EURUSD Current price: 1.3741

EURUSD

Good morning. We have the FED meeting tonight so it may be a slow day, it may be not! Daily chart and we can see how we came off aggressively from the 50 SMA. I am still a long term bear and think we are either in a large wave 4 or have come to the end and starting wave 5. 1hr chart and the pair pushed to the 200 SMA before forming a spike and moving higher. This move up does look corrective and 1.3708 is holding as resistance at the moment. A break through 13674-60 area should send the pair lower towards 1.3550. A break above the 200 SMA (13717) and this move lower may just be another correction before we head to new highs.

Support levels: 1.3675 1.3657 1.3635

Resistance levels: 1.3708 (major) 1.3761 1.3797

GBPUSD Current price: 1.5047

GBPUSD

The pair moved down aggressively yesterday on the news that the UK was close to losing its AAA rating. The move sideways looks like a flag formation with the next target are being 1.4900. Only a move above 15103 would make me negate this view.

Support levels: 1.5042 1.5019 1.4950

Resistance levels: 1. 5071 1.5103 1.5200

USDJPY Current price: 9009

USDJPY

Daily chart and we can see that we were capped by the 200 SMA. We now have a doji and a large red near the top of the channel giving a bearish bias. 1 hr and we have paused at the 200 SMA again. We need to push through here to continue the bearish bias. The move should then be quick and impulsive. She may pause at 8963 on the way. A move through 9081 negates this view.

Support levels: 9004 8963 8814

Resistance levels: 9021 9070 9108

USDCHF Current price: 1.0602

USDCHF

Trading sideways up….as long as we stay in this small channel then the bias is to the upside. A break below 10575 and we could see 1.0516. Remember that 1.0511 is our key level for the large Elliott wave sequence. A push through 1.0650 would make 1.0700 the next target.


Support levels: 1.0592 1.0576 1.0516

Resistance levels: 1.0639 1.0650 1.0700

Have a great day