EURUSD Current price: 1.3741

EURUSD

Good morning. I hope you had a good weekend. EURUSD showing bullish candles on the weekly and daily charts. Just trading under the 200 SMA on the daily. Short term, and we have tested and bounced off the previous low at 1.3727 this morning. A break here and the next support (was resistance) will be at 1.3708. A break there and 1.3645 comes into play. At the moment, the move since the high on Friday looks corrective so the rate of the momentum of the next move will be important. A slow move and this may be an ABC correction before the next leg higher. Impulsive, and we may be heading down to new lows. If we were to break 1.3775 a rally may take us up to 1.3874

Support levels: 1.3727 1.3708 (major) 1.3685

Resistance levels: 1.3763 1.3774 1.3800

GBPUSD Current price: 1.5159

GBPUSD

Paused at the previous high. A break here and we have the 4 hr trend line next at 1.5264. Weekly candles show two doji’s and the daily candle from Friday is a pretty solid green. If we look to the MACD on the 4 hr chart we can see we have convergence suggesting a move higher. RSI is still above 50 so this may just be a small correction before the next leg up. A break of the 4 hr channel would bring 1.5350 into play. This is 23.6% of the major daily wave (17th Nov 2009). 1.5100-50 should hold as support to the downside.

Support levels: 1.5100 1.5050 1.5000

Resistance levels: 1. 5188 1.5264 1.5350

USDJPY Current price: 9059

USDJPY

The USDJPY held under the 200 SMA on the daily chart on Friday and gave us a large doji. 1 Hr chart and we can see that we are trading sideways at the moment with a spike higher on Friday. The SMA is now at 9111 and we have channel resistance at 9132. Short term indicators are looking bullish at the moment. I we fail to break higher here we may form a Head and Shoulders with a break of 9020 signaling a possible move down towards 8963 and beyond. I expect 9132 to hold on the first attempt

Support levels: 9021 8962 8813

Resistance levels: 9108 9132 9218

USDCHF Current price: 9059

USDCHF

Daily chart shows a solid red candle from Friday. If we can breach 1.0511 then the whole bullish count will become invalid. 1 hr chart and we may be forming a small base here forming a treble bottom. A break of 1.0610 should see us reach 1.0650 and possibly 1.0682. A break through the low at 1.0576 and we need to watch 1.0511 very closely. All indicators are bearish

Support levels: 1.0576 1.0550 1.0511

Resistance levels: 1.0611 1.0650 1.0714

Have a great day