EUR/JPY

EUR/JPY made a bullish close yesterday and there is a bullish follow-through today. However, the bullish movement is limited below the Fibonacci Retracement levels. No major bearish reactions yet which means further tests on the Fibonacci Retracement levels might happen. If the pair gets rejected with strong bearish reactions then it is a sign for traders to enter short positions.

Today’s critical levels to watch:

Support: 155.00, 154.00

Resistance: 160.00, 163.00, 165.00

EUR/GBP

EUR/GBP launched upward and trading above the 0.8400 level now. The sudden bullish movement happened after BOE commentary on interest rates. It seems the central bank will hold on cutting interest rates until further evidence from inflation data. Traders assume that the central bank will not cut interest-rate and that causes weakness in the Pound sterling. If the pair could extend the bullish movement and print a new higher swing high then the trend will turn bullish.

Today’s critical levels to watch:

Support: 0.8325

Resistance: 0.8400, 0.8500, 0.8530, 0.8580, 0.8600

GBP/JPY

GBP/JPY shows a bearish reaction near the 50% Fibonacci Retracement which might turn into a new bearish leg. Will the pair resume the bearish trend to target a new lower swing low? Alternatively, will it continue the bullish movement and print a new higher swing high to cancel the bearish trend? At the current time, it is better to wait for further reactions near the Fibonacci Retracement levels.

Today’s Critical level to watch:

Support: 190.00, 180.00, 178.70

Resistance: 193.50

GBP/CHF

GBP/CHF fell below the 1.1200 level with moderate bearish momentum. It could be the confirmation of a bearish continuation. However, if the pair recovers above 1.1200 before the weekly close then it is a fake breakout. Traders will monitor the pair’s closing level at the weekend to get confirmation on the pair’s next direction.

Today’s critical levels to watch:

Support: 1.1225, 1.1200, 1.1000, 1.0800, 1.0500

Resistance: 1.1360, 1.1400