EUR/JPY
EUR/JPY made a bullish close yesterday but it has not broken out and printed a new higher high. The pair might continue trading sideways near the current level. However, we think the pair eventually will break out higher and get rejected from the higher Fibonacci Retracement level. When the pair form a major bearish reaction, traders could enter short positions.
Today’s critical levels to watch:
Support: 160.00, 155.00, 154.00
Resistance: 163.00, 165.00
EUR/GBP
EUR/GBP was slightly lower after the rejection from the 0.8400 level. The pair continue trading inside the 0.8325 – 0.8400 range and no breakout yet. Traders will continue waiting for a breakout and close outside of the range to confirm the pair’s next direction. Overall, the pair is still in a long-term bearish trend which means it is better to stick with short positions until a new higher swing high is printed on the chart.
Today’s critical levels to watch:
Support: 0.8325
Resistance: 0.8400, 0.8500, 0.8530, 0.8580, 0.8600
GBP/JPY
GBP/JPY made a bullish close yesterday but no higher high printed on the chart yet. The pair is continuing the consolidation and traders will wait for further development. When the pair form a major bearish reaction near the Fibonacci Retracement levels, traders could enter short positions. On the upside, a close above 198.00 might change the medium-term outlook to bullish.
Today’s Critical level to watch:
Support: 193.50, 190.00, 180.00, 178.70
Resistance: 195.00, 198.00, 200.00
GBP/CHF
GBP/CHF is supported by the 1.1200 – 1.1225 area and we now have a triangle pattern formed. The pair is in a neutral situation and traders will wait for a close outside of the triangle range to confirm the next movement. It is better to stay sideline for now as the pair could breakout in any direction. After a breakout or a new higher high / lower low is printed, traders could start entering positions in the pair.
Today’s critical levels to watch:
Support: 1.1225, 1.1200, 1.1000, 1.0800, 1.0500
Resistance: 1.1360, 1.1400