EURUSD – The EURUSD Unable to Increase Above Figure 33
Yesterday, the EURUSD tried to attack the 33rd figure once again, without success again. The pair was being sold there, as a result it returned to the support near 1.3264, broke it through and dropped to 1.3232. After that, there was a pullback to 1.3271, today the euro is under pressure again, and it is decreasing again. Thus, it is not necessary to talk about any changes in the overall picture of the pair so far, since it continues consolidating. The inability to get up and consolidate above the 1.3306 inspires the pair bears, but they still fail to develop an upward movement. However, this situation cannot last forever, and the range may broken though at any moment with the following strong movement in a particular direction. There on the daily, weekly and monthly timeframes the Parabolic SAR is below the price chart, suggesting, but not guaranteeing, the prices’ breakdown in the upward direction. In this case, it will be possible, even with a high degree of probability, to predict the development of a high-grade upward trend towards the February highs at 1.3710. But the loss of the support near 1.3200-1.3176 will confirm that the downward trend in the EURUSD remains in force.
GBPUSD – The GBPUSD Increase to 1.5377
The GBPUSD managed to continue increasing – it was contributed by the passing of the resistance around 1.5300. This has increased the upward momentum, and as a result we have saw the pair’s increase to the next resistance at 1.5377. After that, there was a pullback to 1.5320, but the remained in demand at this level, and returned to yesterday’s highs. The sentiment is still positive, but the bulls still have to overcome the resistance proximity of 1.5377 – 1.5434, the level of 1.5434 is the July high. Until it has been passed, risks of the renewed downward momentum remain, and the loss of the 52nd figure would significantly worsen the pair’s further outlook.
USDCHF – The USDCHF Continues Consolidating
The dollar has increased above the 0.9307 resistance being paired Swiss franc, but having reached 0.9332, it came under pressure and dropped to 0.9268. In the Asian session, the decrease continued, and as a result the dollar nearly reached the level of 0.9245, but soon it began to recover and has already approached the 93rd figure. The USDCHF decrease was largely caused by the decrease in the EURCHF. However, there has been no changes to the overall picture of the pair, since the USDCHF continues consolidating in the formed range. Its breakthrough would mean the development of a strong trend towards the breakdown, thus trading in the range should be terated with an extreme caution and it is also wise to mind false breakouts when placing stops.
USDJPY – Current Support in the USDJPY Hinders the Downward Correction Development
Having failed to stay above the 99th figure, the USDJPY continued decreasing until it reached the level of 98.28 with the following rebound to 98.77, but the sales interest due to the growth has remained, and the pair dropped to 97.83, where the dollar was bought, recovered and increased to 98.51. It is possible that at this stage, the dollar is forming the basis near the 98th figure, and in this case, we should expect the uptrend resumption. This would be confirmed by the pair’s growth and the ability to consolidate above the 99th figure. The loss of the support near 97.60 would mean that the downward correction is still valid.
