EURUSD
The EURUSD attempted to push higher last week topped at 1.2070 but whipsawed to the downside and closed lower at 1.1863. Overall I remain bullish but as long as stay below 1.2000 price is still in a valid bearish correction phase. The bias is neutral in nearest term. Immediate support is seen around 1.1823. A clear break and daily close below that area could trigger further bearish pressure testing 1.1750 – 1.1700 region. On the upside, a clear break above 1.2000 psychological level would potentially end the current bearish correction.
GBPUSD
The GBPUSD was indecisive last week. Price has been moving sideways without clear direction between 1.2980 – 1.2870 as you can see on my daily chart below and we need a clear break from that range area to see clearer direction. The bias is neutral in nearest term. A clear break and consistent movement above 1.2980 could trigger further bullish pressure testing 1.3030 before targeting 1.3125 region. On the downside, a clear break and daily close below 1.2870 would expose 1.2700 area or lower. Overall I remain neutral.
USDJPY
The USDJPY attempted to push lower last week slipped below 108.70 but whipsawed to the upside and closed higher at 110.25. Price has been moving sideways without clear direction between 108.70 – 111.00 range area for 5 weeks as you can see on my daily chart below. The bias is neutral in nearest term. Immediate support is seen around 108.70. A clear break and daily close below that area could trigger further bearish pressure testing 108.00 – 107.50 region or lower. Immediate resistance is seen around 110.50 followed by 111.00. Overall I remain neutral and prefer to stand aside for now.
USDCHF
The USDCHF attempted to push lower last week slipped below 0.9450 key support but whipsawed to the upside and closed higher at 0.9645. The bias is neutral in nearest term but the bullish pin bar formation printed on daily chart last week after a false break below 0.9450 still suggests a potential bullish view. Immediate resistance is seen around 0.9700. A clear break and daily close above that area could trigger further bullish pressure testing 0.9765 – 0.9807 key resistance which is a good place to sell. Immediate support is seen around 0.9525. A clear break and daily close below that area would trigger further bearish pressure retesting 0.9450 key support. I prefer to stand aside for now.
