EUR/USD
Overall range-trading picture remains intact, despite today’s hectic trading and spikes to 1.3370 on the upside and 1.3265 on the downside. The price is back to the opening levels, with 1.3300 again acting as initial support. Studies on 4h chart are still in neutral mode, however, more negative tone is seen on hourly chart, as indicators are at the midlines, with 1.3300 being under pressure. Negative scenario requires break of initial 1.3300 support, while trigger for stronger pullback is seen on a break below 1.3255, range floor. Initial resistance lies at 1.3330, while any bounce above here requires clearance of today’s high at 1.3370, to possibly re-attract 1.3400 barrier.
Res: 1.3370, 1.3400, 1.3418, 1.3485
Sup: 1.3350, 1.3330, 1.3300, 1.3280
GBP/USD
Cable trades in near-term consolidative mode, following repeated failure at 1.5800 support. Recovery is so far limited under initial 1.5900 barrier and 200 day MA, however, bullish hourly RSI and MACD divergence and 4h indicators turning higher, indicates that possible stronger recovery cannot be ruled out. This requires break and close above minimum 1.5900, to open way towards more significant 1.6000 barrier, near 50% of 1.6177/1.5802, to confirm near-term base. Otherwise, risk of lower top and fresh weakness below 1.5800, would be likely, as the price already cracked previous range low at 1.5826.
Res: 1.5879, 1.5900, 1.5947, 1.6000
Sup: 1.5852, 1.5826, 1.5805, 1.5753
USD/JPY
The pair remains under pressure, as reversal from 90.23, fresh 2 ½ year high, extends to our next target at 88.36 that marks 76.4% of 87.78/90.23 rally. Dominating negative on hourly and indicators attempting at midlines on 4h chart, signal that further weakness may extend to 88.12, 17 Jan low / Fib 61.8% of 86.81/90.23 upleg, possibly to key near-term support and 16 Jan higher low at 87.78, loss of which is seen as a trigger for stronger corrective action. Today’s upside rejection a initial 89.00 barrier, keeps negative tone intact, as barrier is reinforced by 38.2% 90.10/88.35 / 20 day EMA. Only break here would avert immediate downside pressure, however, extension through 89.50, would shift near-term focus higher.
Res: 89.00, 89.32, 89.50, 89.70
Sup: 88.53, 88.36, 88.12, 87.78
USD/CHF
Near-term structure weakened further, as the price broke below psychological support and platform at 0.9300/9280, cracking also sideways moving 4h 55 day EMA. Hourly studies are negative, while 4h indicators are about to break into negative territory. This requires close below 0.9280 that would prompt further reversal and open initial targets at 0.9250 and 0.9200. Alternative scenario sees break and close above 0.9300 that would keep downside protected on the near-term, however, regain of minimum 0.9350 is required to revive bulls.
Res: 0.9327, 0.9350, 0.9387, 0.9400
Sup: 0.9300, 0.9273, 0.9248, 0.9215
Overall range-trading picture remains intact, despite today’s hectic trading and spikes to 1.3370 on the upside and 1.3265 on the downside. The price is back to the opening levels, with 1.3300 again acting as initial support. Studies on 4h chart are still in neutral mode, however, more negative tone is seen on hourly chart, as indicators are at the midlines, with 1.3300 being under pressure. Negative scenario requires break of initial 1.3300 support, while trigger for stronger pullback is seen on a break below 1.3255, range floor. Initial resistance lies at 1.3330, while any bounce above here requires clearance of today’s high at 1.3370, to possibly re-attract 1.3400 barrier.
Res: 1.3370, 1.3400, 1.3418, 1.3485
Sup: 1.3350, 1.3330, 1.3300, 1.3280
GBP/USD
Cable trades in near-term consolidative mode, following repeated failure at 1.5800 support. Recovery is so far limited under initial 1.5900 barrier and 200 day MA, however, bullish hourly RSI and MACD divergence and 4h indicators turning higher, indicates that possible stronger recovery cannot be ruled out. This requires break and close above minimum 1.5900, to open way towards more significant 1.6000 barrier, near 50% of 1.6177/1.5802, to confirm near-term base. Otherwise, risk of lower top and fresh weakness below 1.5800, would be likely, as the price already cracked previous range low at 1.5826.
Res: 1.5879, 1.5900, 1.5947, 1.6000
Sup: 1.5852, 1.5826, 1.5805, 1.5753
USD/JPY
The pair remains under pressure, as reversal from 90.23, fresh 2 ½ year high, extends to our next target at 88.36 that marks 76.4% of 87.78/90.23 rally. Dominating negative on hourly and indicators attempting at midlines on 4h chart, signal that further weakness may extend to 88.12, 17 Jan low / Fib 61.8% of 86.81/90.23 upleg, possibly to key near-term support and 16 Jan higher low at 87.78, loss of which is seen as a trigger for stronger corrective action. Today’s upside rejection a initial 89.00 barrier, keeps negative tone intact, as barrier is reinforced by 38.2% 90.10/88.35 / 20 day EMA. Only break here would avert immediate downside pressure, however, extension through 89.50, would shift near-term focus higher.
Res: 89.00, 89.32, 89.50, 89.70
Sup: 88.53, 88.36, 88.12, 87.78
USD/CHF
Near-term structure weakened further, as the price broke below psychological support and platform at 0.9300/9280, cracking also sideways moving 4h 55 day EMA. Hourly studies are negative, while 4h indicators are about to break into negative territory. This requires close below 0.9280 that would prompt further reversal and open initial targets at 0.9250 and 0.9200. Alternative scenario sees break and close above 0.9300 that would keep downside protected on the near-term, however, regain of minimum 0.9350 is required to revive bulls.
Res: 0.9327, 0.9350, 0.9387, 0.9400
Sup: 0.9300, 0.9273, 0.9248, 0.9215
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