EUR/USD
EUR/USD extends near-term recovery after regaining strong barrier at
1.2877 yesterday, with fresh push through 1.2900, Fib 61.8% of 2012
descend from the annual high at 1.3075. Break above 1.2900 has so far
reached 1.2925, fresh 2-week high, as the pair attempts through bull
channel resistance, to open next level at 1.2950, Fib 76.4%. Corrective
easing on overbought hourly studies, faces initial support at 1.2877,
previous resistance, where also hourly 20 day SMA lies, ahead of today’s
higher low at 1.2838, above which reversal is anticipated, to keep
immediate bulls intact. Only loss of 1.2800 handle would weaken the
short-term structure.
Res: 1.2925, 1.2950, 1.3000, 1.3020
Sup: 1.2877, 1.2838, 1.2800, 1.2780
GBP/USD
The pair consolidates today’s gains, after strong rally cleared
significant barrier at 1.5400 and fresh extension higher so far tested
levels just above Fib 50% of 1.5668/1.5233 downleg at 1.5450. Focus
remains at the upside target and strong resistance at 1.5500, 10 Jan
highs / Fib 61.8%, while corrective dips are expected reverse at/above
1.5400/1.5380 support zone.
Res: 1.5465, 1.5500, 1.5523, 1.5580
Sup: 1.5432, 1.5414, 1.5400, 1.5380
USD/JPY
Near-term price action sees the pair moving in a narrow range and
directionless mode, above key support at 76.50. Hourly and 4H studies
keep neutral tone, however, negative daily structure keeps the downside
under pressure, with focus at 76.50 and possible extension towards 76.00
on a break, while strong barriers at 77.00/30 zone, 06/16 Jan highs /
daily 90 day SMA, continue to limit the upside.
Res: 77.00, 77.20, 77.32, 77.50
Sup: 76.77. 76.67, 76.62, 76.54
USD/CHF
Extends the near-term downtrend after losing strong support at 0.9400,
to retrace 23.6% of broader Oct/Jan ascend from 0.8566 to 0.9593, at
0.9345. Immediate focus lies at strong support at 0.9300, 03 Jan low /
daily 55 day SMA / lower daily Bollinger band, below which would spark
stronger correction, while corrective bounces hold below 0.9400/50
barriers.
Res: 0.9400, 0.9445, 0.9463, 0.9500
Sup: 0.9345, 0.9320, 0.9300, 0.9275
