Forex Technical Cross Pairs analysis August 11, 2020

EUR/JPY

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EUR/JPY corrected lower in the previous trading day. However, the bearish pressure has no continuation in today’s session. At the current time, EUR/JPY traded higher and testing the previous day high. Traders will observe whether the pair will close above 125.00 or start moving lower to target 123.30.

Today critical levels to watch:

Support: 123.30, 121.50

Resistance: 125.00

EUR/GBP

The bear gaining upper hand against the bull as EUR/GBP closed below 0.9000. Today, the pair making retest on the 0.9000 and show initial bearish rejection. If the bear could print lower close below the previous day low then traders will prepare for further weakness toward 0.8920.

today critical levels to watch:

Support: 0.8920

Resistance: 0.9000, 0.9100, 0.9300

GBP/JPY

GBP/JPY continues its consolidation near the high. The pair currently making a bullish attempt to breakout above the previous week high. On the upward, we think GBP/JPY could reach 140.00 resistance before turn lower. Traders might want to wait for a bearish correction before placing any major long positions.

Today Critical level to watch:

Support: 136.00, 135.00

Resistance: 140.00

GBP/CHF

GBP/CHF continues ranging movement between 1.1870 – 1.2000 without any sign of a breakout. The pair will continue trade inside the range for now. However, traders might want to prepare for a possible bullish breakout as the pair pressuring to the upside.

Today critical levels to watch:

Support: 1.1867, 1.1750, 1.1730

Resistance: 1.2000

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