Many Currency Pairs Have Range Trading Due to Low Liquidity
EURUSD – The EURUSD Remains in Narrow Range
The EURUSD was lowly decreasing towards the 30th figure first, then – to the level of 1.3015. Afterwards, it started increasing to the resistance at 1.3070 and dropped back to 1.3033 during the Asian session. The first day of the new trading week turned out to be like this, and there happened nothing new to the EURUSD pair. It remains in a narrow range, which will surely be broken, but hardly anyone knows the time period and the direction as well. It is indisputable that if the euro passes the support at around 1.3000, the rate will decrease towards the 29th figure. If the bulls make their way above 1.3070-1.3100, their chances to test the 1.3200 level will be dramatically increased.
GBPUSD – The GBPUSD Trading Below Figure 53
The GBPUSD managed to consolidate above 1.5200 and increase to 1.5297 due to the EURGBP decrease. As long as the pair is trading below 1.5300, its increase does not change anything — that is, the downwards risks remain. This has been evidenced by the Parabolic SAR, which is located above the price chard on the 4-hour chart and is coloured in red. However, if the pound can form the bottom above the 52nd figure, the upward correction may be continued.
USDCHF – The USDCHF Scores About 55 Points
The USDCHF dynamics was no less boring — the par has passed for about 55 points in the upward direction. After it reached the level of 0.9370, it rebounded to 0.9340. The increase was due to the low activity and low volumes as well, thus you can draw a parallel with the non-alcoholic beer: the stomach is not only full of it, but there is no use of it at all. The key stage for the pair at the moment is the 93rd and the 94th figures, whose passing will set the future direction of the movement in the USDCHF.
USDJPY – The USDJPY Retreats from Figure 100 Again
Another hike to the 100.00 level for the USDJPY bulls was not successful again, and they were forced to retreat to 98.58. But is not necessary to talk about the bulls’ backdown, of course, at least as long as the pair has comfortably consolodated above 98.53-98.00. But in case of the pair’s decrease below the latter level, the bears will manage to test the support at 97.20 – it will be able to weaken the bulls’ strength and power as well. However, the 100th figure clearly attracts the dollar buyers and the Japanese yen sellers as well, thus another testing of this level looks very likely.
