EURUSD – The EURUSD Consolidating Above 1.3020
The EURUSD has entered a consolidation phase. The pair managed to increase and stay above the 1.3020 resistance, though it happened during the Asian session which was pretty quiet. However, the 20-day MA crossed the 50 and 100-day moving averages upwards on the 4 hour chart and this time, it will be the support level which currently runs at 1.2956. The loss of this support would weaken the pair bulls and its drop below 1.2880 would mean the downtrend resumption.
GBPUSD – The GBPUSD Decreases to Support 1.5240
The GBPUSD was also consolidating yesterday, but it was decreasing at the same time that was first influenced by the upward correction in the EURGBP. Thus, the pair moved away from the 1.5363 high reached on Friday and dropped to the support level at around 1.5240. The GBPUSD should consolidate above 1.5240-1.518 in order to continue the upward correction. Its drop below the last level, where the 100-day moving average runs on the 4-hour chart at the moment, would mean that the bears handle the situation.
USDCHF – The USDCHF Approaches Figure 93
After Friday’s decrease to 0.9312, the USDCHF pair continued trading just above that level. The rate’s fluctuations on top are limited by the resistance at 0.9360. Thus, the pair bears managed to keep it below that level which had been the support before it decreased and thus, it is a negative factor for the bulls. The level of 0.9290, where the 100-day moving average runs on the daily chart, is likely to become another reduction target for the pair. Its decrease below would worsen the pair’s outlook.
USDJPY – The USDJPY Sets Fresh Highs
As expected, the USDJPY continued hiking. This time, the pair has reached the resistance at 99.64 and pulled back to 99.11. Obviously, the Japanese currency is in the midst of a downtrend and the pair bulls cannot but be limited by the 100th figure. There are the 100.40 and 101.45 levels above it, the latter is the high of April 2009. Thus, the pair came close to the critical levels and the RSI on the 4-hour, daily and monthly charts has entered the overbought zone, but it is still there on the weekly chart. Consequently, it is wise to refrain from purchases at current levels – they are quite risky. The nearest potential target of the downward correction is the 96th figure.
