The EURUSD Consolidating After Last Week’s Rise
The EURUSD continues to be in a sluggish state. After a last week’s rise it entered a consolidation phase, trading in a tight range. Yesterday it was limited by the 1.3833 and 1.3876 levels. Thus, the overall picture remains unchanged. Inability to grow above 1.3900 will trigger profit taking as well as falling below the support level of 1.3833, so this will open the way to 1.3782—1.3720.
The GBPUSD Testing Support
Yesterday, the GBPUSD was under pressure, but falling was limited by the support at 1.6596. After testing the pound returned to the resistance around 1.6647. On the whole, the pair looks able to continue declining as well as to break through the current lows at the 1.6583 level that will lead to falling at least to 1.6500—1.6480. Growth attempts to the 67th figure should be considered as the opportunity to open short positions at the best price. A rise above will put the 1.6800 resistance at risk.
The USDCHF Can Form Base
Yesterday, the USDCHF made an attempt to increase, but it failed to rise above 0.8804. Having been here under pressure, the pair fell to the support at 0.8765, which continues to cope succesfully with its task. Thus, the probability of forming a base at current levels with the subsequent development of an ascending correction increases. In this case, in the short term, the dollar bulls may test the resistance at 0.8900, its breakout will significantly improve the prospects of the pair. Loss of the 0.8765/55 support will lead to a fall to 0.8568.
The USDJPY Testing 102.83
The USDJPY failed to continue increasing as well as to rise above the previous week’s highs at the 103.76 level. This, as expected, led to some profit taking, against this background the bears are testing the previously broken 102.83 level, acting as support. Its loss will open the way to the 101.59 level. If the 102.83 level can hold onslaught of the bears, then the bulls will be able to test 103.76 again.
