EURUSD Current price: 1.3633

EURUSD

Daily chart is showing a large spike lower on Friday suggesting price rejection. We have an ABC sequence completed at 1.3648 and 161.8% of the first wave at 1.3639. The 1 hr chart shows no signs of a reversal yet. We are still in a downward channel and the 20 SMA is holding as resistance. The trouble with sovereign debt is still weighing heavy on the Euro and until that is corrected the trend seems to be lower. I would, however, watch this level for a possible reversal / correction. A clear close above the 20 SMA would be the first signal. We then have trend line resistance at 13732

Support levels: 1.3623 13600 13583

Resistance levels: 1.3660 1.3681 1.3734

GBPUSD Current price: 1.5568

GBPUSD

GBPUSD still heading lower in this sharp channel. Just trying to break Fridays low at 15560 as we write. We do have some daily trend line support at 1.5515 and 261.8% at 1.5455. If that level is broken it opens the way for a move down to 1.5192. A break higher from her and we could target 15900-16000 area again.

Support levels: 1.5558 1.5500 1.5455

Resistance levels: 1.5634 1.5700 1.5841

USDJPY Current price: 89.33

USDJPY

Large doji on Friday (daily chart) showing that the pair is unsure about direction. 1he chart and we have, what looks to be, a triangle forming. After the sharp move down last week this would favour a break to the downside in a flag formation. A full flag would take us down to 8700. A break higher and we have 8978 and 9000 as the first resistance.

Support levels: 8910 8903 8893

Resistance levels: 8947 8979 9000

USDCHF Current price: 1.0761

USDCHF

Large spike higher on Friday has completed the ABC sequence on the daily chart. 161.8% would take us to 1.0879. Gaped slightly higher at the open. Just holding the inner trend line at 10776. A break here and we would need to break the previous high at 10797 to open the way for a move to 1.0862. At the moment, the market favours a break higher with an ascending triangle forming. A break and close below 10746 would take out this formation and open the way for 10698

Support levels: 1.0745 1.0724 1.0697

Resistance levels: 1.0777 1.0797 1.0860

Have a great day