EURUSD – The EURUSD Squeezed in Narrow Range
The EURUSD has failed to move anywhere again, having spend most of the day in a narrow range between 1.3318 and 1.3358. At the end of the day, there was a weird hike to 1.3381, but it wasn’t continued due to its obscurity, thus the pair started returning to its initial positions. Consequently, the EURUSD continues consolidating, but it is difficult to say whether there will be either an upward breakdown or its downward correction. Therefore, we can assume that withdrawal from the range will determine the pair’s further movement in the short term.
GBPUSD – The GBPUSD Likely to Form the Peak
The GBPUSD pair had almost the same situation yesterday. Its fluctuations were limited by 1.5751 and 1.5680. It is possible that the pair has started the peak formation at current highs, but the market activity is so low that this assumption could be easily challenged. Thus, it is wise to wait until there are further developments, and then plan your trading strategy.
USDCHF – The USDCHF Remains Above Support 0.9220
The dollar’s increasing attempts against the Swiss franc yesterday were limited by the resistance of 0.9271. After its testing, the pair returned to the support level at 0.9220. This level continues to carry out its functions, confirming the continuing demand for the U.S. currency. If the bulls manage to defend the support, they will gain strength and confidence, which will allow them to break through the resistance and make the pair’s rate increase to 0.9307. In the USDCHF increases and consolidate higher, the outlook will be improved. The drop below would mean the downtrend resumption.
USDJPY – The USDJPY Still at Risk of Decreasing
The USDJPY has come to standstill in the 100-point range between 94.20 and 95.20 at this stage – the pair spent the whole day there yesterday. The pair remains in demand at the approaches to the 94th figure – this may cause the basis formation, which, in turn, will likely complete the descending correction, but the bulls need to break through and consolidaye above the 96th figure. So far, the pair is still at risk of continuing its decrease.
