EUR/USD
Bounce off 1.2872 has briefly cleared one month bear channel resistance at 1.3390 to fully retrace1.3431/1.2872 downleg. Failure to sustain gains and break above key short-term resistance at 1.3500, however, opens way for correction, with 1.3200 zone expected to hold, to keep immediate bulls in play. Break through 1.3457/1.3500 area is required to confirm bottom at 1.2872 and open fresh phase higher.
Res: 1.3384, 1.3400, 1.3431, 1.3457
Sup: 1.3235, 1.3188, 1.3165, 1.3143
GBP/USD
Maintains the short-term uptrend from 1.5343/1.5404. Last week’s clearance of 1.5659 extended gains, approaching key near-term resistance at 1.5910, break of which would confirm higher low at 1.5343 and spark further recovery towards 1.60/61 zone. Initial supports lie at 1.5800/1.5770, while further dips should be contained by 1.5720/00, to keep immediate bulls in play.
Res: 1.5887, 1.5910, 1.5927, 1.5965
Sup: 1.5834, 1.5809, 1.5779, 1.5717
USD/JPY
Failure to regain 83.67 high and rejection at 83.48/45 has triggered reversal, with break through 82.67 range bottom and 60 day MA at 82.60, increasing risk of further weakness towards 82.30/00 zone, with 82.40 seen so far. Fresh strength from here needs to clear 83.05/14 to resume towards 83.48/67, break of which will confirm higher low at 82.40.
Loss of 82.40, however, risks deeper reversal towards 82.00 zone.
Res: 83.05, 83.14, 83.48, 83.67
Sup: 82.77, 82.40, 82.30, 82.00
USD/CHF
Extends reversal after hitting fresh high at 0.9782, on a recovery from 0.9301. Market reached 0.9603 so far, though, while 0.9594, recent range bottom holds, immediate scope remains for fresh attempt higher to retest 0.9762/82 and possible extension of the latest recovery phase. Loss of 0.9594, however, would signal deeper reversal and open 0.9540/0.9485, 50% / 61.8% retracement levels of 0.9301/0.9782 upleg next.
Res: 0.9685, 0.9735, 0.9762, 0.9782
Sup: 0.9603, 0.9594, 0.9540, 0.9515
Bounce off 1.2872 has briefly cleared one month bear channel resistance at 1.3390 to fully retrace1.3431/1.2872 downleg. Failure to sustain gains and break above key short-term resistance at 1.3500, however, opens way for correction, with 1.3200 zone expected to hold, to keep immediate bulls in play. Break through 1.3457/1.3500 area is required to confirm bottom at 1.2872 and open fresh phase higher.
Res: 1.3384, 1.3400, 1.3431, 1.3457
Sup: 1.3235, 1.3188, 1.3165, 1.3143
GBP/USD
Maintains the short-term uptrend from 1.5343/1.5404. Last week’s clearance of 1.5659 extended gains, approaching key near-term resistance at 1.5910, break of which would confirm higher low at 1.5343 and spark further recovery towards 1.60/61 zone. Initial supports lie at 1.5800/1.5770, while further dips should be contained by 1.5720/00, to keep immediate bulls in play.
Res: 1.5887, 1.5910, 1.5927, 1.5965
Sup: 1.5834, 1.5809, 1.5779, 1.5717
USD/JPY
Failure to regain 83.67 high and rejection at 83.48/45 has triggered reversal, with break through 82.67 range bottom and 60 day MA at 82.60, increasing risk of further weakness towards 82.30/00 zone, with 82.40 seen so far. Fresh strength from here needs to clear 83.05/14 to resume towards 83.48/67, break of which will confirm higher low at 82.40.
Loss of 82.40, however, risks deeper reversal towards 82.00 zone.
Res: 83.05, 83.14, 83.48, 83.67
Sup: 82.77, 82.40, 82.30, 82.00
USD/CHF
Extends reversal after hitting fresh high at 0.9782, on a recovery from 0.9301. Market reached 0.9603 so far, though, while 0.9594, recent range bottom holds, immediate scope remains for fresh attempt higher to retest 0.9762/82 and possible extension of the latest recovery phase. Loss of 0.9594, however, would signal deeper reversal and open 0.9540/0.9485, 50% / 61.8% retracement levels of 0.9301/0.9782 upleg next.
Res: 0.9685, 0.9735, 0.9762, 0.9782
Sup: 0.9603, 0.9594, 0.9540, 0.9515