Forex Technical Cross Pairs Analysis

Forex Technical Cross Pairs Analysis | October 01, 2024

By Harry October 1, 2024, 5:15 pm • Posted in Forex

EUR/JPY

EUR/JPY attempted to move higher today but the upward movement has reversed. The pair currently trading below the opening level and is set to continue the bearish trend. On the lower side, 154.00 – 155.00 is the area to watch as a bearish target. When the pair could print a new lower swing low, the long-term bearish trend will be confirmed. At the current time, there is no higher swing high printed in the latest bullish attempt.

Today’s critical levels to watch:

Support: 155.00, 154.00

Resistance: 160.00, 163.00, 165.00

EUR/GBP

EUR/GBP continues under bearish pressure but it manages to hold out near the 0.8325 support level for now. The pair might continue trading sideways near the current level and waiting for further reactions. If the pair could bounce upward then 0.8400 is the resistance level to watch as a target. Traders will use each bullish correction in the pair as a chance to add more short positions near the resistance level.

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 attempt today but it immediately lost the upward pressure. The pair currently trading below the opening level and is set to resume the bearish trend to target a new lower swing low. As written yesterday, a close above the latest bearish candlestick high will cancel the bearish outlook. On the lower side, the pair need to print a new lower swing low to confirm the continuation of a bearish trend.

Today’s Critical level to watch:

Support: 190.00, 180.00, 178.70

Resistance: 193.50

GBP/CHF

GBP/CHF back under bearish pressure but the pair mostly traded between the 1.1200 – 1.1360 area. Even though the pair breakout below 1.1200, it needs to print a new lower swing low to confirm the continuation of a bearish trend. On the upside, a close above the green box area will cancel the bearish outlook and open the path to challenge the previous swing high.

Today’s critical levels to watch:

Support: 1.1225, 1.1200, 1.1000, 1.0800, 1.0500

Resistance: 1.1360, 1.1400