U.S. Dollar Under Pressure
EURUSD – The EURUSD Trying to Develop Increase
Despite the absence of any fundamental factors supporting the single currency increase, being in pair with the U.S. dollar it is confidently consolidating above the 30th figure, in fact, it is already close to the 31st one. On the daily timeframe, the Parabolic SAR is below the price chart maintaining a positive outlook on the technical prospects of the pair, but on the 4-hour, despite the current strengthening, the Parabolic is above the price chart – this raises some doubts about the bulls’ ability to develop an upward trend. However, the breakdown of the high near the 32nd figure dispel all doubts and the EURUSD will increase to 1.3264. The loss of 1.3000 would mean the downtrend resumption.
GBPUSD – The GBPUSD May Increase to 1.5300
The GBPUSD was decreasing yesterday, but the support near 1.5040 didn’t cope with its task, and the pair is now trying to develop its growth towards 1.5200. In general, it seems that the pair has formed the basis and may soon test the resistance at the 53rd figure on the daily chart, where the 100-day and 50-day moving averages are running. The breakthrough of this level would cause further development of the uptrend. On the 4-hour timeframe, the British pound attempts to break above the 100-day MA, but the Parabolic SAR is above the price chart, which casts doubt on the current increase. The loss of 1.5040-1.5000 would return negative sentiment to the markets, and the current low of 1.4813 would be under pressure put by the bears again.
USDCHF – The USDCHF Stays at Support 0.9477
The USDCHF is kept from decreasing by the USDCHF, which attempted to increase yesterday, but having faced the resistance at 0.9533, it was forced to retreat to the support of 0.9477, which is trading near it at the moment. On the 4-hour timeframe, the USDCHF is below the 95th figure and 100-day moving average, but the Parabolic SAR, being below the price chart hasn’t confirmed the the downward momentum in the pair. In turn, on the daily timeframe, the Parabolic is above the price chart, but the dollar is trading above the 100-day moving average, which takes place at the level of 0.9443. The decrease lower, would confirm the downtrend, and the increase above 0.9555 would indicate the renewed upward movement.
USDJPY – The USDJPY Fails to Increase Above 100.49
The USDJPY increased to 100.49 yesterday. There it was sold, and the dollar was forced to retreat to the 99.70 support area, where it is trying to form the interim basis. If it succeeds, then the pair will increase to 100.49-100.68. The breakthrough of 100.68 would strengthen the upward momentum. In favor of this development speaks the Parabolic SAR located below the price chart. But on the daily timeframe, it is still located above the chart, and thus the pair still may test the 98.67 support. The drop below would confirm the downward correction.
