The USDCHF Bought on Dips
There is no progress of the USDCHF in any direction yet. Having resumed the growth, the pair faced active resistance of bears around 1.0189, from which it was forced to retreat to the support around 1.0125. However, dips are still attracting interest for buying, that keeps risks of testing the high at the level of 1.0216. The loss of the support will open the way towards 1.0000, the breakout of which is necessary for the development of a larger correction.
The USDJPY May Continue to Decline
The dynamics of the USDJPY should instill anxiety to bulls, whose attempts to regain control over the situation are still unsuccessful. Yesterday the pair’s growth to the resistance around 119.32 attracted the interest for sale, that brought it back to the support around 118.12. In the Asian session the pair was limited by the resistance around 118.85. Declining peaks signal about the possible breakout of the support and the decline resumption of the dollar, although the angle of the descending line of the resistance is not convincing. Rise above 118.85 will return the optimism of bulls.
The EURUSD Consolidated in Range
With the beginning of the new trading week sellers of the single European currency showed themselves again. Having been sold, it, paired with the US dollar, fell to the support around 1.1786, where a quite sluggish recovery attempt took place, which was limited by the resistance around 1.1860. Thus, the pair is in a consolidation phase after the fall to a new low, trading in the resulting range. Obviously, the breakout of the range will decide the development of further movement. Growth of the pair after strong employment report for the US gave bulls hope of recovery, but the inability to develop upward dynamics above 1.1870 signals about unreadiness of sellers to active profit taking. It is possible that the pair will remain in the range till the publication of the US inflation data.
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The GBPUSD Remains below 52th Figure
As the EURUSD, the GBPUSD went into a consolidation phase after the fall, and now is traded in a range. Attempts to restore are limited by the resistance around 1.5197 and the pair is bought on the decline to the support around 1.5098. The lack of bulls’ enthusiasm around the 52th figure signals that bears are continuing to control the situation, that keeps risks of testing 1.5040, and if this level is broken – 1.5000. Strong growth above 1.5197 will signal about readiness of the pound to develop an upward correction, and the resistance around 1.5290 will become the immediate goal of bulls.
