EUR/USD (1.1809) The upside reached 1.1850, just above the trendline level from the 1.2590 high where resistance was found and pair bounced slightly lower from there, currently holding above the 1.1790 level. Intraday studies are heading lower and the corrective downside should remain limited to 1.1755 before further upside is seen targeting 1.1905. A break there would see further upside targeting 1.2000 & 1.2070 next. On the downside, a break below 1.1690 would see a retest of the 1.1640 level. Daily studies are on the hedge to turn positive for the pair and a break above 1.1905 would confirm the positive bias. Look to enter long at 1.1765.
Supports: 1.1790-1.1705-1.1690-1.1665-1.1640-1.1625-1.1545-1.1440 Resistances: 1.1855-1.1905-1.1925-1.2000- 1.2090-1.2175 Market direction: Neutral - Bullish Today's projected high/low: 1.1900-1.1720 Weekly pivot supports: 1.2525-1.1990 Weekly pivot resistances: 1.3208-1.3457 Conservative recommendation: Long 1.1765, SL 1.1690, target 1.1905 first Aggressive recommendation: Long 1.1765, SL 1.1690, target 1.1905 first
USD/JPY (120.49) The downside from the 121.40 level continues and market reached 119.95 before rebound was seen towards 120.70. Intraday studies are correct from oversold territory and the upside should remain capped at 120.85 before further weakness is seen targeting 120.00 & 119.60. A break there would see further weakness targeting 118.30 &117.80. On the upside a break above 121.40 would see further upside towards the 121.85 level. Daily studies are threatening to turn negative for the pair and a confirmed break below 120.20/00 would confirm the negative bias. Look to enter short on a failure at 120.80, keep SL tight.
GBP/USD (1.7514) The sharp upside seen yesterday ended at 1.7560 and market bounced lower towards 1.7496 which caps further downside so far. Intraday studies are easing lower from overbought levels and further consolidation/correction is expected to continue. The downside should remain limited to 1.7450 & 1.7390 before further upside is seen 1.7560 & 1.7580. On the downside a break below 1.7300 would see further weakness towards 1.7240 & 1.7140. Daily studies remain positive. Stand aside for now.
USD/CHF (1.3014) Market broke the trendline level from the 1.2240 low at 1.3045 and reached 1.2960 where rebound was seen. Pair has been moving slightly higher since, as intraday studies correct from oversold territory. The upside should remain limited to the trendline level currently standing at 1.3040 & 1.3085. Further weakness is expected to follow from there targeting 1.2960 & 1.2920 next. On the upside, a break above 1.3160 would see further upside targeting 1.3240 next. Daily studies are negative for the pair and today’s down-move confirms the negative bias. Look to enter short towards 1.3030, keep SL tight.
AUD/USD (0.7510) Market continued its upside pressure from the 0.7445 level, just above the trendline level from the 0.7320 low and market reached 0.7520 level so far. Intraday studies are positive and another up-leg is expected shortly with a retest of the 0.7550 level. A break there would see further upside targeting 0.7600 next. On the downside, a break below 0.7445 would see further weakness targeting 0.7320 & 0.7250. Daily studies are positive but close to overbought territory and attention should be paid if pair fails to break 0.7550 again. Stand aside.
USD/CAD (1.1582) No change in view, market remains capped in a tight range between 1.1560 & 1.1640. Intraday studies are slightly negative, which is of no help given the current lack of direction. Further weakness is still favored while below the 1.1660 level with 1.1530 as next target. Daily studies are turning positive for the pair however a break above 1.1660 is needed to see a first sign of an up-leg with 1.1750 & 1.1850 as targets. Stand aside for now.
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