EUR/USD
Near-term bulls returned fully in play, as the price accelerated on a break above 1.3100/38 barriers, to penetrate psychological 1.3200 resistance. With gains retraced near 76.4% of 1.3300/1.2996 descend, near-term focus shifts towards very strong 1.3300 barrier that capped several attempts in December. Studies on 4h chart are in ascending mode and see room for further extension higher, however, overextended hourly conditions could anticipate corrective action that has not been signaled yet. Daily close above 1.3200 handle would be seen as supportive element.
Res: 1.3218, 1.3227, 1.3260, 1.3282
Sup: 1.3200, 1.3160, 1.3150, 1.3138
GBP/USD
The pair bounces above 1.6100 barrier, also 55 day EMA that avoids immediate downside risk of penetrating important 1.6000 support, with rally to 1.6118 so far, nearly fully retracing 1.6126/1.5991, 08/09 Jan descend. Lift above 1.6126 and Fibonacci 38.2% at 1.6140 is required to confirm break above near-term 1.6126/1.6000 range and open way for stronger recovery, as currents movements could be described rather consolidative. Fresh bullish momentum on 4h chart is sen supportive, while hourly studies moved in the positive territory. Initial supports lie at 1.6080/70 zone, approx mid-point of today’s rally and should ideally contain any corrective dips.
Res: 1.6118, 1.6126, 1.6140, 1.6185
Sup: 1.6081, 1.6074, 1.6034, 1.6000
USD/JPY
The pair consolidates recent gains within 88.32/00 range, just ahead of key near-term barrier and recent high at 88.40. Today’s close above 88.00 would be supportive for fresh attempt and break above 88.40 to open 89.00 next. Near-term structure maintains positive tone, however, risk would be seen on a loss of 88.00 handle that may signal near-term double top and trigger stronger correction, as overextended daily studies require caution.
Res: 88.32, 88.40, 89.00, 89.14
Sup: 88.00, 87.85, 87.71, 87.40
USD/CHF
The pair lost traction on approach to 0.9280/0.9300 barriers, with subsequent reversal accelerating losses on a break below initial 0.9230 and more significant 0.92000 support. With fresh weakness retracing 61.8% of 0.9080/0.9300 rally at 0.9160, more risk is now seen towards the downside, as strong supports at 0.9100 and 0.9080 base are coming in near-term focus. As 4h chart indicators slide below the midlines, scope is seen for possible re-visit of 0.9100/0.9080, with oversold hourlies signaling corrective action that may precede fresh bears. However, no firm signal of reversal seen yet. Previous supports at 0.9200/0.9230 now revert to resistance and being reinforced by 55/20 day EMA’s respectively.
Res: 0.9200, 0.9230, 0.9241, 0.9265
Sup: 0.9160, 0.9130, 0.9100, 0.9080
Near-term bulls returned fully in play, as the price accelerated on a break above 1.3100/38 barriers, to penetrate psychological 1.3200 resistance. With gains retraced near 76.4% of 1.3300/1.2996 descend, near-term focus shifts towards very strong 1.3300 barrier that capped several attempts in December. Studies on 4h chart are in ascending mode and see room for further extension higher, however, overextended hourly conditions could anticipate corrective action that has not been signaled yet. Daily close above 1.3200 handle would be seen as supportive element.
Res: 1.3218, 1.3227, 1.3260, 1.3282
Sup: 1.3200, 1.3160, 1.3150, 1.3138
GBP/USD
The pair bounces above 1.6100 barrier, also 55 day EMA that avoids immediate downside risk of penetrating important 1.6000 support, with rally to 1.6118 so far, nearly fully retracing 1.6126/1.5991, 08/09 Jan descend. Lift above 1.6126 and Fibonacci 38.2% at 1.6140 is required to confirm break above near-term 1.6126/1.6000 range and open way for stronger recovery, as currents movements could be described rather consolidative. Fresh bullish momentum on 4h chart is sen supportive, while hourly studies moved in the positive territory. Initial supports lie at 1.6080/70 zone, approx mid-point of today’s rally and should ideally contain any corrective dips.
Res: 1.6118, 1.6126, 1.6140, 1.6185
Sup: 1.6081, 1.6074, 1.6034, 1.6000
USD/JPY
The pair consolidates recent gains within 88.32/00 range, just ahead of key near-term barrier and recent high at 88.40. Today’s close above 88.00 would be supportive for fresh attempt and break above 88.40 to open 89.00 next. Near-term structure maintains positive tone, however, risk would be seen on a loss of 88.00 handle that may signal near-term double top and trigger stronger correction, as overextended daily studies require caution.
Res: 88.32, 88.40, 89.00, 89.14
Sup: 88.00, 87.85, 87.71, 87.40
USD/CHF
The pair lost traction on approach to 0.9280/0.9300 barriers, with subsequent reversal accelerating losses on a break below initial 0.9230 and more significant 0.92000 support. With fresh weakness retracing 61.8% of 0.9080/0.9300 rally at 0.9160, more risk is now seen towards the downside, as strong supports at 0.9100 and 0.9080 base are coming in near-term focus. As 4h chart indicators slide below the midlines, scope is seen for possible re-visit of 0.9100/0.9080, with oversold hourlies signaling corrective action that may precede fresh bears. However, no firm signal of reversal seen yet. Previous supports at 0.9200/0.9230 now revert to resistance and being reinforced by 55/20 day EMA’s respectively.
Res: 0.9200, 0.9230, 0.9241, 0.9265
Sup: 0.9160, 0.9130, 0.9100, 0.9080
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.