The EURUSD Running a Risk to Fall to 1.3720
ECB comments influenced negatively on the dynamics of the EURUSD, but yesterday any serious fluctuations were not observed. The pair dropped to the level of 1.3808, which was able to provide support, after that it froze just above this level. Despite preserved pressure the pair is holding above the 38th figure. It needs to break and consolidate below it to continue declining to the support 1.3720. Growth attempts should be used for opening short positions. An ascending impulse will be strengthened while breaking steadily through highs.
The GBPUSD Can Test 1.6640/00
Yesterday, the GBPUSD was under pressure, but a decline in the pair was limited by the level of 1.6697, which was able to provide support. The pair has retreated from it to 1.6742, but pressure remains. In the short term, the pound can decline to 1.6640—1.6600, but it is worth noting that today data on consumer inflation in Great Britain are published that can significantly influence the dynamics of the pair. Thus, it is better to refrain from taking actions before they are released.
The USDCHF Trying to Resume Lost Positions
The USDCHF is gradually recovering and has already risen to 0.8805. At this stage, yesterday’s consolidation looks solely corrective, so it is not necessary to mention a basis formation and a trend reversal. The dollar needs to overcome the resistance around the level of 0.8952 to improve its perspectives. Until then the risks to resume a decline with further testing the 87th figure will be kept.
The USDJPY Retreats to the 102nd Figure
Yesterday, the USDJPY pair rose above the resistance level of 101.59, but the bulls failed to move above the 102nd figure. A rebound from the support around 101.59-101.22 does not mean the completion of a descending correction and provides an opportunity to open short positions. A rise above 102.00/13 will serve for weakening a bearish impulse, and the ability to rise and consolidate above the 103rd figure will signal about an ascending trend reversal. So far the risks to test 101.22 are kept.
