The EURUSD – Сorrection or Uptrend Resumption?
The bulls on the EURUSD showed a complete lack of respect to the resistance around the 1.3176 level, breaking it, and lifted the pair to 1.3280, where the 100-day moving average is traversing. Thus, the pair is trying to be consolidated above the resistance around 1.3263, and if it succeeds, then we will get the final confirmation of the upward trend resumption with the return of the euro to the 34th figure. This scenario seems quite possible, but it should not be excluded the fact that now there is a correction after falling to 1.3104. In this case, the bears will try to regain control over the situation at the current levels. They will try to break through the support at 1.3176 again and in case of success they will also test the 31th figure.
The GBPUSD Approaching to 1.5766
Yesterday the GBPUSD broke through the resistance at 1.5656, then at 1.5713 and tested the marking of 1.5732. Here the bulls` enthusiasm disappeared and the pair retraced to the 1.5685 level which is serving as a support. The situation is still favorable for the bulls, but getting closer to the resistance 1.5766, the pair has to overcome the bears` offers, which can prevent them from going up. However, if the level has been broken, the upward momentum will be increased, and the pound will rise towards 1.6000. A drop below 1.5422 would cause tachycardia in the bears on the pair. Do not forget about the EURGBP , which is trying to recover from the support at 0.8400.
The USDCHF Fails to Develop Upward Momentum
The USDCHF failed to be consolidated above the support at the 0.9345 level and return to its current highs. Instead, the pair dropped below a specified level and tested support around the 93rd figure. Just below the 100-day moving average is traversing, so this support can be considered as a key to recover the dollar. If it survives, then the pair will try to get back to the highs, if not – a fall to 0.9220 should be expected. In general, the failure to hold above 0.9345 cause skeptical attitude towards the growth of the dollar.
The USDJPY Coming Back to the 100th
Yesterday the USDJPY gradually retreated from the day´s highs of 100.10 until it found the support around the 99.34 level, where it stayed the rest of the time. Today the bulls have gone on the offensive again. The pair`s currency rate has approached the 100th figure. Their persistence may lead to the level breakout and then increase to at least 100.68. And the bears still need to break through the support at 99.00 to help the yen get another chance to develop correction.
