The EURUSD Stands Still
Yesterday’s macroeconomic calendar was empty due to celebration of Presidents` Day in the U.S., so the market activity was low. Thus, many currency pairs were trading in rather tight ranges, including the EURUSD that essentially stood still. Fluctuations of the pair were limited by the 1.3723 and 1.3692 levels. Consequently, nothing new has not happened in the overall picture, the situation remains the same: the bulls should overcome the resistance around the 1.3723 level that will open the way to the 38th figure. The inability to break above will trigger profit taking and a decline of the pair.
The GBPUSD Corrects from Reached Levels
Yesterday, the GBPUSD was marked near fresh highs at the 1.6822 level, which was used by short-term players for profit taking, that triggered a price decline of the pair to 1.6695. A pullback in the euro contributed to it. Overbuying of the GBPUSD pair and reaching subsequent highs is a good reason for profit taking, but so far it is early to speak about peak formation and a trend reversal. The pound can continue declining, the next target looks the support at 1.6667, its loss can be the feature for the peak formation. Growth above 1.6800 is hardly probable.
The USDCHF Trading in Tight Range
The USDCHF as well as the EURUSD stood still. From the 89th figure the pair continues to be bought and it is not able to rise above 0.8927. Therefore, the situation in the pair remains unchanged. Loss of the 89th figure will open the way to the support around the 0.8800 level. To improve prospects the dollar should return above 0.8900 and overcome the resistance around 0.9040.
The USDJPY Tests Resistance 102.74
The USDJPY has returned successfully above the resistance around 101.60. Having consolidated above it, the pair could continue to grow and tested the resistance at 102.74 in the Asian session. Purchases of the pair from the support 101.59 testify about continued strength of the bulls, but as long as the 102.74 resistance holds their onslaught, the risks of falling below 101.59 are kept. It is possible that at the current high (102.74) the pair is forming a peak, from which we should expect the resumption of a downward correction. A breakout of this level will mean the resumption of an uptrend.
