EUR/USD (1.2078) No change in view, market is still trading sideways between 1.2040 & 1.2175. Both intraday and daily studies are slightly negative for the pair however the current lack of follow through on the downside calls for caution. On the upside, a break above 1.2180 would see further upside targeting 1.2235 first. On the downside, a break below 1.2040 would see further weakness towards 1.2005 & 1.1925. Advice is to trade the current range for now. We stand aside.
USD/JPY (115.57) Market failed twice at the 115.90/95 level and bounced lower from there towards 114.75 which capped further downside so far. Intraday studies are positive for the pair but close to overbought territory and the upside should remain limited for the time being. The current downside remains capped above the 114.50 level. Daily studies remain positive for the pair however a break above 115.95 is needed to confirm further positive action with 116.45 as first target. On the downside, a break below 114.50 would see further weakness targeting 113.35 & 112.05. Hold long at 114.25, move SL to 114.80 & exit another failure at 115.90.
Supports: 114.90-114.70-113.80-113.35-113.15-112.60-111.80 Resistances: 115.95-116.20-116.50-117.00-117.60-118.00 Market direction: Neutral - Bullish Today's projected high/low: 115.90-114.75 Weekly pivot supports: 105.15-104.67 Weekly pivot resistances: 109.55-108.90 Conservative recommendation: Hold long 114.25, move SL to 114.80, target 116.20 first Aggressive recommendation: Hold long 114.25, move SL to 114.80, target 116.20 first
GBP/USD (1.7560) Market reached 1.7525 before bouncing sharply higher towards the 1.7635 level where resistance was found. Pair did pullback lower and is currently holding above the 1.7550 level. Intraday studies are negative for the pair and another test of the 1.7525 level is on the cards near-term. Daily studies remain negative for the pair and further weakness is expected near term. On the downside, a break below 1.7520 would see further weakness targeting 1.7465 first. On the upside, a break above 1.7640 would see further upside targeting 1.7690 & 1.7730. Stand aside for now.
USD/CHF (1.2860) No change in view, market is still trading sideways between 1.2715 & 1.2900. Pair is still holding above the 1.2800 level. Intraday studies are positive for the pair but close to overbought territory and the immediate upside should remain capped below the 1.2900 level. 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 remain 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 (0.7475) Market continues its downside pressure from the 0.7580 level and reached 0.7440 where support was found. Pair bounced slightly higher from there but remains capped below the 0.7500 level so far. The rebound allowed intraday studies to correct higher and further corrective upside is on the cards towards 0.7525. Daily studies remain negative and further weakness is expected to follow targeting 0.7365 & 0.7300. On the upside, only a break above 0.7580 would see another up-leg targeting 0.7650 first. Stand aside.
USD/CAD (1.1644) The sharp downside following the failure at the 1.1800 level ended at 1.1615 so far. Pair has been heading slightly higher from there however the currently upside remains limited. Intraday studies are negative for the pair but close to oversold levels and further consolidation/correction is expected to follow. Daily studies are mostly neutral and a break below 1.1555 would see further downside targeting 1.1455 & 1.1425. Stand aside.
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