EUR/USD
Corrective easing off fresh high at 1.3477, found support at 1.3425 today, also Fib 23.6% of 1.3264/1.3477 upleg, ahead of fresh strength that retested 1.3477 barrier. Lack of momentum is keeps 1.3500, 50% of 1.4938/1.2042 intact for now, However, overall positive tone keeps the upside favored. Break higher to face 1.3525/32, weekly 200 day MA / Fib 76.4% expansion of the wave c that commenced from 1.2660, 11 Nov 2012 low. However, 4h RSI at 70 and Stochastic reversing see risk of further congestion under 1.3500 barrier. The downside is for now protected at 1.3425/00, with any dip below here, to delay bulls and extend corrective / consolidative phase.
Res: 1.3477, 1.3485, 1.3490, 1.3525
Sup: 1.3450, 1.3425, 1.3400, 1.3370
GBP/USD
The pair extended weakness to our initial target at 1.5700, as overall negative structure and day’s gap-lower opening, keep the downside in focus. Today’s steady descend, interrupted by brief corrective bounces, sees risk of penetration through 1.5700, also Fib 61.8% of 1.5267/1.6380, to trigger fresh extension towards 1.5634 and 1.5600. Initial resistance lies at 1.5745, last Friday’s low and keeps the upside capped for now, while any rally above here, would required clearance of 1.5800/23, to ease immediate bear-pressure.
Res: 1.5745, 1.5784, 1.5800, 1.5823
Sup: 1.5700, 1.5660, 1.5634, 1.5600
USD/JPY
Near-term price action moves in a consolidative mode, holding between 91.24, today’s fresh high and 90.50, 55 day EMA, for now. With hourly studies attempting at centrelines and 4h indicators emerging from overbought territory, further corrective action is not ruled out. Further easing would face 90.23/00, previous high / 20 day EMA and Fib 38.2% of 88.05/91.24 upleg, ahead of 89.65, 50% retracement / ascending 55 day EMA, where any stronger pullbacks should find footstep. Overall bulls remain in play despite extended daily conditions, however, RSI / MACD bearish divergence, would be initial signal for stronger corrective action that requires confirmation on a break below 88.00 base.
Res: 91.08, 91.24, 91.50, 92.00
Sup: 90.55, 90.23, 90.00, 89.65
USD/CHF
Positive tone off 0.9220, last Friday’s fresh low is fading, as the price action remains capped under psychological / daily Ichimoku cloud top 0.9300 barrier, where 20/55 day EMA’s limit near-term recovery. With 4h indicators still in the negative territory and hourlies hovering around the midlines, risk of stall becomes more evident. Failure to clear 0.9300/23 resistance zone that is required to signal basing attempt and shift near-term focus higher, would risk return to 0.9220 and possible further retracement of 0.9109/0.9387 rally.
Res: 0.9291, 0.9300, 0.9323, 0.9345
Sup: 0.9255, 0.9220, 0.9200, 0.9175
Corrective easing off fresh high at 1.3477, found support at 1.3425 today, also Fib 23.6% of 1.3264/1.3477 upleg, ahead of fresh strength that retested 1.3477 barrier. Lack of momentum is keeps 1.3500, 50% of 1.4938/1.2042 intact for now, However, overall positive tone keeps the upside favored. Break higher to face 1.3525/32, weekly 200 day MA / Fib 76.4% expansion of the wave c that commenced from 1.2660, 11 Nov 2012 low. However, 4h RSI at 70 and Stochastic reversing see risk of further congestion under 1.3500 barrier. The downside is for now protected at 1.3425/00, with any dip below here, to delay bulls and extend corrective / consolidative phase.
Res: 1.3477, 1.3485, 1.3490, 1.3525
Sup: 1.3450, 1.3425, 1.3400, 1.3370
GBP/USD
The pair extended weakness to our initial target at 1.5700, as overall negative structure and day’s gap-lower opening, keep the downside in focus. Today’s steady descend, interrupted by brief corrective bounces, sees risk of penetration through 1.5700, also Fib 61.8% of 1.5267/1.6380, to trigger fresh extension towards 1.5634 and 1.5600. Initial resistance lies at 1.5745, last Friday’s low and keeps the upside capped for now, while any rally above here, would required clearance of 1.5800/23, to ease immediate bear-pressure.
Res: 1.5745, 1.5784, 1.5800, 1.5823
Sup: 1.5700, 1.5660, 1.5634, 1.5600
USD/JPY
Near-term price action moves in a consolidative mode, holding between 91.24, today’s fresh high and 90.50, 55 day EMA, for now. With hourly studies attempting at centrelines and 4h indicators emerging from overbought territory, further corrective action is not ruled out. Further easing would face 90.23/00, previous high / 20 day EMA and Fib 38.2% of 88.05/91.24 upleg, ahead of 89.65, 50% retracement / ascending 55 day EMA, where any stronger pullbacks should find footstep. Overall bulls remain in play despite extended daily conditions, however, RSI / MACD bearish divergence, would be initial signal for stronger corrective action that requires confirmation on a break below 88.00 base.
Res: 91.08, 91.24, 91.50, 92.00
Sup: 90.55, 90.23, 90.00, 89.65
USD/CHF
Positive tone off 0.9220, last Friday’s fresh low is fading, as the price action remains capped under psychological / daily Ichimoku cloud top 0.9300 barrier, where 20/55 day EMA’s limit near-term recovery. With 4h indicators still in the negative territory and hourlies hovering around the midlines, risk of stall becomes more evident. Failure to clear 0.9300/23 resistance zone that is required to signal basing attempt and shift near-term focus higher, would risk return to 0.9220 and possible further retracement of 0.9109/0.9387 rally.
Res: 0.9291, 0.9300, 0.9323, 0.9345
Sup: 0.9255, 0.9220, 0.9200, 0.9175
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