USDJPY plunged into multi-month low.

January 7, 2016

Article by ForexTime

EURUSD H4
Resistance 1.0813 1.0849 1.0900
Support 1.0725 1.0674 1.0638
Primary Scenario EURUSD bounced up from the previous bottom and is now trading above the support level at 1.0813. Further increase of the prices will lead the currency pair to hit the forthcoming resistance at 1.0849 and even higher at 1.0900.
Alternative Scenario A reversal back below the level at 1.0813 will push the market to find support at the daily pivot point at 1.0762.

GBPUSD H4
Resistance 1.4670 1.4714 1.4749
Support 1.4591 1.4556 1.4512
Primary Scenario The pair is hovering below the daily pivot (1.4635). A decisive movement to the south will trigger GBPUSD to target the support level at 1.4591 and further down to 1.4556.
Alternative Scenario An upward wave would lead the pair to exceed the daily pivot, with immediate target the resistance at 1.4670. RSI oscillator support this outlook.

USDCHF H4
Resistance 1.0106 1.0143 1.0168
Support 1.0043 1.0018 0.9981
Primary Scenario A strong bearish movement led USDCHF to violate the daily pivot at 1.0081 and the support level at 1.0043. If the pair manages to extend its momentum, it will breach the support at 1.0018, targeting the level at 0.9981.
Alternative Scenario A higher thrust of the market will push the exchange rate to hit the hurdle at 1.0043 and then higher the daily pivot.

USDJPY H4
Resistance 118.24 118.74 119.28
Support 117.65 117.21 116.67
Primary Scenario USDJPY plunged into multi-month low. If the bears achieve to take control of the bulls, the next support is estimated at 117.65 and 117.21.
Alternative Scenario On the other hand, a reaction of the market will push the pair towards the barrier at 118.24 and further up at 118.74. RSI is trading within the oversold territory.

AUDUSD H4
Resistance 0.7142 0.7218 0.7265
Support 0.7019 0.6972 0.6896
Primary Scenario AUDUSD is now testing the key support at 0.7019. A break back below this level will open the way down to 0.6972 and even lower at 0.6896.
Alternative Scenario. Should the pair manage to gain momentum, it will target the daily pivot point at 0.7095 and further up at 0.7142. RSI is negotiating at 23.

 

Article by ForexTime

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