GBPUSD is hovering above the daily pivot at 1.4392.

February 3, 2016

Article by ForexTime

EURUSD H4
Resistance 1.0940 1.0967 1.0996
Support 1.0885 1.0856 1.0829
Primary Scenario EURUSD is gyrating the daily pivot point (1.0912). A daily close above this level will trigger the market to retest the hurdle at 1.0940. A successful penetration would lead the market towards 1.0967.
Alternative Scenario If the pair manages to breach the daily pivot, the next support is seen at 1.0885.

GBPUSD H4
Resistance 1.4459 1.4512 1.4579
Support 1.4339 1.4272 1.4219
Primary Scenario The pair is hovering above the daily pivot at 1.4392 and has a scope to target the resistance at 1.4459. If GBPUSD achieves to extend its momentum, it will climb towards the forthcoming level at 1.4512.
Alternative Scenario On the other hand, a plunge of the market below the daily pivot will push prices to find support at 1.4339.

USDCHF H4
Resistance 1.0211 1.0244 1.0265
Support 1.0157 1.0136 1.0103
Primary Scenario USDCHF is currently trading below the daily pivot point at 1.0190. Further drop of the market will open the way down to 1.0157 and then lower at 1.0136.
Alternative Scenario A higher thrust of the currency pair will lift the exchange rate above the daily pivot, with immediate target the resistance at 1.0211.

USDJPY H4
Resistance 119.77 120.05 120.57
Support 119.40 119.05 118.37
Primary Scenario The pair is attempting to end its correction course. If that happens, USDJPY will surpass the hurdle at 119.77, targeting the resistance level at 120.05 and even higher at 120.57.
Alternative Scenario Alternatively, a deeper correction of the pair below the key support at 119.40 will push the rate to find support at 119.05.

AUDUSD H4
Resistance 0.7098 0.7160 0.7193
Support 0.7003 0.6971 0.6909
Primary Scenario AUDUSD eyes the important support level at 0.7003. A break back below this level will pave the path down to 0.6971 and further down to 0.6909.
Alternative Scenario. A bounce up from current levels would fuel the pair to penetrate the daily pivot (0.7066), targeting the next resistance level at 0.7098.

 

Article by ForexTime

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