The EURUSD attempted to push higher yesterday, topped at 1.4842 but further bullish momentum was rejected as the pair whipsawed to the downside, closed at 1.4690. On h4 chart below we can see that after break below 1.4766, the pair is now testing 1.4670 area and has slipped below the bullish channel. We are in no trading zone now, but I still prefer a bullish scenario and see this bearish momentum just as normal correction, at least for now. Break below 1.4670 should trigger further bearish pressure testing key support area around 1.4595. Only movement below 1.4595 could be seen as potential threat to the bullish scenario. The bias is neutral in nearest term and I think now is not the best time to trade and short position is not recommended at this phase. Immediate resistance at 1.4766 followed by 1.4867. Break above 1.4867 area should continue the bullish scenario towards 1.5000.
The GBPUSD had a volatile market yesterday. The pair attempted to push higher, topped at 1.6468 but further bullish momentum was rejected as the pair whipsawed to the downside and closed at 1.6324. This volatile market is reflected in the broadening formation, as you can see in my h1 chart below, where price make new highs and lows without clear direction. This is the kind of market I always avoid. We need a break from the broadening formation to get clearer direction. A breakout to the upside should trigger further bullish momentum targeting 1.6555 while a breakdown to the downside and movement below 1.6300 area should trigger further bearish momentum re-testing 1.6113 area.
The USDJPY failed to continued it's bearish momentum yesterday, closed higher at 91.50. I think we are in no trading zone now. On h4 chart below we can see that after had significant bearish momentum from 97.77 and hit the low around 90.20 area the pair has been moving in range area between 92.50 90.20 indicating consolidation phase. In this kind of market, I have 2 trading scenarios. First is the range trading, which is to sell around 92.50 and to buy around 90.20 with tight stop loss. Second is trading breakout, which is to buy above 92.50 or to sell below 90.20. Immediate resistance at 91.80. Break above that area should trigger further bullish momentum re-testing the 92.50. I still prefer a downside scenario since the major trend remains bearish.
The USDCHF attempted to push lower yesterday, bottomed at 1.0166 but further bearish pressure was rejected as the pair whipsawed to the upside and closed higher at 1.0294. On h4 chart below we can see that after a hammer appeared the pair push higher, break above 1.0275 resistance area but never really consistently move above that area yet. I think we area in no trading zone but I still prefer bearish scenario. Immediate resistance at 1.0320 followed by 1.0380. Only break above 1.0380 could be seen as potential threat to the bearish scenario. Initial support at 1.0135 (potential bearish target).
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