Forex Technical Cross Pairs Analysis | August 16, 2023

EUR/JPY

EUR/JPY maintains the positions near the top and looking to extend the bullish movement. Traders will continue to hold long positions while expecting a new bearish correction. When the pair start a bearish correction, traders could enter more long positions near support levels.

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Today’s critical levels to watch:

Support: 155.00, 154.00, 151.50, 148.50

Resistance: 160.00, 162.87, 171.00

EUR/GBP

EUR/GBP made its third bearish consecutive close and return below 0.8600. The situation of the pair continues bearish today and will attempt to form a lower swing low. If the pair form a lower swing low then the bearish movement could continue toward 0.8500 next. On the other hand, if the pair could climb and close above 0.8600 then there is a chance of a bullish reversal.

Today’s critical levels to watch:

Support: 0.8600, 0.8580, 0.8400, 0.8325

Resistance: 0.8700, 0.8750

GBP/JPY

GBP/JPY slowly moving upward and continue printing a new higher high. There is no bearish indication on the daily chart and the pair might continue moving bullishly. If the pair start a bearish correction then traders could use the 182.45 level as a place to look for long positions.

Today’s Critical level to watch:

Support: 178.50, 172.00, 170.00, 168.50

Resistance: 182.45

GBP/CHF

GBP/CHF’s moving upward with strong bullish momentum today. It manage to reach the 1.1200 level but no higher high printed on the chart. At the current time, traders will monitor the pair reactions at the 1.1200 level. If the pair could continue the bullish movement and print a new higher swing high then the bullish movement could continue.

Today’s critical levels to watch:

Support: 1.0500, 1.0000

Resistance: 1.1200, 1.1530, 1.1600, 1.1750

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