EUR/USD
Near-term bulls return to play, as two-day recovery from 1.3264 base cleared initial 1.3370 and key barrier and near-term range top at 1.3400. Fresh strength followed one-week congestion between 1.3264 and 1.3370 and repeated Doji candles, giving tentative signal that the pair is commencing fresh leg higher after consolidative phase. Break above midlines on the 4h chart indicators, supports the current action and sees room for extension higher, with initial targets at 1.3485, 2012 high and 1.3500 zone, 50% of larger 1.4938/1.2042 descend / weekly 200 day MA. Initial supports lie at 1.3370/50, with weekly close above 1.3400 required to confirm bulls.
Res: 1.3400, 1.3427, 1.3485, 1.3490
Sup: 1.3400, 1.3370, 1.3350, 1.3300
GBP/USD
The pair remains under pressure and keeps the downside favored in the near-term, after yesterday’s break below strong 1.5800 support confirmed and end basing attempt and consolidative 1.5800/1.5900 phase. With initial target at 1.5750 being tested so far, focus comes at 1.5700, round figure and Fib 61.8% of larger 1.5267/1.6380 rally. Corrective rallies face initial barrier at 1.5800, near Fib 38.2% of 1.5891/1.5255 descend and 55 day EMA, ahead of Fibonacci resistances at 1.5823/36, 50% / 61.8%, while break above 1.5850 would ease bear-pressure and possibly focus 1.5900, previous range top.
Res: 1.5800, 1.5820, 1.5850, 1.5882
Sup: 1.5755, 1.5700, 1.5660, 1.5600
USD/JPY
The pair fully retraced near-term 90.23/88.05 correction, as clearance of previous high at 90.23, open way for resumption of larger uptrend. Break above 90.39, Fib 76.4% of 94.97/75.56, opens way towards initial 91.00 target. Previous peak at 90.23, along with psychological 90.00 level, offer initial support. Any stronger reversal is expected to find ground at 89.40/50 zone.
Res: 90.67, 91.00, 91.50, 92.00
Sup: 90.25, 90.00, 89.67, 89.36
USD/CHF
The pair comes under increased pressure, after basing attempt at 0.9270 zone and subsequent bounce, failed to sustain gains above 0.9300. Quick reversal and penetration of 0.9270, signals that consolidative phase may be over, as the price also broke below 4h 55 day EMA and fresh weakness towards 0.9250 and 0.9200, Fib 50% / 61.8% of 0.9109/0.9387, would be the likely near-term scenario. Any bounce would be seen as corrective, with recent range top at 0.9323, expected to cap for now.
Res: 0.9300, 0.9323, 0.9330, 0.9350
Sup: 0.9273, 0.9248, 0.9215, 0.9200
Near-term bulls return to play, as two-day recovery from 1.3264 base cleared initial 1.3370 and key barrier and near-term range top at 1.3400. Fresh strength followed one-week congestion between 1.3264 and 1.3370 and repeated Doji candles, giving tentative signal that the pair is commencing fresh leg higher after consolidative phase. Break above midlines on the 4h chart indicators, supports the current action and sees room for extension higher, with initial targets at 1.3485, 2012 high and 1.3500 zone, 50% of larger 1.4938/1.2042 descend / weekly 200 day MA. Initial supports lie at 1.3370/50, with weekly close above 1.3400 required to confirm bulls.
Res: 1.3400, 1.3427, 1.3485, 1.3490
Sup: 1.3400, 1.3370, 1.3350, 1.3300
GBP/USD
The pair remains under pressure and keeps the downside favored in the near-term, after yesterday’s break below strong 1.5800 support confirmed and end basing attempt and consolidative 1.5800/1.5900 phase. With initial target at 1.5750 being tested so far, focus comes at 1.5700, round figure and Fib 61.8% of larger 1.5267/1.6380 rally. Corrective rallies face initial barrier at 1.5800, near Fib 38.2% of 1.5891/1.5255 descend and 55 day EMA, ahead of Fibonacci resistances at 1.5823/36, 50% / 61.8%, while break above 1.5850 would ease bear-pressure and possibly focus 1.5900, previous range top.
Res: 1.5800, 1.5820, 1.5850, 1.5882
Sup: 1.5755, 1.5700, 1.5660, 1.5600
USD/JPY
The pair fully retraced near-term 90.23/88.05 correction, as clearance of previous high at 90.23, open way for resumption of larger uptrend. Break above 90.39, Fib 76.4% of 94.97/75.56, opens way towards initial 91.00 target. Previous peak at 90.23, along with psychological 90.00 level, offer initial support. Any stronger reversal is expected to find ground at 89.40/50 zone.
Res: 90.67, 91.00, 91.50, 92.00
Sup: 90.25, 90.00, 89.67, 89.36
USD/CHF
The pair comes under increased pressure, after basing attempt at 0.9270 zone and subsequent bounce, failed to sustain gains above 0.9300. Quick reversal and penetration of 0.9270, signals that consolidative phase may be over, as the price also broke below 4h 55 day EMA and fresh weakness towards 0.9250 and 0.9200, Fib 50% / 61.8% of 0.9109/0.9387, would be the likely near-term scenario. Any bounce would be seen as corrective, with recent range top at 0.9323, expected to cap for now.
Res: 0.9300, 0.9323, 0.9330, 0.9350
Sup: 0.9273, 0.9248, 0.9215, 0.9200
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.