) and 101.61 (Upper Bollinger band).
Resistance at 0.9805 has temporarily suspended a rally of USD/CHF, however, this level is viewed to be incapable of containing the pair for a prolonged period of time, being that the price possesses considerable bullish momentum. Subsequent level lies at 0.9896/0.9906, followed by 1.0006/42. Losses, in the meantime, should be limited by supports at 0.9692/90 and 0.9605/0.9581.
USD/JPY is on the verge of breaking out of an upward trending channel, which in turn may lead to a sharp fall. The pair has already eroded an uptrend support line, but preserves potential to return above it and to continue challenging resistances, since currency couple's outlook did not yet turn bearish and key support at 79.49/35 remains intact.
GBP/USD is struggling with an interim resistance situated at 1.5530/53 and for now appears to be unable to overcome it in order to reignite bullish momentum, which is unlikely to emerge in the near-term, being that most of technical studies point to the downside. Therefore we expect the Cable to focus on supports that may be found at 1.5443 and
Recovery of EUR/USD yesterday did not live up to expectations, as it seized to exist far from 1.2386/97, but was still present. At the moment the currency pair is heading towards 1.2128/06, though it will have to breach an initial level located at 1.2240 first. Moreover, given current outlook and signals of most of indicators, the price is likely to
The Kiwi dollar moved slightly lower against the US dollar and currently the pair is flirting with 200-day simple moving average. However, if bearish impetus adds to gains, investors might face 0.7922 (S1 Weekly) as their first support level. A breakout here would expose 0.7886 (50% Fibo) and 0.7812 (Lower Bollinger band) for bearish market participants.
USD/CAD made a lower start this week, erasing some of the Friday gains. If bearish mood intensifies, investors might fix profits at 1.0099 (200-day SMA). A breakout of this level is likely to open 1.0043 (61.80% Fibo) and 0.9969 (S2 Weekly) in case bearish momentum gains strength. To keep the bullish inertia, the pair has to close above the 55-day SMA (1.0198).
The Australian Dollar started this week lower against the American dollar and at the moment the pair attempts to touch 1.0162 (100-day SMA). If the pair manages to close below this level, it is likely that bearish momentum strengthens further and traders might face next support levels at 1.0083 (S2 Weekly) and 0.9988 (55-day SMA; S3 Weekly), respectively.
The common European currency paired Friday losses today against the Japanese yen, thus the pair might attempt to reiterate bullish correction and move toward 98.60 (PP Weekly). A breach of this initial resistance level would pave the way to the potential levels at 100.20 (23.60% Fibo; 55-day SMA) and 101.61 (Upper Bollinger band).
Level at 0.9690/92 was unable to provide sufficient resistance in order to halt the pair, which therefore is now aiming for 0.9896/0.9906, even though USD/CHF will have to cover long distance from the current price. Near-term dips should be limited by support at 0.9692/90, while bullish outlook will be preserved as long as 0.9487/71 stays intact.
Major area, which provides support from 79.66 till 79.17, remains under risk of being broken, as USD/JPY did not yet manage to leave its vicinity and thus proving bullish momentum to be fragile. Bearish scenario would lead the pair down to 78.87/85, then towards lower levels at 78.39 and 78.08. Nonetheless, breach of resistance at 80.41/48 would confirm intentions of
Unable to overcome a key resistance zone at 1.5718/29, GBP/USD is heading towards 1.5291/56 in the medium term, however, it will have to pierce through 1.5446 and 1.5389/85. In the meantime, the Cable is oscillating and may soon challenge an interim resistance located at 1.5543/53, followed by additional levels at 1.5583/1.5609 and 1.5646/74.
Precipitous fall of EUR/USD last week should result in a short-term bullish correction before the currency pair charts another leg down. The rally is likely to last up to 1.2386/97, although we may not rule out a deeper retracement - up to formidable resistance area that stretches from 1.2523 to 1.2601. Subsequent dip will first encounter supports at 1.2262 and
NZD/USD continued trading in a flat trend over mixed US macroeconomic data. If the bearish momentum to emerge, support levels at 0.7619 (R1 Weekly; upper support level) and 0.7590 (23.60% Fibo) are going to be the initial targets. Near 0.7417/0.7368, a consolidation and further trend reversal is highly probable as bears will face a fierce bullish resistance there.
The bearish momentum in USD/CAD intensified today as the US economic recovery is losing pace as the labour costs declined last quarter (1.3% act./2.0% prev.). If the bearish reversal adds to gains, 1.0284 (S1 Weekly; Initial support line) is likely to be targeted by the bears. If the level is left behind, 1.0174 (PP Monthly) and 1.0008 (100-day ma) are going to be in focus
AUD/USD continued trading in a bullish trend as the Australian quarterly GDP data were higher than expected (1.3% act./0.5% est.). If the pair maintain bullish momentum, 0.9832 (R1 Weekly; Upper resistance line) will be the first target among bulls. A breakout of this level would expose further levels at 0.9900 (psychological level) and 1.0122 (100-day ma) accordingly.
Bullish correction in EUR/JPY continues as the EU leaders discuss the creation of the banking union in Europe. In case bullish reversal accelerates, the initial resistance level is likely to be placed at 99.47 (R1 Weekly), followed by 101.42 (initial resistance line) and 103.74/53 (55-day ma; R1 monthly).