EURUSD
Strong bearish structure on the medium term studies points towards further downside below the recent dip of 1.5360. Support is currently clustered between 1.5340 and 1.5360 and a potential break there would extend the decline towards 1.5280 where strong support is seen then 1.5230 which is the 50% retracement of the entire 1.4440-1.6019 move. Although the downtrend is strong it is not yet clear if the current Euro decline is a corrective move or the beginning of the dollar’s recovery (longer term). Above 1.5700 would signal a resume of the uptrend. Two important resistance levels are seen until 1.5700 at 1.5520 (T1 line on the chart below) then 1.5620 (T2 line on the chart below). The two trendlines should limit upside in order to keep the pressure on the 1.53 zone.
EURUSD daily chart
EURCHF
Uptrend is strong on both intraday and medium term studies and now that important resistance at 1.6225 has been broken, it should provide decent support on further climb towards key resistance at 1.6480. Resistance at 1.6480 is formed by long term downward trendline seen on the weekly chart below. On a potential break of 1.6480, the pair may look for support above the weekly T2 line at 1.6550. The T2 line has provided support for 1 year and half and it seem to attract the market now. It won’t be easy breaking it but it is worth trying to hold long on a potential test.
EURCHF daily chart
EURCHF weekly chart
AUDJPY
Strong uptrend formed within upward channel and a test of the channel’s upper limit is possible while the support zone of 97.40-98.00 remains intact. Decent resistance is seen at 100 and 100.50. A break of 100.50 would provide the green light on further gains towards the record highs in the 107.70-107.90 zone.
AUDJPY daily chart
USDJPY
Decent support is now formed on the previous resistance at 104.80 backed by 104.00 which is the upper trendline seen on the chart below. On the upside, resistance is formed at 105.70 by a weekly downward trendline and if it breaks then we will look forward for a climb towards 108.00-108.40. The support at 104.80 may provide some good buying opportunity.
USDJPY daily chart
