EUR/JPY
EUR/JPY slowly moving upward from the 158.00 level and looking for a resistance level for now. We think the pair will continue the bearish movement to target a new lower swing low. On the upside, the level around 162.50 could become the resistance level to watch if the pair manage to reach it. No lower swing low printed yet on the latest bearish attempt, as long as there is no higher swing high printed then the bearish trend could continue.
Today’s critical levels to watch:
Support: 160.00, 155.00, 154.00
Resistance: 163.00, 165.00
EUR/GBP
EUR/GBP made a bullish pullback after a new lower swing low. The pair currently trading near the bearish breakout point and will test it. Will the pair get rejected and continue the bearish trend? Alternatively, will it move toward 0.8325 test it, and continue the bearish trend? At the current time, traders will continue to make use of each bullish correction as a chance to add short positions.
Today’s critical levels to watch:
Support: 0.8250
Resistance: 0.8325, 0.8400, 0.8500, 0.8530, 0.8580, 0.8600
GBP/JPY
GBP/JPY reached 193.50 and the 50% Fibonacci Retracement level. There were bearish reactions yesterday but no bearish follow-through yet today. Traders could use the current level as a place to add short positions targeting a new lower swing low on the chart. On the upside, a close above 198.00 might cancel the current bearish outlook on the pair.
Today’s Critical level to watch:
Support: 195.00, 193.50, 190.00
Resistance: 198.00, 200.00
GBP/CHF
GBP/CHF upward movement reached the level near 1.1360. There were slight bearish reactions but we might see another attempt on the resistance level. There is no change to the ranging strategy between 1.1100 – 1.1360 which means traders could use the current bullish movement as a chance to enter short positions. Traders will continue apply range trading strategy until breakout and close outside of the range happen.
Today’s critical levels to watch:
Support: 1.1200, 1.1000, 1.0800, 1.0500
Resistance: 1.1225, 1.1360, 1.1400