EURUSD
The beginning of the new trading week was not so iridescent for the single currency at all. Not even trying to resume its growth, the EUR/USD almost immediately started decreaing and the rate dropped to the support at 1.3545. This was not enough for the bears, and they continued selling the euro. As a result the pair is testing the support at 1.3475, whose breakthrough would reduce the price to 1.3415/00. At this stage, the pair’s drop should be considered as the correcting one, at least until the 34th figure is able to constrain the bears’ onslaught. Otherwise, the euro could go back to the support at 1.3265 that will be a major negative moment for it. The immediate resistance is near 1.3520 — 1.3550.
GBPUSD
Despite the EUR/USD pair’s decrease, the GBP/USD continues to trade above the 57th figure due to the decrease in the EUR/GBP cross-rate. As a result of British currency stopped its resumption at the 1.5772 resistance level, and it seems that further increase chances are low. At least for now, the euro remains under pressure. This time, the likely return of demand for the EUR/GBP creates a risk of the GBP/USD decrease below 1.5700, that would be very negative for the British pound. It is possible that we will see the wave’s formation towards the downward direction. Only if there is the increase above this resistance, it can make a substantial difference in the situation.
USDCHF
The USD/CHF managed to recover to 0.9116, and then dropped to 0.9072, and then returned to the top of the formed range. The pair continues to influence movements in the EUR/USD and EUR/CHF, and they pull the pair in different directions that complicates the forecasting. It was much easier when the EUR/CHF sat around near the 20th figure. The problem point for the Bears is that after the breakdown of the support near 0.9080, they failed to keep the USD/CHF lower. On the contrary, the pair passed this level – from the bottom upwards, this time, and it is providing the dollar with the support that opens the way to the 92nd figure. The drop below 0.9080 would give bears another chance to test the 0.9000 level.
USDJPY
Yesterday, the USD/JPY bulls boldly started to move the rate higher, but at the level of 93.17 they were happily met by bears, and the pair corrected to 91.98, where the 20-day moving average runs. The increasing attepts were faced the sales at 92.55. The correction in the USD/JPY pair is rather modest so far, that is in contrast to the EUR/USD correction. However, the pair may well decrease to the level of 91.40, and in case this level has been passed, it will drop to 90.32. It is not necessary to talk about any change in the trend, thus the dollar may resume its growth any time. There, on the 4-hour and daily charts the RSI is in the overbought zone, on the weekly chart — it only started turning downwards, thus that it makes sense to wait for better levels and make purchases afterwards.
