The EURUSD was indecisive yesterday. The bias is neutral in nearest term but overall we are still in bullish phase. On h1 chart below we can see price is now testing the lower line of the bullish channel. Break below the bullish channel could trigger further bearish pullback testing 1.2920/50 but any downside rebound now should not be a surprise since we havent seen bearish correction since last weekend. On the upside, break above 1.3036 (yesterdays high) could trigger further bullish momentum testing 1.3120. Fundamental focus today will be on four US economic data. PPI, unemployment claims, TIC purchases and Philly Fed Manufacturing Index. Good numbers could trigger another risk appetite, push Euro higher while bad numbers could trigger risk aversion lead us to technical downside rebound. However the results could be mixed and produce another high volatile market.
The GBPUSD attempted to push lower yesterday, bottomed at 1.5448 but whipsawed to the upside, topped at 1.5650 and closed at 1.5634. The bias is bullish in nearest term but we need a break above 1.5650 to continue the bullish pressure towards 1.5700 before testing 1.5800 region. CCI just cross the 100 line down and now in neutral area on h1 chart indicating potential downside correction testing 1.5531 and the lower line of the bullish channel but overall we are still in bullish phase and only violation to the bullish channel could be a serious threat to the current short/medium term bullish outlook.
The USDJPY had a significant bullish momentum yesterday, break above the trend line resistance as you can see on my daily chart below, suggests potential bullish reversal scenario. The power behind the bullish momentum was the intervention. The bias is bullish in nearest term testing 85.90. Break above that area could trigger further bullish momentum testing 87.00. Immediate support at 84.82. Break below that area could lead us to neutral zone in nearest term but I prefer a bullish scenario at this phase.
The USDCHF was corrected higher yesterday. On h1 chart below we can see price is moving in a new minor bullish channel indicates bullish correction/consolidation but the main scenario remains bearish. The bias is neutral in nearest term. Immediate resistance at 1.0060. Break above that area could trigger further upside pullback testing 1.0160. On the downside, my key level is at 0.9917 support area. I think we need a clear break below that area to continue the bearish scenario.
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