EURUSD – The EURUSD Unable to Consolidate Above 1.3206
The EURUSD continued to rise yesterday, having increased above the resistance 1.3176 and tested the 1.3217 level – it is slightly above the highs reached on July 10 after Ben Bernanke’s speech. Despite lingering positive and the Parabolic SAR, which is still below the price chart, the pair’s dynamics is not credible, and if the euro fails to hold above 1.3176, the pair risks of decreasing at least to 1.3100-1.3070. The loss of the 30th figure will mean the downtrend resumption. In case the current highs are broken down, the bulls’ next target will be the 1.3264 and 1.3306 levels (each of them can provide a strong resistance).
GBPUSD – The GBPUSD Hits Resistance at 1.5376
Similar to the EURUSD situation, the GBPUSD pair was increasing yesterday, remaining positive. The pair broke down 1.5290 and increased to 1.5376 resistance, which successfully holds back the bulls’ onslaught so far. It is wise to note, that the RSI has entered the overbought zone that may hinder the ascending movement. However, the Parabolic SAR is below the price chart, and the 50-day MA has crossed the 100-day MA upwards, indicating the speculators’ positive sentiment towards the GBPUSD. Thus, it is wise not to rule out the breakdown of the current high with the following pair’s increase to 1.5485.
USDCHF – The USDCHF Pulls Back from Support Near Figure 93
The USDCHF is gradually decreasing, having found the support at 0.9371, which was later successfully punched. As a result, the dollar dropped to 0.9321 (the high of the previous trading day) with the following pair’s pullback to 0.9366, where the pair is trading at the moment. So far, the pair manages to stay above the support at the 93rd figure that leaves hope for the bulls to resume the increase. The loss of the support would deprive them of that hope and make the pair drop to 0.9220. In case of the pair’s increase and consolidation above 0.9400, its outlook would be improved.
USDJPY – The USDJPY at Risk of Decreasing Below
Despite the positive closure of the previous week, the dollar managed to continue increasing against the Japanese yen and was under pressure during the whole day yesterday. First, its rate dropped to 99.61. After a slight pullback, the decrease was resumed and the dollar approached the support near the 99th figure. The pair became in demand at 99.14 that allowed the dollar pull back to 99.64. The pair’s inability to increase and consolidate above 100.70 with a subsequent decrease near the 99th figure has increased risks of the renewed downward correction. However, the bears will have to pass not only 99.00, but also the support at 98.20. The loss of 98.20 would mean the development of a medium-term downtrend. The increase above 100.70 would resume the pair’s increase.
