EUR/USD (1.2252) Market failed again to break the 1.2320 level and bounced lower from there however the downside is currently being capped above the 1.2235 level. Intraday studies are heading lower and further downside pressure is not ruled out. The downside should remain limited to 1.2210 & 1.2160. Daily studies are positive for the pair with room to extend and further upside towards 1.2320 again is not ruled out. A break there would see further upside targeting 1.2400 & 1.2460. On the downside, a break below 1.2160 would see further weakness towards 1.2055 & 1.2000. Look to enter long at 1.2210, keep SL tight and exit another failure at 1.2320.
USD/JPY (115.59) Third failure just below the 116.00 level drove the market lower to 115.50 where pair is currently holding. Intraday studies are positive but close to overbought territory and further consolidation is expected for now. On the upside should a break above 116.00 would see further upside targeting 116.45 first. The downside should remain limited to 115.25 & 114.80. A break below 114.50 would see further weakness targeting 113.35 & 112.05. Daily studies are positive for the pair however a break above 115.95 is needed to confirm further positive action. Stand aside for now.
GBP/USD (1.7851) The upside at 1.7935 was of short lived and market bounced lower to 1.7830 where pair is currently holding allowing intraday studies to correct lower. The downside should remain capped above the 1.7800 level and further upside should resume from there targeting 1.8000 & 1.8075 next. On the downside, a break below 1.7800 would see further weakness targeting 1.7750 & 1.7725 next. Daily studies are slightly positive for the pair and a break above 1.7935 would confirm the positive bias. Stand aside for now.
USD/CHF (1.2644) Market continued its upside from the 1.2550 level and is currently consolidating just below the 1.2670 level. Intraday studies are in overbought territory and the immediate upside should remain capped below the 1.2675 level. Another attempt lower is not ruled out targeting 1.2550 again. A break there would see further weakness targeting 1.2520 & 1.2470. On the upside, a break above 1.2675 would see further upside towards 1.2735 & 1.2765. Daily studies remain negative for the pair. Stand aside.
AUD/USD (0.7538) No change in view, market is still trading sideways between 0.7440 & 0.7575 Intraday studies are slightly positive for the pair and further consolidation is expected while between theses barriers. Daily studies remain negative for the pair however the lack of follow through on the downside calls for caution. On the upside, a break above 0.7580 would see another up-leg targeting 0.7650 first. Stand aside.
USD/CAD (1.1516) Market is still consolidating between 1.1575 & 1.1465. Intraday studies are currently correcting from overbought levels and further sideways action is expected for the time being. Daily studies are negative for the pair however a break below 1.1420 is needed to confirm further weakness. On the upside, a break above 1.1575 would see further upside targeting 1.1670 first. Stand aside.
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