The Watchlist: GBP/JPY, EUR/USD, CHF/JPY and more setups in the making


The watchlist for the week ahead consists of a couple of compelling day trading opportunities for the open as well as plenty of action down the line following the higher volatility and sharp moves of last week. 

We have GBP/JPY, and GBP/CHF (correlated pairs) for which are priorities of the list for the open, while swing trading opportunities are located in EUR/USD, AUD/USD, CHF/JPY, GBP/CHF, GBP/AUD and EUR/AUD.

GBP/JPY hourly chart

The price made a higher high only to pull back to test old resistance turned support. Bulls could well re-engage at this juncture. 

A -61.8% Fibonacci measurement of correction offers 149.40 as an upside target.

15-min chart

Conditions on the 15-min chart are mixed with MACD in positive territory while the price is below the 21 moving average and resistance. If price moves higher in the open and breaks resistance, there are high probabilities of a higher-high for the sessions ahead, as there are for GBP/CHF:

GBP/CHF hourly chart

15-min chart

EUR/USD daily chart

The M-formation is a bullish pattern where the price would be expected to revert back to test the neckline and prior support, or, to at least the 38.2% Fibonacci level. 

EUR/USD hourly chart

There is some work to do yet while the price is below the 21-moving average. However, a period of consolidation and a gradual grind to the upside would be expected to draw in the MA and offer more favourably bullish technical conditions. 

We have a similar situation in AUD/USD:

CHF/JPY daily chart

The price has been rejected at the neckline of the M-formation and would be now expected to deteriorate in a fresh daily impulse to the downside. 

4-hour chart

In clearing support, the price would be expected to restest the structure and the commitments of the bears at the 21-moving average. 

EUR/AUD, daily chart 

With the price meeting resistance, there is a high probability that the bears will retest the bull's commitments at old resistance which has a confluence with the 62% Fibonacci retracement. 

The hourly chart can be monitored for bearish technical conditions 

AUD/CAD daily chart

1-hour chart

The price action will determine bullish conditions on a break of the current resistance from which bulls can begin to look for a bullish structure to form for an optimal entry point to target old support and the neckline of the M-formation. 

The reverse can be said of GBP/AUD:

GBP/AUD daily chart

GBP/AUD hourly chart


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Are you new to trading or have been trading for a while and you feel stuck?

Try with us!
Become Premium!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD: Demand for high-yielding assets likely to continue

The EUR/USD pair reached1.2171 last Friday, its highest since March 1, closing the week a few pips below such a high. Wall Street reached all-time highs, while US government bond yields plunged. EUR/USD is overbought but still has room to extend its advance.


GBP/USD: Scottish election’s result may take its toll on pound

 The British Pound took advantage of the broad dollar’s weakness, and GBP/USD  surged to 1.4005, retreating just modestly ahead of the close to settle around 1.3990. GBP/USD is technically bullish, could advance once above 1.4015 resistance.


Gold could target 200-day SMA

Gold extended its rally after surging above $1,800 on Thursday. During the first half of the week, the XAU/USD pair struggled to rise above $1,800 and fluctuated in a horizontal channel. The next target on the upside aligns at $1,850.

Gold News

Judge reaffirms order SEC must produce documents on Bitcoin, Ether and XRP in Ripple case

Ripple's victory granted the firm access to the SEC's documents on the three leading cryptocurrencies. The regulatory agency recently denied the possession of these documents.

More Dogecoin News

S&P 500 and Nasdaq: Can the Fed pump anymore after weak jobs report

Well, that was an interesting jobs report. Not too many people were forecasting that one. Just in case you missed it NFP were forecast to come in around the 1 million jobs gained but instead the US only added 266k.

Read more