The U.S. Dollar Trying to Recover Being Under Pressure
The EURUSD Trading Above Support of 1.3545
The EURUSD was being traded mixed within a narrow range yesterday. The support around the 1.3545 level continues to cope with its task, as well as the resistance in the 36th figure. The positive sentiment towards the euro is preserved, but there are two alarming things: an inability to get back above 1.3600 and the Parabolic SAR which is located above the price chart on the 4-hour and daily timeframes. So do not rule out a deeper correction towards 1.3500-1.3475, until a rise to 1.3700 is resumed.
The GBPUSD Is Out of the Overbought Stage
Having fallen to 1.6005, the GBPUSD managed to recover to 1.6100. This level still does not let the pair to come above. The RSI has come out of the overbought stage both on the daily and the 4-hour chart, though the pair may be corrected lower – towards the 59th figure. This will not take its toll for the uptrend, but it will give the opportunity to buy from the best levels. As a whole the picture remains positive for the pound, and it may return to the current highs. Falling below 1.5915-1.5873 will weaken the bulls` positions.
The USDCHF Trying To Form A Base
Yesterday the USDCHF was declining until it reached the level of 0.9015. Here the pair was bought out, and it went back to 0.9062, and then it came under pressure again. It seems that the bulls have a chance to form a base in the 90th figure, but talking about it will only be possible after its rising above 0.9140. While the pair is being traded below this level, the risks of a return to the current highs are maintained and attempts to increase will be used by the players to open short positions.
The USDJPY Fails to Be Consolidated Below 97.00
The Japanese yen managed to push the U.S. dollar lower then a support around the 97th figure, and the pair tested the 96.56 mark. However, it is early to speak about a breakout of the support, as the pair returned above 97.00 and tested 97.18. It still does not give a handle for concern the USDJPY bears, as long as the dollar is being traded above the descending resistance line. But the growth above will return the USDJPY bulls confidence and may be a harbinger for the resumption of the uptrend. The growth above 99.00 will confirm this.
