EUR/USD

The Euro gains fresh momentum after US data, as 1.3000 zone held corrective easing off yesterday’s high at 1.3030, maintaining near-term bulls. Fresh rally through 1.3030 and regain of our next target at 1.3047, 21 Sep swing high, sees potential for extension towards 1.3080 and psychological 1.3100 barrier. Improved conditions on hourly chart, where price broke above 10/20 day EMA’s and indicators moving higher, as well lift above 4h Ichimoku cloud top, with Tenkan-sen and Kijun-sen lines following the price above kumo, give more credibility to the current rally. Weekly close above 1.3050 to confirm bullish stance. Initial support lies at 1.3030, ahead of day’s low at 1.2992. Only break below bull trendline at 1.2955 would weaken the structure.

Res: 1.3074, 1.3083, 1.3100, 1.3114
Sup: 1.3030, 1.3000, 1.2992, 1.2975

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GBP/USD

Cable’s near-term price action remains well supported, as the pair found footstep at 1.6172, ahead of fresh rally above 1.6200 barrier. Break higher so far tested 1.6216, Fib 61.8% of 1.6308 to 1.6066 descend / 28 Sep intraday high, ahead of trendline resistance at 1.6230. Indicators on 1 and 4h charts remain in positive territory, however, sideways movements of hourly RSI and MACD still below the signal line, as well as price unable to break above 4h cloud, see risk of further consolidation. Important will be weekly close above 1.6200 that will keep near-term bulls in play for possible retest of the next strong resistance at 1.6270 double top. Daily low at 1.6172 and trendline support / 55 day EMA, at 1.6155, should contain any dips under 1.6200.

Res: 1.6216, 1.6230, 1.6270, 1.6300
Sup: 1.6200, 1.6172, 1.6155, 1.6124

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USD/JPY

The pair surged higher after US data, to post fresh high at 78.86, where daily Ichimoku cloud base limited gains. Subsequent reversal came on hourly RSI touching overbought zone and more significant MACD bearish divergence that may be spark for stronger reversal. As the initial support at 78.71 has been cleared, next one comes at 78.56, today’s intraday high / 10 day EMA, ahead of more important 78.30 higher base, where dips should be contained in order to keep near-term bulls in play. Increased downside risk is seen on slide below 78.30 and strong 78.00 zone, previous low / Fib 61.8% of 77.42/78.86 and psychological support that would signal lower top and re-attract the downside levels.

Res: 78.86, 79.00, 79.21, 79.30
Sup: 78.56, 78.30, 78.10, 78.00

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USD/CHF

The pair confirms near-term negative stance, as corrective action off 0.9293, previous low, was short-lived and capped under initial barrier at 0.9330. Fresh weakness below 0.9300 sees no serious obstacles en-route to key near-term support at 0.9237, 14 Sep low, as upside rejection at 0.9436 and completion of head and shoulders pattern on a break below 0.9330 neckline, keeps the downside firmly in focus. Price below MA’s and indicators below their midlines, maintain bearish tone. Psychological 0.9300 level offers initial resistance, along with 0.9320/30 zone, reinforced by descending 55 day EMA, expected to cap for now.

Res: 0.9300, 0.9320, 0.9330, 0.9353
Sup: 0.9256, 0.9243, 0.9237, 0.9200

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