Dollar Makes a Pop

The EURUSD continues to find resistance at 1.5471 on short term charts confirming our bearish bias on the pair for the time being. A clean break of the 1.5470 opens up the possibility of a run back to 1.5750, but so far the bearish structure if the pair remains preserved. A break below the 1.5350 low would only add fuel to our downside bias with 1.5000 as the next major support level.

EUR/USD

The EURUSD continues to find resistance at 1.5471 on short term charts confirming our bearish bias on the pair for the time being. A clean break of the 1.5470 opens up the possibility of a run back to 1.5750, but so far the bearish structure if the pair remains preserved. A break below the 1.5350 low would only add fuel to our downside bias with 1.5000 as the next major support level.

STRATEGY: Bearish, against 1.5784, target TBD

USD/JPY

USDJPY continues to maintain its upward bias, but further progresses depends on how well it can overcome the 100 level. 100.50-100.00 has represented serious resistance over the past several days and only a strong move through that region opens the possibility of out final target of 102.00. Otherwise the pair may need to regroup at 99.31 and 98.48 as the next logical levels of support, before trying yet another assault on the 100 barrier.

STRATEGY: Bullish against 97.66, target 102

GBP/USD

We continue to favor GBPUSD shorts to our final target of 1.9540, but the near term picture suggests that cable may have found support at 1.9750 and is likely to consolidate in the 1.9900-1.9750 channel as it works off its oversold condition. A break of the 1.9750 zone indicates further weakness to our ultimate target. However a break of 1.9900 once again sets up a retest of 2.000 and beyond.

STRATEGY: Bearish, against 2.0271, target 1.9540

USD/CHF

Overnight bullish action in USDCHF confirms our long bias on the pair as it now consolidates at the 102.00 level before making as run at the swing high of 103.50. Note the shallow retraces in the pair which have made consistently higher lows in keeping with the overall bullish posture of the move.

STRATEGY: Bullish, against .9868, target 1.07

USD/CAD

After a massive run up in the past several days, USDCAD has found resistance at the 103.00 level as it consolidates its recent gains. A break below 102.00 opens up the possibility of a run to 1.0100 and even to parity, while only a strong break above the 1.0300 level generates further forward price momentum.

AUD/USD

Aussie's near term appears to have come to an end as the pair finds support at 8950. A bounce back to 38.2 Fib of the recent bear wave of 9450-8950 is a natural target before the move finds some resistance..

NZD/USD

Kiwi much like the Aussie has found a near term bottom and may attempt a rally to 8000-8050 region from which it tumbled on Friday. On the other hand, a drop through the recent lows of 7881 portends steeper downside action for the pair as its descent is likely at accelerate.

STRATEGY: Bearish, against .8173, target TBD

DailyFX

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