GBPUSD bounced up from the previous low.

July 21, 2014

Article by ForexTime

EURUSD H4
Resistance 1.3542 1.3561 1.3587
Support 1.3497 1.3471 1.3452
Primary Scenario The pair is now testing the resistance at 1.3542. If EURUSD achieves to exceed this level, it will fuel the market further towards the resistances at 1.3561 and then higher at 1.3587.
Alternative Scenario A setback of the rate, would push the market to find support at the daily pivot (1.3516).

 

GBPUSD H4
Resistance 1.7121 1.7159 1.7202
Support 1.7041 1.6998 1.6960
Primary Scenario GBPUSD bounced up from the previous low and gained momentum to surpass the daily pivot at 1.7079. A sustained trading above this level, will be a catalyst for the market to test the barrier at 1.7121. Should the pair manage to breach this barrier, it will eye the next target at 1.7159.
Alternative Scenario A break back below the daily pivot, will lead GBPUSD lower to the support at 1.7041.

 

USDCHF H4
Resistance 0.9001 0.9019 0.9035
Support 0.8967 0.8951 0.8932
Primary Scenario Having reversed from the previous high, USDCHF is now trading below the daily pivot. Any decisive movement downwards will push prices to violate the key support at 0.8967, leading the pair in deeper correction down to the support at 0.8951.
Alternative Scenario A surge of the pair would lead the market above the daily pivot point at 0.8985, targeting the resistance at 0.9001.

 

USDJPY H4
Resistance 101.45 101.66 101.94
Support 101.08 100.86 100.50
Primary Scenario USDJPY is heading to the support level at 101.08. A successful breach of this level, would reinforce the bearish outlook with the most likely scenario to hit the Fibonacci support level 161.8% at 100.86.
Alternative Scenario On the other hand, a higher thrust of the rate, would push the market to experience strong resistance at 101.45 (Kumo).

 

AUDUSD H4
Resistance 0.9422 0.9452 0.9496
Support 0.9347 0.9304 0.9273
Primary Scenario AUDUSD is oscillating above the daily pivot at 0.9378. Any fruitful movement to the north, would lift the pair to test the hurdle at 0.9422 and further up at 0.9452.
Alternative Scenario A plunge of the pair from the current prices, will lead AUDUSD to violate the daily pivot, targeting the support at 0.9347.

 

Article by ForexTime

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