The EURUSD attempted to push higher yesterday topped at 1.3092 but whipsawed to the downside, bottomed at 1.2988 and hit 1.3046 earlier today. The bias remains neutral in nearest term. Important intraday range to be closely watched is seen between 1.2950 – 1.3100/50. On the downside a clear break below 1.2950 is needed to give the bearish scenario another chance. On the upside, a clear break and daily/weekly close above 1.3100 could trigger further bullish pressure testing 1.3200 area.
GBPUSD
The GBPUSD had a bullish momentum yesterday topped at 1.5479. The bias remains bullish in nearest term testing 1.5500 – 1.5550. Immediate support is seen around 1.5420. A clear break below that area could lead price to neutral zone in nearest term testing 1.5350 but as long as stays above 1.5200 price is still in a bullish correction phase.
USDCHF
The USDCHF was indecisive yesterday. The bias remains neutral in nearest term probably with a little bearish bias (after touched the trend line resistance) especially if price able to make a clear break below 0.9420 testing 0.9350. Immediate resistance is seen around 0.9460. A clear break above that area could trigger further bullish pressure testing 0.9500 which needs to be clearly broken to the upside to continue the bullish scenario.
USDJPY
The USDJPY had a bearish momentum earlier today hit 98.25 but traded higher around 98.70 at the time I wrote this comment. The bias is bearish in nearest term testing 98.00. Immediate resistance is seen around 99.00. A clear break above that area could lead price to neutral zone in nearest term but as long as stays below 99.90 further bearish correction is still potential. My major technical outlook remains bullish but need a clear break above 99.90 to potentially end the current bearish correction.
Still selling swing with 10 sales, I want to attempt long this morning but I think I missed the boat! We are potentially doing a violent drop in a rebound which is normal when the downtrend is strong but this often results in a nice low strand and an explosion above (1.3080) thereafter …
If prices return to 1.3060 I would spend long stop in the lowest of the night.
