Despite intra-day brief rise to 1.5929, the subsequent sharp retreat signals a temporary top has been formed there and consolidation with downside bias is seen for test of the Ichimoku cloud (now at 1.5796-1.5803) but a sustained breach below support at 1.5789 (yesterday’s low) is needed to confirm and bring retracement of recent upmove to 1.5750 and then 1.5730 (this week’s low) which is likely to hold on first testing.

Although intra-day marginal rise to 1.3289 has retained our view that near term upside risk remains for recent upmove from 1.2624 low to extend one more rise to 1.3300, loss of near term upward momentum should prevent sharp move beyond 1.3325 (50% projection of 1.3089-1.3270 measuring from 1.3233) and reckon 1.3345-50 (61.8% projection) should hold from here, bring retreat later.

Despite intra-day rise to 77.19, the subsequent retreat suggests consolidation below this level would take place and test of the Ichimoku cloud top (now at 76.71) cannot be ruled out, however, below the lower Kumo (now at 76.51) is needed to signal an intra-day top is formed and bring further fall to 76.20, however, still reckon support at 76.03 would contain downside and bring another rebound later.

Despite intra-day brief fall to 0.9106, lack of follow through selling on break of previous support at 0.9112 suggests consolidation would be seen and as long as said support holds, mild upside bias remains for another rebound to the Kijun-Sen (now at 0.9167) and possibly to the Ichimoku cloud bottom (now at 0.9196), however, break of resistance at 0.9227 (yesterday’s high) is needed to signal a temporary low is possibly formed

Cable’s retreat after intra-day brief rise to 1.5929 suggests consolidation would be seen and test of the Kijun-Sen (now at 1.5859) cannot be ruled out, however, as long as this line holds, upside risk remains for recent rise from 1.5234 to extend gain towards 1.5950, however, loss of near term upward momentum should prevent sharp move beyond there and upside should be limited to 1.5990-95 (50% Fibonacci retracement of 1.6747-1.5234)

Although intra-day marginal rise to 1.3289 has retained our view that near term upside risk remains for recent upmove from 1.2624 low to extend one more rise to 1.3300, loss of near term upward momentum should prevent sharp move beyond 1.3325 (50% projection of 1.3089-1.3270 measuring from 1.3233) and reckon 1.3345-50 (61.8% projection) should hold from here, bring retreat later.

Despite intra-day rise to 77.19, current retreat suggests consolidation below this level would take place and test of the Ichimoku cloud top (now at 76.67) cannot be ruled out, however, below the lower Kumo (now at 76.48) is needed to signal an intra-day top is formed and bring further fall to 76.20, however, still reckon support at 76.03 would contain downside and bring another rebound later.

Despite intra-day brief fall to 0.9106, lack of follow through selling on break of previous support at 0.9112 suggests consolidation would be seen and as long as said support holds, mild upside bias remains for another rebound to the Kijun-Sen (now at 0.9167) and possibly to the Ichimoku cloud bottom (now at 0.9196), however, break of resistance at 0.9227 (yesterday’s high) is needed to signal a temporary low is possibly formed

Although the British pound has maintained a firm undertone after yesterday’s euro-led rally and recent rise from 1.5234 may extend gain towards 1.5945-50 (61.8% projection of 1.5531-1.5884 measuring from 1.5730), loss of near term upward momentum should prevent sharp move beyond there and upside should be limited to 1.5990-95 (50% Fibonacci retracement of 1.6747-1.5234), cable should falter well below 1.6012

Although euro has retreated after intra-day brief rise to 1.3288, reckon pullback would be limited to 1.3233 (previous resistance) and near term upside risk remains for recent upmove from 1.2624 low to extend one more rise to 1.3300, however, loss of near term upward momentum should prevent sharp move beyond 1.3325 (50% projection of 1.3089-1.3270 measuring from 1.3233) and reckon 1.3345-50 (61.8% projection) should hold

The greenback has maintained a firm undertone after our anticipated rally, this move adds credence to our view that low has been formed last week at 76.03 and bullishness remains for a stronger retracement of the intermediate decline from 78.29 to 77.40-45 (61.8% Fibonacci retracement of 78.29-76.03) but reckon upside would be limited to 77.75-80 and price should falter well below strong resistance at 78.29.

Despite intra-day brief fall to 0.9106, lack of follow through selling on break of previous support at 0.9112 suggests consolidation would be seen and as long as said support holds, mild upside bias remains for another rebound to the Kijun-Sen (now at 0.9167) and possibly to the Ichimoku cloud bottom (now at 0.9196), however, break of resistance at 0.9227 (yesterday’s high) is needed to signal a temporary low is possibly formed

The British pound rallied in tandem with euro yesterday and although the breach of resistance at 1.5884 confirms recent upmove from 1.5234 low has resumed, loss of near term upward momentum should prevent sharp move beyond 1.5845-50 (61.8% projection of 1.5531-1.5884 measuring from 1.5730) and upside should be limited to 1.5990-95 (50% Fibonacci retracement of 1.6747-1.5234), cable should falter well below 1.6012

Although yesterday’s rally above 1.3233 resistance confirms recent upmove from 1.2624 low has resumed and euro has risen again today, loss of near term upward momentum should prevent sharp move beyond 1.3325 (50% projection of 1.3089-1.3270 measuring from 1.3233) and reckon 1.3345-50 (61.8% projection) should hold from here, risk from there has increased for another strong pullback later this week.

The greenback has risen again this morning in line with our expectations and indicated target of our long position entered at 76.05 has been met at 77.05 (100 points profit), this anticipated rise adds credence to our view that low has been formed last week at 76.03 and bullishness remains for a stronger retracement of the intermediate decline from 78.29 to 77.40-45 (61.8% Fibonacci retracement of 78.29-76.03)

As cable has continued to edge higher on back of intra-day rally in euro, suggesting caution on our short position entered at 1.5830 and 1.5845 must hold to retain bearishness for another retreat, below the Ichimoku cloud bottom (now at 1.5773) would signal intra-day top is possibly formed and bring another fall towards 1.5730. A below this support would add credence to our view that top has been formed at 1.5884 last week

The greenback ran into heavy offers at 0.9226 has dropped sharply from there, suggesting caution on our long position entered at 0.9140 and support at 0.9112-15 needs to hold to retain our view of further consolidation, bring another rebound, above said resistance would signal the retreat from 0.9263 has ended and bring another test of this level. Looking ahead, only breach of yesterday’s high of 0.9263 is needed to add credence to our view that temporary low has been formed at 0.9112

Current rally suggests caution on our short position entered at 1.3180 and intra-day resistance at 1.3213 needs to hold to retain our consolidative view, bring another retreat, below the Tenkan-Sen (now at 1.3154) would bring test of the Kijun-Sen (now at 1.3121) but break of 1.3089 (intra-day low as well as current level of the Ichimoku cloud bottom) is needed to retain bearishness and signal the rebound from 1.3027 has ended, then another fall towards strong support at 1.3026-27 would follow.

As dollar has risen after finding renewed buying interest above the Ichimoku cloud top, retaining our bullishness for the rebound from last week’s low of 76.03 to bring retracement of the intermediate decline from 78.29, above 76.87 (previous support) would encourage for further gain towards 77.15-20, however, reckon upside would be limited to 77.75-80 and price should falter well below strong resistance at 78.29.