EURUSD – The EURUSD Nearly Reaches 1.2900
The EURUSD is recovering after an unsuccessful bears’ attempt to consolidate below the 1.2825 support. The pair increased to 1.2900 from that level yesterday, which limited its recovery. However, the bulls managed to overcome the resistance of 1.2880. If they manage to stay it, the URUSD may develop an upward correction towards 1.2950-1.3000. This will not change the attitude towards the single currency, thus the increase to the above mentioned levels should be considered as an opportunity to open shorts. The increase and ability to consolidate above 1.3020 will make the market participants to reconsider their trading strategy.
GBPUSD – The GBPUSD Recovers from 1.5221
The GBPUSD is recovering after its decrease to 1.5160 and managed to reach the level of 1.5280. During the Asian session, the pair pulled back to the level of 1.5221, which managed to provide it with the support. The fact that the pound managed to stay above 1.5200 is a positive factor for it, but as long as the pair is trading below 1.5322, it is not necessary to make substantial improvements regarding the pound. Thus, the pair is still at risk decreasing, but if it manages to increase and consolidate above 1.5322, the bearish pressure will be weakened.
USDCHF – The USDCHF May Decrease to 0.9600-0.9580
Yesterday, the USDCHF was under pressure due to which the Swiss currency managed to be slightly adjusted. However, having nearly reached the 0.9647 level, the dollar returned above the 0.9666 resistance, and as long as the rate is held above this level, the pair still may resume its increase. The loss of 0.9666 (support level this time) will make the pair decrease to 0.9600-0.9580. The drop below 0.9520 would significantly worsen the dollar’s prospects.
USDJPY – The USDJPY Consolidating
The USDJPY managed to resume its decrease after rebounding to 102.91. Thus, the rate dropped to 102.07 yesterday. There appeared the purchasing appetite during the Asian session again and the pair managed to hike to 102.76. The bulls failed to increase higher and the dollar became under pressure again. Since there have been no significant changes marked in the overall picture regarding the USDJPY, and the pair is still consolidating after its next increase, it is wise to note the obvious fact: the further movement will depend on the pair’s move out of the range formed in one direction or another.
