The EURUSD was volatile but indecisive yesterday, made a Doji on daily chart. The bias is neutral in nearest term but as you can see on my h1 chart below price still moving in a minor bullish channel since bounced higher from 1.3427 suggests that price is still in bullish correction phase. The target of this bullish correction is around the trend line resistance and 1.3669 which could be tested if price able to make a clear break above 1.3570. Immediate support remains around 1.3470 and the lower line of the minor bullish channel. A clear break below that area could trigger further bearish pressure testing 1.3420 before targeting 1.3250.
The GBPUSD had a bullish momentum yesterday, topped at 1.6169 and closed at 1.6126. The bias is bullish in nearest term especially if price able to make another strong and clear break above 1.6170 targeting 1.6230 and 1.6276. Immediate support at 1.6100. Break below that area could lead us to neutral zone in nearest term testing 1.6050 1.6000 support area but as long as price stays above 1.5950 the major bullish scenario remains intact.
The USDJPY continued its bullish momentum yesterday, topped at 83.90 and closed at 83.71. The bias is bullish in nearest term still targeting 84.40 before testing 86.00 this week. On h4 chart below we can see after made a false breakdown below the triangle, price has been moving in a nice bullish movement by making higher support levels. Immediate support at 83.66. Break below that area could lead us to neutral zone in nearest term testing 83.05.
The USDCHF continued its bearish correction yesterday and slipped below 0.9660. The bias is bearish in nearest term testing 0.9600 but I still believe that the major bullish scenario remains intact and the current bearish pressure is normal unless price make a clear break below 0.9600 which would activate my wait and see mode but with more bearish intraday bias. Immediate resistance at 0.9720. Break above that area could end the bearish correction re-testing 0.9800 before targeting 1.0000 area.
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.