The EURUSD didn’t make significant movement yesterday. The bias remains neutral in nearest term. Overall I remain bearish as a part of the “head and shoulders” formation with nearest target seen at 1.1450 but need a clear break below 1.1580/50 to continue the bearish run. Immediate resistance remains around 1.1650/70 region. A clear break above that area could trigger further bullish pressure testing 1.1725 but as long as stay below 1.1900 I remain bearish and any upside pullback should be seen as a good opportunity to sell.
The GBPUSD had a bearish momentum yesterday bottomed at 1.3086, touched the trend line support as you can see on my daily chart below. The bias is bearish in nearest term testing 1.3000 key support which remains a good place to buy with a tight stop loss. Immediate resistance is seen around 1.3130. A clear break above that area could lead price to neutral zone in nearest term testing 1.3200 region but key resistance remains at 1.3330 area. On the downside, a clear break below 1.3000 would stop the major bullish trend with a potential bearish reversal scenario.
The USDJPY was indecisive yesterday. Price attempted to push lower bottomed at 113.39 but closed higher at 113.86 and hit 114.06 earlier today in Asian session. The bias is neutral in nearest term. The bearish pin bar scenario remains valid but need a clear break below 113.20 to confirm further bearish scenario testing 112.25 – 111.65 region. Immediate resistance is seen around 114.50 which remains a good place to sell with a tight stop loss. Overall I remain neutral.
The USDCHF had another insignificant movement yesterday. Price is still trapped between 1.0037 – 0.9940 range area. We need a clear break from that range area to see clearer direction. Overall I remain bullish but need a clear break above 1.0037 to resume the bullish trend targeting 1.0100 or higher. On the downside, a clear break and daily close below 0.9940 would expose 0.9835 support area.