EUR/JPY
EUR/JPY is sideways inside the triangle area where traders will wait for breakout. If the pair breakout lower, then it will target the lower trend line for test. Overall, the long-term trend is bullish, which mean traders could use the current triangle range to add long positions and add more when the pair reaches a lower trend line. However, the stop level might be wide for now, below the 165.00. If bearish breakout happen, we expect the pair to form a swing low around 169 – 170.
Today’s critical levels to watch:
Support: 170.00, 166.50, 165.00, 163.00
Resistance: 173.00, 175.00
EUR/GBP
EUR/GBP slowly moving upward after the bounce from the 0.8580 – 0.8600 area. If the pair continue the upward movement then the 0.8700 – 0.8750 is the target to watch. A breakout and close below 0.8580 will cancel the bullish outlook and turn the trend bearish with 0.8400 as bearish target for double top pattern.
Today’s critical levels to watch:
Support: 0.8600, 0.8580, 0.8530, 0.8500, 0.8430, 0.8400, 0.8325
Resistance: 0.8700, 0.8750
GBP/JPY
GBP/JPY has not left the 198.00 – 200.00 area after the latest rally. We maintain bullish outlook and expect the pair to breakout above the 200.00 level with strong momentum. However, a consolidation might continue between 198.00 – 200.00 for now, and possible bearish swept to clear out long positions. On the lower side, a close below 195.00 will become the invalidation confirmation for the current bullish move.
Today’s Critical level to watch:
Support: 198.00, 195.00, 193.50, 190.00, 188.00
Resistance: 200.00
GBP/CHF
GBP/CHF has reached the 1.0800 with strong bearish momentum. As we mentioned, the pair might attempt to breakout lower as the latest movement has strong momentum. Up until now, the pair is consolidating near the level and try defending the support level. A fake bearish breakout might be ideal confirmation for the bullish continuation. However, if the pair move lower and form new lower swing low, then the bullish outlook cancelled.
Today’s critical levels to watch:
Support: 1.0800, 1.0600, 1.0500
Resistance: 1.1000, 1.1200