Forex Technical Cross Pairs Analysis | February 16, 2024

By • Posted in Forex

EUR/JPY

EUR/JPY extend the bullish movement slowly and print a new higher high. The pair might be able to continue the bullish trend to target the previous swing high. Traders will continue to monitor the movement of the pair for now. If the pair starts a bearish pullback to retest the broken resistance level then traders could wait for bullish reactions. When there are bullish reactions, traders could enter long positions.

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Today’s critical levels to watch:

Support: 160.00, 155.00, 154.00, 151.50, 148.50

Resistance:

EUR/GBP

EUR/GBP bullish attempt to lose the upward pressure before it could reach the 0.8580 – 0.8600 area. The pair currently trading near the opening level and might close the day flat. The overall trend is bearish which means traders will wait for bearish reactions near resistance levels for a chance to enter short positions. As long as there is no close above the 0.8580 – 0.8600 area, the trend will continue bearish.

Today’s critical levels to watch:

Support: 0.8600, 0.8580, 0.8400, 0.8325

Resistance: 0.8700, 0.8750

GBP/JPY

GBP/JPY pushed lower yesterday but managed to stage recovery and close above the 188.50 level. The pair is moving upward today but limited near yesterday’s high. Will the pair continue the bullish trend and print a new higher high on the chart? As Japan falls into recession, it seems the Japanese Yen will stay on the weak side and GBP/JPY could continue upward.

Today’s Critical level to watch:

Support: 186.00, 184.00, 182.45, 178.50

Resistance:

GBP/CHF

GBP/CHF moved lower below the 1.1100 level again which signals a mixed situation. If the pair continues moving lower and erases all of the gains after U.S. inflation data release then the trend might turn bearish again. However, if the pair could continue trading upward and print a new higher high then the bullish trend could continue. On the lower side, a lower low below 1.0880 or the latest swing low is needed to reverse the current bullish leg.

Today’s critical levels to watch:

Support: 1.1100, 1.1060, 1.0500, 1.0000

Resistance: 1.1200, 1.1530, 1.1600, 1.1750

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