Intensifying news about euro zone crisis, keep European stocks in red, while US ones are poised also for a strong slide at the opening, keeping markets in the usual risk aversion environment. The EUR/USD tested so far a daily low of 1.3429, barely above past week one at 1.3420 and immediate support. Hourly chart shows price aiming for a recovery, yet still trading below a bearish 20 SMA while indicators are flat below their midlines. In the 4 hours one, the indicators are mostly bearish despite lacking strength. Clear break below 1.3420 is needed to see the pair resuming the bearish trend.
Support levels: 1.3455 1.3420 1.3370
Resistance levels: 1.3500 1.3530 1.3555
The GBP/USD fell to fresh monthly lows ahead of US opening, reaching 1.5611 before bouncing slightly higher. Market sentiment however, keeps the pair under pressure with hourly chart supporting the bearish bias: indicators keep heading south, despite RSI is in oversold territory, while moving averages gain strong bearish slope supporting the bias. In bigger time frames, the bearish trend also dominates, turning the 1.5730/70 area now, a strong resistance area that would likely attract sellers if reached.
Support levels: 1.5610 1.5577 1.5540
Resistance levels: 1.5660 1.5690 1.5730
The USD/JPY continues trading in a limited range below 77.00, holding the overall bearish trend seen over the past 2 years. Intervention gains are being slowly but steadily diluted by investors, who are losing the fear to BOJ and keep pushing the pair lower. Hourly chart shows price struggling around a flat 20 SMA while indicators hold around their midlines; in 4 hours chart, the bearish trend is clearer despite lack of momentum, as per lower lows and lower highs. 76.50 however, should be strong enough to contain price in case of slides.
Support levels: 76.50 76.20 76.00
Resistance levels: 76.90 77.10 77.45
Losing ground amid ruling risk aversion, the USD/CHF failed to hold above 0.9200 area, and shows a quite limited bearish tone in the hourly chart, as per indicators heading lower approaching upside down to their midlines, and 20 SMA still below current price. Bias remains bullish in the pair in bigger time frames, yet it may find it difficult to rise today. Only a clear break above 0.9230 highs will confirm the bullish continuation rally in USD/CHF.
Support levels: 0.9140 0.9115 0.9075
Resistance levels: 0.9180 0.9235 0.9260
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