GBP/USD has touched the main support line around 1.5560 where it retraced to the upside as seen on the provided graph.
The probability of the bullishness increased since 1.5560 wasn’t fallen and we believe that, a break above 1.5650 will bring string upside wave.
Risk versus reward ratio is fine and therefore, we will be bullish with the opening of the week.
Support: 1.5560-1.5500-1.5470
Resistance: 1.5650-1.5710-1.5755
EUR/USD has gapped to the downside, but 50% Fibonacci at 1.0950 held, while the recovery from there is seen as a gap coverage.
Trading remains below moving averages 20 and 50, which is negative, but we need to define the type of the gap to see how the pair will behave.
Thereby, we will be neutral; noting that, a break below 1.0950 will bring bearish wave.
Support: 1.1000-1.0950-1.0835
Resistance: 1.:1050-1.1125-1.1200
Direction: Sideways
The USD/CHF pair has been trading within a narrow range since the opening of the week’s trading, while struggle continues near the pivotal level of 0.9430 as seen on the provided daily chart.
The new key levels are 0.9500 from the topside and 0.9390 from the underside and breaching one of them will give off a sign for the next move.
In result, we will watch the price behaviors until USDCHF takes out one of them to pinpoint the intraday direction.
Support: 0.9390-0.9340-0.9280
Resistance: 0.9450-0.9485-0.9505
Direction: Sideways
In line with our previous analysis, the USD/JPY has moved to the downside, reaching our defined target at 121.90 as seen on the provided daily chart.
The downside gap seen with the market opening hasn’t been covered yet and we still need time to define its type.
Meanwhile, the jump from 121.90 is still covered by moving averages 20 and 50 and therefore, we are forced to stand aside today.
Of note, coming below 121.90 will trigger strong downside wave.
Support: 121.90-121.10-120.50
Resistance: 122.75-123.15-123.35
Direction: Sideways