The Cable is currently consolidating before it recommences its advancement towards a long term target located at 1.6425. In the near future, however, GBP/USD may dip down to 1.6050 or even 1.5970 prior to bullish move.
While both weekly and daily biases are negative, risk of EUR/JPY falling down to 102.54 first, and then down to 100.12 increases. In the meantime the pair is capped by 104.62, ahead of which all the rallies should halt.
Once the initial support line at 1.2964 is breached, EUR/USD currency couple will be targeting 1.2624 next, which is presently guarded by 1.2809. Near-term resistances may be encountered at 1.3081 and 1.3180.
Being that USD/CHF has recently severed a resistance at 0.9176, the currency couple is well-placed for further gains up to 0.9317/42. In case the latter level is overcome as well, then the rally may extend to 0.9595.
USD/JPY is yet unable to breach a resistance downtrend at 80.74. Accordingly, the currency pair should slide down to a support at 79.15/78.90 (55 week ma), where the price will have a chance to commence recovery.
GBP/USD is currently weakening and may dip down to 1.6050 or 1.5954. However, this is viewed as a very short-term development before the bullish bias is reignited once again. Thus the long-term targets are at 1.6425 and 1.6570.
EUR/JPY has just bounced off 103.24 and is advancing towards resistances located at 104.62, 105.17/36 and 106.14, which are unlikely to fall easy preys to the pair. Therefore the focus is currently on supports, namely on 103.24 and 102.55.
A support at 1.2954 has managed to withstand the initial test, but, given the tepid rally afterwards, is expected to give in eventually. EUR/USD should be aiming for 1.2624, while being capped by 1.3081.
USD/CHF has effortlessly pierced through a resistance at 0.9176 and is currently moving towards 0.9317/42, which may be attained within the next month. Longer term target lies at 0.9595.
USD/JPY stays below an accelerated downtrend resistance at 80.84, implying that bearish bias should persist. Accordingly, the pair targets 79.15/78.90 (55 week ma), encounter with which, however, may reverse the price's course.
The Cable is presently undergoing a bearish correction, which should terminate ahead of 1.6050 or 1.5954. Afterwards the pair is expected to recover and aim for 1.6425, following antecedent penetration of 1.6336.
The currency pair has just pushed through 104.62 and may carry on trading lower until it reaches 102.54. Subsequent level is located at 100.12/00. From above EUR/JPY is likely to be contained by 105.00, 105.36 and 106.33.
EUR/USD has pierced though several supports and is currently in the proximity of 1.2954, breach of which will expose 1.2634. In the meantime, rallies should be capped by 1.3081, 1.3180 and 1.3264.
EUR/USD remained resilient yesterday after the European Central Bank kept its interest benchmark unchanged. However, the risk for the pair remains on the downside as the pair has not breached the 1.3230/1.3245 zone (55-day MA and upper Bollinger band). Therefore, the pair could test the 1.3100 support level today if the bearish mood persists further.
EUR/JPY failed to commence a bullish rally yesterday as it remains squeezed to the lower Bollinger band at 104.62. Key support remains at 104.25/23. A breakthrough downwards would pave the way to 102.54 level, the 61.8% retracement of the move seen this year.
A bearish correction intensified and it made GBP/USD reach the initial support at 1.6167—the October 2011 high. If bearish bias holds further, the pair is likely to target 1.6110/1.6050 zone. 1.6050 is the 50% retracement of the move upwards from the middle of April, thus the pair could stabilize here and start a bullish rally from this level.
USD/JPY makes 2 consecutive daily attempts to start a bullish reversal, however the 80.94 resistance line has to be breached first in order to cause it. For now, the pair is likely to slip lower to the lower Bollinger band at the 79.75/50 levels, where the market could stabilised and, eventually, pair previous losses.
After the bullish advancement toward 0.9181 line (higher Bollinger band), USD/CHF failed to fix above this level and slipped lower. If the pair shows further weakness, it could hold at the 0.9066 pivot level, where it could gain support from the bullish traders.
With a relatively high 85 pip volatility, yesterday's trading session breached the prolonged the continuous low-volatility period, and gave the pair rather strong bullish impulse. A slight correction could be expected today, but the weekly outlook remains positive.
After a failure at the 5 month downtrend (around 1.3269) yesterday EUR/USD has slipped to 1.3145 this morning. After piercing the critical 80 level, Stochastic is rapidly declining to the oversold area, indicating a short term weakness and a possible slight recovery in near term. The psychological support for the pair would be in the range of 1.2995-1.3005.
A correction continues after the previous month's rally with GBP/USD having slowed to 1.6182. With controversial data from Stochastic and Relative Strength Index, a significant selloff continues on the market. Last October's high of 1.6134 could be the first potential support level.
EUR/JPY has recovered from yesterday's low of 105.125, and is now trading around 105.51 within the 1-month downward channel. Thus, a slide to the recent low of 104.61 can be expected with a strong resistance at 105.00 psychological level.
After strong bullish intraday movements yesterday, the pair has gained stronger footing today, and is trading at 80.229. Thus the nearest target for bulls is likely to be the yesterday's high of 80.61. RSI indicator is floating around the critical 30 level thus indicating a bullish correction in near-term.
USD/CHF bounced off the 0.9060/75 pivot levels after the release of the ISM Manufacturing PMI yesterday. Still, in order to establish a strong bullish trend the pair has to breach the 0.9040/50 zone (55– and 200-day MAs). A breach of these resistance levels would expose the 0.9317/42 resistance (October and November 2011 highs).