US data posted quite positive numbers this morning, sending stocks to bright green, and dollar lower against major rivals. The greenback slide however, seems mostly corrective after early week gains. The EUR/USD trades well back above 1.3000, approaching yesterday’s high at 1.3063 immediate resistance area. The hourly chart shows a slightly bullish tone as per indicators heading higher above their midlines, and price back above 20 SMA, although in the 4 hours chart, the moving average lies around 1.3090 with a strong bearish slope. This level should then be tops in case of more recoveries.
Support levels: 1.3010 1.2980 1.2950
Resistance levels: 1.3060 1.3090 1.3120
The GBP/USD also find support in stocks rise, reaching 1.5528 daily high and holding a limited bullish outlook in the hourly chart. Indicators rest flat above their midlines while price overcome 20 SMA. In the 4 hours chart however, the pair has been rejected from a strongly bearish 20 SMA while indicators are still below their midlines, just away from oversold readings, suggesting current correction may be over soon.
Support levels: 1.5490 1.5445 1.5400
Resistance levels: 1.5530 1.5570 1.5610
The USD/JPY trades back below 78.00, looking bearish in the hourly chart as indicators gain bearish momentum ahead of US opening. Better than expected data along with positive stocks, may favor a bounce higher over the next few hours, although again limited to mentioned 78.00 price zone.
Support levels: 77.50 77.35
Resistance levels: 78.05 78.30 78.65 78.90
Swiss Franc soared against major rivals after the SNB left its economic policy unchanged, as market players were expecting the Central Bank to raise the peg in EUR/CHF to 1.25. The USD/CHF hourly chart shows price at daily lows with indicators heading lower and supporting further slides. Bigger time frames had also turned bearish, with 0.9380 as immediate support to break to confirm further slides.
Support levels: 0.9380 0.9345 0.9300
Resistance levels: 0.9420 0.9460 0.9500
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