EUR/JPY

EUR/JPY under bearish pressure but it looks like trading near the trend line. If the pair extend the downward movement, then traders could wait near the lower trend line for bullish reactions. We maintain bullish outlook for now and will avoid shorting the pair unless a new lower swing low printed.

Today’s critical levels to watch:

Support: 170.00, 166.50, 165.00, 163.00

Resistance: 173.00, 175.00

EUR/GBP

EUR/GBP attempt to extend the bearish movement but no major momentum yet. The pair could reverse upside and retest the 0.8700 – 0.8750 area again. However, if the pair extend the bearish movement, then the 0.8580 – 0.8600 is the area to watch as support level. Traders could look for long positions near the area when there are bullish reactions.

Today’s critical levels to watch:

Support: 0.8600, 0.8580, 0.8530, 0.8500, 0.8430, 0.8400, 0.8325

Resistance: 0.8700, 0.8750

GBP/JPY

GBP/JPY stay inside the 198.00 – 200.00 area, which mean no change to the ranging situation yet. Traders could only wait for a breakout and close outside the range to confirm the next direction. Until the event happen, it might be better to stay sideline or keep accumulating near the bottom of range with stop below previous swing low.

Today’s Critical level to watch:

Support: 198.00, 195.00, 193.50, 190.00, 188.00

Resistance: 200.00

GBP/CHF

GBP/CHF return to the 1.0800 level but no new higher swing high. Without a new higher swing high, the pair could continue the bearish movement and print a new lower low. On the lower side, when the pair print new lower swing low, it is a confirmation that the bearish trend will continue. Although it looks bearish, a formation of higher swing high low at the current level will provide big risk:reward ratio. On the upside, 1.1060 – 1.1100 is the target, while a movement below 1.066 will invalidate the bullish outlook.

Today’s critical levels to watch:

Support: 1.0800, 1.0600, 1.0500

Resistance: 1.1000, 1.1200