EUR/USD Current price: 1.4725
Pair remains consolidating after significant drop early this week. Range is tighter day after day, indicating we are approaching to a breakout, probably explosive, yet still we can’t assert to which side it will occur. Inside a continuation triangle in the hourly chart, base comes around 1.4680 strong support area, while currently roof lies around 1.4750; pair needs at least to break above Wednesdays’ high around 1.4780 to confirm an upside extension. Anyway, hourly indicators are flat, giving no clear bias for next hours, while bigger time frames show indicators also flat, yet price moving under 20 SMA that holds the bearish slope. Local shares had a positive bias after Wall Street gains, yet that won’t mean an Euro rise as correlation between stocks and dollar, has been suffering since past Fridays’ U.S. Nonfarm Payroll report. Rather markets will be watching gold that remains slightly bearish after closing to the downside.
Support levels: 1.4710 1.4680 1.4620
Resistance levels: 1.4750 1.4780 1.4830
GBP/USD Current price: 1.6268
Slightly bearish yet also in a tight range, Pound has been losing ground since BOE published the unchanged monetary policy decisions. Hovering around flat 20 SMA, hourly indicators had turned to the downside, while 4 hours ones are losing previous upside momentum, after the strong rebound in the 20 SMA still bearish. Pair remains close to the H&S neckline, around 1.6250, thus despite several attempts, pair fail to confirm a break lower. We need to see a strong downside rally to see pair accelerating, better if reaching levels under 1.6200 support, as should confirm the bias.
Support levels: 1.6250 1.6200 1.6160
Resistance levels: 1.6330 1.6380 1.6420
USD/JPY Current price: 88.20
Almost unchanged since last update, Japanese yen seems unable to extend the downside, with pair trapped in between 88.00 and 88.40 since past Asian session. Hourly charts indicators had turned slightly bearish, while bigger time frames show still some upside strength. Downside movements should remain above 88.00 support to avoid a clear bearish trend for the rest of the day. Under that zone, a retest of 87.70 seems likely for current session. Only above 88.50/60 resistance zone, pair could regain the upside an attempt a retest of the 89.00 level.
Support levels: 88.00 87.70 87.30
Resistance levels: 88.40 88.60 89.00
USD/CHF Current price: 1.0257
Also flat, pair hold above the 1.0240 strong level during American session, turning the support even stronger at this point. With indicators slightly bearish, pair needs to clearly break and accelerate under that zone, also 20 SMA in the 4 hours charts, to fell further and retest next key level, the 1.0200 zone. Above 1.0300, intraday trend will turn bullish, and pair should start a stronger upside recovery from there.
Support levels: 1.0240 1.0200 1.0170
Resistance levels: 1.0280 1.0300 1.0345
