EUR/USD

Bounces off today’s low at 1.2518, where temporary footstep was found on 50% retracement of 1.2287/1.2745 upleg, with profit taking on past two days sharp fall, pushing the euro higher. Gains accelerated on a break above overnight’s high at 1.2563 and 20 day EMA, en-route to the next barrier at 1.2600, previous support / Fib 38.2% of 1.2740/1.2518 / 55 day EMA / broken bull trendline off 1.2287. Hourly RSI’s break out of oversold zone, as well as strong momentum building up, see potential for stronger reversal at the end of the week. Regain of minimum 1.2600, very strong resistance, is required to improve still negative near-term tone, with regain of next barriers at 1.2630 zone, 50% / 20 June spike low and 1.2656, Fib 61.8%, required to prevent further weakness. Weekly close below 1.2600, however, would be signal of further easing.

Res: 1.2580, 1.2600, 1.2640, 1.2665
Sup: 1.2563, 1.2518, 1.2500, 1.2462

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GBP/USD

Eases below today’s low at 1.5576, Fib 38.2% of 1.5267/1.5776 upleg, as brief corrective action above 1.5600 barrier failed to sustain gains, being capped by descending hourly 20 day EMA at 1.5536. With 4H chart studies moving into the negative zone and previous strong support at 1.5600 being dented, risk is seen for further extension of reversal from 1.5776, with 1.5520/00 expected to come in focus on a break below 1.5570. At the upside, regain of minimum 1.5633/60 zone, would bring more positive tone in the near-term structure and possibly open way towards 1.5700 zone.

Res: 1.5600, 1.5615, 1.5633, 1.5650
Sup: 1.5570, 1.5521, 1.5500, 1.5461

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USD/JPY

Strong rally that broke 79.80/80.00 barriers, penetrated daily Ichimoku cloud and approached our next target at 80.60, underwent brief consolidation and moving within 80.20 and 80.50 band in rather quiet trading. Overall tone remains positive, however, overextended 4H studies and hourly MACD bearish divergence, see risk of stronger reversal, as long as 80.60, previous highs and 80.70, 90 day MA keep the upside limited. Strong support at 80.00 should contain any dips, to keep near-term bulls intact.

Res: 80.50, 80.60, 80.71, 81.00
Sup: 80.20, 80.00, 79.90, 79.80

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USD/CHF

The pair consolidates recent strong gains through 0.9562/72 barriers that found barrier at 0.9600 zone, 50% retracement of 0.9769/0.9420 descend. As today’s several attempts failed to clear 0.9600 resistance and hourly studies are losing momentum, with loss of initial support and near-term consolidation range bottom at 0.9555, further retracement of 0.9456/0.9590 upleg is not ruled out. Immediate support lies at 0.9539, Fib 38.2%, ahead of 0.9520, 50% / broken main bear-trendline off 0.9769, loss of which would question near-term bulls.

Res: 0.9590, 0.9600, 0.9626, 0.9650
Sup: 0.9539, 0.9520, 0.9500, 0.9460

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