Pound Was Being Sold Yesterday, Attempts to Buy Yen
EURUSD – The EURUSD Trading in a Narrow Range
The market makers seems to gradually lose their desire to do something with the approach of summer, and this is reflected in the currencies’ behavior. Thus, yesterday’s trading day was dull and not interesting regarding the EURUSD, which was sluggishly fluctuating within the 1.2942 and 1.2999 levels. Only during the Asian session, there was a weird hike to 1.3025, which did not continue. Therefore, it is not necessary to talk about any changes in the overall picture, the pair is still subject to the risk of decreasing to 1.2880, and only its growth and ability to consolidate above 1.3080 would improve its future prospects.
GBPUSD – The GBPUSD Dropped Below Figure 53
Despite the market calm that surrounded the GBPUSD yesterday, the market participants still showed some activity that aimed at selling the British pound against the dollar and in the cross-rates as well. As a result, the GBPUSD, having denoted the high of the day at 1.5384, dropped below the 53rd figure. However, having tested the 1.5279 level, the pair managed to recover to 1.5330. Though yesterday’s drop was hardly a confident breakdown of the 53rd figure, the attitude towards the British currency leaves much to be desired, and the GBPUSD pair may test the 1.5200 level in the short term.
USDCHF – The USDCHF Fails to Consolidate Above 0.9555
The USDCHF was consolidating within the 0.9595 and 0.9546 levels during the whole day yesterday. During the Asian session, the pair dropped to 0.9520. In general, it does not change anything for the current upward momentum of the dollar, but ideally, it would be very nice if it manges to hold above 0.9555. But the bullish positive sentiment still remains there, and the dollar may test the 0.9666 resistance. The drop below the 94th figure will make adjustments to the pair’s outlook.
USDJPY – The USDJPY May Test 100.00
The USDJPY pair’s state of being overbought is evident, since the bulls’ enthusiasm near the 102nd figure has been subsided. After several unsuccessful attempts to consolidate above this level, the bulls were forced to retreat, and as a result the rate dropped to 101.27. Of course, until there are convincing signs of the high formation, it is not necessary to talk about the end of the upward trend, but given the magnitude of the growth and its state of being overbought, the pair’s further increase may face certain difficulties. It is possible that, before it resumes the upward movement, the dollar will test the 100.00 level, acting as the support this time.
provided by IAFT
