EUR/USD (1.2110) As expected market continued its downside pressure after the failure at 1.2175, and pair reached 1.2070 where support was found. Pair is currently holding above the 1.2100 level and another test of the 1.2180 level is on the cards next. A break above latter would see further upside targeting 1.2135 & 1.2235. Intraday studies are showing mixed signals and daily studies are slightly negative. On the downside, a break below 1.2005 would see further weakness towards 1.1925 first. Stand aside for now.
USD/JPY (114.93) As expected, the downside was capped above the 113.80 level and market moved higher to 115.25 where little pullback was seen. Pair is currently consolidating above the 114.80 level allowing intraday studies to correct from oversold levels. Further upside is expected to follow shortly with 115.40 & 116.45 as targets. Daily studies are on the hedge to turn positive for the pair and the break above 114.90 confirms the positive bias. On the downside, a break below 113.35 would see further weakness targeting 112.05 first. Hold long at 114.25, move SL to entry & re-adjust target to 116.20.
Supports: 114.70-113.80-113.35-113.15-112.60-111.80 Resistances: 115.25-115.55-116.20-116.50-117.00-117.60-118.00 Market direction: Neutral - Bullish Today's projected high/low: 115.50-114.50 Weekly pivot supports: 105.15-104.67 Weekly pivot resistances: 109.55-108.90 Conservative recommendation: Hold long 114.25, move SL to 114.25, target 116.20 first Aggressive recommendation: Hold long 114.25, move SL to 114.25, target 116.20 first
GBP/USD (1.7667) Market failed to break below the 1.7635 level again and bounced slightly higher from there. Intraday studies are oversold and the immediate downside should remain limited for the time being. Daily studies are slightly negative for the pair however the current lack of follow through on the downside calls for caution. On the downside, a break below 1.7625/35 would see further weakness targeting 1.7575 & 1.7520 next. On the upside, a break above 1.7800 would see further upside targeting 1.7825 & 1.7900. Stand aside for now.
USD/CHF (1.2804) Market is still trading sideways between 1.2715 & 1.2900. Pair is currently holding above the 1.2800 level and intraday studies are showing mixed signals. Further consolidation is expected for now. On the downside, a break below 1.2715 would see further weakness targeting 1.2670 & 1.2630. On the upside, a break above 1.2900 would see further upside towards 1.2900 & 1.3000. Daily studies are positive for the pair however a break above the 1.2910 level, also the trendline level from the 1.3285 top is needed to confirm the positive bias. Stand aside.
AUD/USD (0.7538) The downside from the 0.7580 level ended at 0.7520 where support was found. Pair bounced slightly higher from there and is currently holding above the 0.7530 level. Intraday studies are mixed and daily studies are turning negative however there is no confirmation of topping so far. On the downside, a break below 0.7495 would see further downside pressure towards 0.7475 & 0.7430. On the upside, a break above 0.7580 would see another up-leg targeting 0.7650 first. Stand aside.
USD/CAD (1.1591) No change in view, market is still trading sideways between 1.1555 and 1.1655. Intraday studies are mostly neutral for the pair and daily studies are showing the first signs of a return lower. A break below 1.1555 would see further downside targeting 1.1455 & 1.1425. On the upside, a break above the 1.1710 level, also the trendline level from the 1.2735 high would see further upside. Stand aside.
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