Swissquote Bank Research Team
Swissquote Bank Ltd
EUR/USD
Turning down.
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Pivot (invalidation): 1.1320
Our preference
Short positions below 1.1320 with targets at 1.1280 & 1.1260 in extension.
Alternative scenario
Above 1.1320 look for further upside with 1.1340 & 1.1360 as targets.
Comment
The RSI calls for a new downleg.
GBP/USD
Turning down.
Pivot (invalidation): 1.3120
Our preference
Short positions below 1.3120 with targets at 1.3065 & 1.3050 in extension.
Alternative scenario
Above 1.3120 look for further upside with 1.3135 & 1.3150 as targets.
Comment
The RSI shows downside momentum.
USD/JPY
Limited upside.
Pivot (invalidation): 111.85
Our preference
Long positions above 111.85 with targets at 112.10 & 112.25 in extension.
Alternative scenario
Below 111.85 look for further downside with 111.65 & 111.50 as targets.
Comment
A support base at 111.85 has formed and has allowed for a temporary stabilisation.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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GBP/USD slides to its lowest level since November, eyes 1.2400 ahead of UK jobs data
GBP/USD drifts lower for the third straight day on Tuesday and drops to its lowest level since November 17 during the Asian session. Spot prices trade around the 1.2420 region as traders now look to the UK monthly employment details for a fresh impetus.
EUR/USD steadies above 1.0600, awaits German ZEW and Powell speech
EUR/USD is holding above 1.0600 in the European morning on Tuesday, having hit fresh five-month lows. The pair draws support from sluggish US Treasury bond yields but the rebound appears capped amid a stronger US Dollar and risk-aversion. Germany's ZEW survey and Powell awaited.
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