The EURUSD finally breakout from the triangle formation after a volatile market yesterday. This fact changes my medium term outlook into bullish scenario which technically might testing 1.3736 area (March high). However in nearest term there might be some consolidation movement. Immediate support is seen at 1.3383 – 1.3325 area. Initial resistance at 1.3500. CCI in overbought area and about to cross the 100 line on hourlly chart suggesting a potential downside rebound.
EURUSD Daily Supports and Resistances:
* S1= 1.3270
* S2= 1.3136
* S3= 1.3061
* R1= 1.3479
* R2= 1.3554
* R3= 1.3688
GBPUSD Outlook
The GBPUSD continued it’s bullish scenario yesterday. After attempted to push lower, bottomed at 1.4834, the pair whipsawed to the upside, hit the top at 1.5019 and closed at 1.5011. On hourly chart below we can see that the pair failed to make a valid breakdown from the channel support line before had bullish momentum. In my weekly summary on Saturday I said that the key level at this phase is 1.4990 – 1.5060. Break above that area would change my medium bias into bullish outlook. CCI in overbought area and about to cross the 100 line down on hourly chart suggesting a potential downside rebound testing 1.4990 – 1.4940 support area.
GBPUSD Daily Supports and Resistances:
* S1= 1.4890
* S2= 1.4769
* S3= 1.4705
* R1= 1.5075
* R2= 1.5139
* R3= 1.5260
USDJPY Outlook
The USDJPY was corrected lower yesterday. The pair bottomed at 98.72 and closed at 98.77. On hourly chart below we have a rectangle formation ( 99.55 – 98.70) indicating consolidation. The bias remains neutral in nearest term. Break from the rectangle would give us a clearer direction. CCI in neutral area both on h4 and daily chart.
USDJPY Daily Supports and Resistances:
* S1= 98.48
* S2= 98.19
* S3= 97.66
* R1= 99.30
* R2= 99.83
* R3= 100.12
USDCHF Outlook
The USDCHF continued it’s bearish scenario yesterday. On h4 chart below we can see that the strong trendline support has been violated to the downside suggesting a bearish outlook. The trendline now become a resistance and there might be upside consolidation towards tendline area. Immediate resistance is seen at 1.1287 followed by 1.1333. Initial support at 1.1205 followed by 1.1150. CCI just cross the -100 line up on hourly chart suggesting a potential upside rebound.
USDCHF Daily Supports and Resistances:
* S1= 1.1203
* S2= 1.1144
* S3= 1.1036
* R1= 1.1370
* R2= 1.1478
* R3= 1.1537
Have a great day!
