Forex Technical Cross Pairs analysis October 8, 2019

EUR/JPY

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EUR/JPY stage a rally and return to 117.80 resistance but there is no follow-through by the bull today. The pair seems will consolidate near the resistance level while waiting for further confirmation. As long as there is no close above 117.80, EUR/JPY will continue its bearish trend.

today critical levels to watch:

Support: 116.00, 115.80

Resistance: 117.80, 119.00, 119.20

EUR/GBP

EUR/GBP jumped from 0.8920 to 0.9000 today. The jump happened after a report that says Brexit deal close to breaking down. Earlier, German Chancellor Angela Merkel told UK Boris Johnson that Brexit deal “overwhelmingly unlikely”. Under the current situation, EUR/GBP might breakout above 0.9000.

today critical levels to watch:

Support: 0.8920, 0.8900

Resistance: 0.9000

GBP/JPY

GBP/JPY touches the bottom trendline today and might continue its downward movement. We are getting near 130.00 support level and traders might expect some reaction from the support level. The current bearish movement in GBP/JPY is driven by UK Brexit development which could change anytime this month.

Today Critical level to watch:

Support: 130.00

Resistance: 132,00, 133.00, 134.00

GBP/CHF

A breakout of the triangle pattern on the GBP/CHF daily chart happens. The pair might continue its downward movement toward 1.2000. Wait until the pair reach 1.2000 and show a bullish reaction before entering long positions. On the other side, short positions when retest of trendline or 1.2300 happen is another option, traders could take.

Today critical levels to watch:

Support: 1.2075, 1.2000

Resistance: 1.2300, 1.2500

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