The EURUSD Trying to Develop An Upward Momentum
Yesterday the market activity was rather weak. The EURUSD was consolidating after a fall during the last week. During the day the pair was corrected, having increased above the 34th figure and tested resistance around 1.3415. During the Asian trading session the bears became active and the pair`s rate decreased to 1.3380. The pair’s prospects are quite negative and in the short term it may test the 33rd figure. If the bears are able to break through this level, then the euro may be corrected above towards 1.3475-1.3544, where a possibility to open short positions should be considered.
The GBPUSD Drops to 1.5965
Yesterday the GBPUSD decreased to support around 1.5965 where it stayed during the whole day testing it. The pair’s fluctuations were limited by resistance around 1.5994. Today the bears have already managed to break below support and tested 1.5951. The inability to increase above 1.6118 and a fall to 1.5956 caused to worsening of the pair’s prospects. In the short term it may try to check support around the 59th figure the loss of which will mean a downtrend development. The pound needs to rise and be consolidated above 1.6118-1.6131 to improve its prospects.
The USDCHF May Decrease to 0.9100
The USDCHF has also entered into a phase of consolidation. The pair’s rate decreased to 0.9188, which was able to give it support. Today the dollar has returned to resistance around 0.9218 that still prevents it to rise above. Nevertheless, a preserved positive sentiment towards the dollar allows to predict a rise resumption and testing the current highs at the level of 0.9249. At the same time a decline towards the 91st figure should not be excluded, but it should be used to open long positions. Falling below puts into question the effectiveness of a buying strategy on declines.
The USDJPY Approaching to 100.00
During the whole previous day the USDJPY was traded within a narrow range above the 99th figure. During the Asian trading session demand for the pair has preserved and it rose to 99.73. As growth occurred in the conditions of some liquidity, it is difficult to assess the ability of the dollar to break through the psychological level of 100.00. Nevertheless, the ability of the dollar to stay above the breached 99th figure is a positive factor for it, and it increases its chances of breaking through the 100th figure. Returning below the 99th figure will weaken the bullish momentum.
