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Daily Pivots: (S1) 1.3329; (P) 1.3393; (R1) 1.3470; More...

Intraday bias in GBP/USD stays on the downside as fall from 1.3867 is still in progress. Decisive break of 1.3342 structural support will argue that it's already correcting the whole rise from 1.2099. In this case, deeper fall should be seen to 1.3008 support next. For now, risk will stay on the downside as long as 1.3574 resistance holds, in case of recovery.

In the bigger picture, as long as 1.3008 support holds, rise from 1.3051 (2022 low) should still be in progress for 1.4284 key resistance (2021 high). Decisive break there will add to the case of long term bullish trend reversal. However, firm break of 1.3008 will raise the chance of medium term bearish reversal and target 1.2099 support next.

Daily Pivots: (S1) 0.7706; (P) 0.7760; (R1) 0.7848; More….

Intraday bias in USD/CHF remains neutral for the moment. Consolidations from 0.7603 could extend, but upside should be limited by 55 D EMA (now at 0.7818). Below 0.7671 will bring retest of 0.7603 low. Firm break there will resume larger down trend, and target 0.7382 projection level next. However, sustained break of 55 D EMA will indicate that a larger scale corrective bounce in underway and target 0.8039 resistance next.

In the bigger picture, down trend from 1.0342 (2017 high) is still in progress. Next target is 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382. In any case, outlook will stay bearish as long as 0.8123 resistance holds.

Daily Pivots: (S1) 0.7048; (P) 0.7083; (R1) 0.7129; More...

AUD/USD is still bounded in sideway trading and intraday bias stays neutral. Further rise is expected with 0.6896 support intact. On the upside, firm break of 0.7146 will resume resume larger up trend to 100% projection of 0.5913 to 0.6706 from 0.6420 at 0.7213.

In the bigger picture, current development argues that rise from 0.5913 (2024 low) is reversing whole down trend from 0.8006 (2021 high). Further rally should be seen to 61.8% retracement of 0.8006 to 0.5913 at 0.7206. This will remain the favored case as long as 0.6706 resistance turned support holds, even in case of deep pullback.

Daily Pivots: (S1) 1.3636; (P) 1.3677; (R1) 1.3718; More...

No change in USD/CAD and intraday bias remains neutral. Consolidations pattern from 1.3480 could extend. But upside should be limited by 55 D EMA (now at 1.3724). On the downside, firm break of 1.3630 minor support will bring retest of 1.3480 low first. Decisive break there will resume larger down trend 1.4791 to 61.8% projection of 1.4791 to 1.3538 from 1.4139 at 1.3365. However, decisive break of 55 D EMA will bring stronger rebound to 1.3927 resistance instead.

In the bigger picture, price actions from 1.4791 are seen as a corrective pattern to the whole up trend from 1.2005 (2021 low). Deeper fall could be seen as the pattern extends, to 61.8% retracement of 1.2005 to 1.4791 at 1.3069. For now, medium term outlook will be neutral at best, until there are signs that the correction has completed, or that a bearish trend reversal is confirmed.

Daily Pivots: (S1) 209.59; (P) 210.49; (R1) 211.84; More...

Intraday bias in GBP/JPY remains neutral and outlook is unchanged. Corrective fall from 214.98 should have completed at 207.20 already. On the upside, above 212.10 will resume the rebound from 207.20 to retest 214.98 high. For now, risk will stay on the upside as long as 207.20 holds.

In the bigger picture, current development argues that price actions from 214.98 might be a near term consolidation pattern only. That is, larger up trend from 123.94 (2020 low) is still in progress. Firm break of 214.98 will target 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90. On the downside, though, break of 207.20 will revive that case that it's already in a larger scale correction.

Daily Pivots: (S1) 183.41; (P) 184.05; (R1) 184.58; More...

Intraday bias in EUR/JPY remains neutral at this point, as sideway trading continues below 184.75. On the upside, break of 184.75 will target 186.86 high. Firm break there will resume larger up trend to 61.8% projection of 172.24 to 186.86 from 180.78 at 189.81. Overall, outlook will remain bullish as long as 38.2% retracement of 172.24 to 186.86 at 181.27, in case of deep retreat.

In the bigger picture, current development suggests that price actions from 186.86 are merely a near term corrective pattern. In other words, the long term up trend is still in progress. Firm break of 186.86 will pave the way to 78.6% projection of 124.37 (2022 low) to 175.41 (2025 high) from 154.77 at 194.88 next. This will now remain the favored case as long as 180.78 support holds.

Daily Pivots: (S1) 0.8697; (P) 0.8743; (R1) 0.8766; More…

Intraday bias in EUR/GBP is turned neutral first with current steep retreat. Further rise is in favor as long as 0.8705 support holds. Above 0.8788 will resume the rebound from 0.8611 and target a retest on 0.8863 high. However, firm break of 0.8705 will argue that the pattern from 0.8863 is extending with another falling leg. In this case, bias will be turned back to the downside for 0.8611 support instead.

In the bigger picture, current development suggests that rise from 0.8221 medium term bottom is still in progress. Decisive break of 61.8% retracement of 0.9267 to 0.8221 at 0.8867 should confirm that it's reversing whole down trend from 0.9267. That should pave the way back to 0.9267.

Daily Pivots: (S1) 1.6392; (P) 1.6563; (R1) 1.6649; More...

EUR/AUD's down trend is still in progress and intraday bias stays on the downside for 138.2% projection of 1.8554 to 1.7245 from 1.8160 at 1.6351. Firm break there will target 161.8% projection at 1.6042 next. On the upside, above 1.6691 minor resistance will turn intraday bias neutral and bring consolidations first.

In the bigger picture, fall from 1.8554 medium term top is seen as reversing the whole up trend from 1.4281 (2022 low). Deeper decline should be seen to 61.8% retracement of 1.4281 to 1.8554 at 1.5913, which is slightly below 1.5963 structural support. For now, risk will stay on the downside as long as 55 D EMA (now at 1.7033) holds, even in case of strong rebound.

Daily Pivots: (S1) 0.9046; (P) 0.9089; (R1) 0.9153; More....

Intraday bias in EUR/CHF remains neutral for the moment. Price actions from 0.9026 short term bottom are viewed as a consolidations pattern only. While stronger recovery cannot be ruled out, upside should be limited by 0.9168 cluster resistance (38.2% retracement of 0.9394 to 0.9026 at 0.9167). Another fall below 0.9026 to resume the larger down trend is expected at a later stage. However, decisive break of 0.9167/8 will bring stronger rebound to 55 D EMA (now at 0.9197) and possibly above.

In the bigger picture, down trend from 0.9928 (2024 high) is still in progress. Next target is 61.8% projection of 1.1149 to 0.9407 from 0.9928 at 0.8851. Outlook will stay bearish as long as 0.9394 resistance holds, in case of rebound.

Key Highlights

• Bitcoin is struggling to settle above $68,500 and $70,000.
• A bearish trend line is forming with resistance near $68,250 on the 4-hour chart of BTC/USD.
• Ethereum struggled to settle above $2,050 and $2,080.
• Gold is again moving higher above the $5,250 resistance.

Bitcoin Price Technical Analysis

Bitcoin price remained supported above $63,500 against the US Dollar. BTC climbed above $65,000 and $66,200, but the bears remained active.

Looking at the 4-hour chart, the price remained confined in a range below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour) amid the recent tensions between the USA, Israel, and Iran. The price attempted a recovery wave above $66,500. The price climbed above $68,000 before it faced resistance.

There is also a bearish trend line forming with resistance near $68,250. Immediate support sits at $65,600. The first key support could be $65,000.

A downside break below $65,000 might start another decline. The next major support is $63,000, below which BTC could decline toward $61,200.

If there is another recovery wave, the price could face resistance at $68,250 and the trend line. The first key hurdle is $69,500. A close above $69,500 could send the price toward $70,800 and the 200 simple moving average (green, 4-hour). Any more gains might call for a test of $72,000.

Looking at Ethereum, the price also remained in a range below the $2,120 resistance. If there is no close above $2,120, ETH could revisit $1,820.

Today’s Key Economic Releases

• Fed's Schmid speech.
• ECB's Sleijpen speech.
• ECB's Kocher speech.
• Fed's Kashkari speech.