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Daily Pivots: (S1) 203.40; (P) 203.96; (R1) 204.79; More...

Intraday bias in GBP/JPY remains on the upside for the moment. Break of 204.22 support should confirm that correction from 205.30 has completed. Break of 205.30 will resume the rally from 185.43 to 208.09 high. this will now remain the favored case as long as 203.31 support holds, in case of retreat.

In the bigger picture, price actions from 208.09 (2024 high) are seen as a corrective pattern which might have completed at 184.35. Firm break of 208.09 high will resume the up trend from 123.94 (2020 low). Next target is 61.8% projection of 148.93 to 208.09 from 184.35 at 220.90. However, decisive break of 197.47 support will dampen this view and extend the corrective pattern with another fall.

Daily Pivots: (S1) 179.47; (P) 179.74; (R1) 180.23; More...

Intraday bias in EUR/JPY is back on the upside with breach of 179.95. Current rally should target 100% projection of 161.06 to 173.87 from 171.09 at 183.90 next. However, considering bearish divergence condition in 4H MACD, firm break of 178.95 support should confirm short term topping, and turn bias to the downside for 175.67 support.

In the bigger picture, up trend from 114.42 (2020 low) is in progress and should target 61.8% projection of 124.37 to 175.41 from 154.77 at 186.31. Outlook will continue to stay bullish as long as 55 W EMA (now at 169.00) holds, even in case of deep pullback.

Daily Pivots: (S1) 0.8791; (P) 0.8813; (R1) 0.8832; More…

Range trading continues in EUR/GBP and intraday bias stays neutral. Considering bearish divergence condition in 4H MACD, firm break of 0.8765 support will confirm short term topping. Deeper fall should then be seen back to 55 D EMA (now at 0.8731) even still as a correction. On the upside, however, sustained trading above 0.8867 fibonacci level will carry larger bullish implications. Next near term target will be 100% projection of 0.8354 to 0.8752 from 0.8631 at 0.9029.

In the bigger picture, rise from 0.8221 medium term bottom is still seen as a corrective move. Upside should be limited by 61.8% retracement of 0.9267 to 0.8221 at 0.8867. Sustained trading below 55 W EMA (now at 0.8589) should confirm that this corrective bounce has completed. However, decisive break of 0.8867 will suggest that EUR/GBP is already reversing whole decline from 0.9267 (2022 high). That should pave the way back to 0.9267.

Daily Pivots: (S1) 1.7786; (P) 1.7829; (R1) 1.7894; More...

EUR/AUD's rebound from 1.7561 resumed by breaking through 1.7895. Intraday bias is back on the upside for 1.8160 resistance. Firm break there will resume the rally from 1.7245. On the downside, however, break of 1.7627 will turn bias back to the downside for 1.7561 support instead.

In the bigger picture, price actions from 1.8554 medium term top are seen as a corrective pattern. Sustained break of 55 W EMA (now at 1.7426) will suggest that it's correcting the whole rally from 1.4281 (2022 low). In this case, deeper decline would be seen to 38.2% retracement of 1.4281 to 1.8554 at 1.6922. Nevertheless, strong rebound from 55 W EMA will likely bring resumption of the up trend sooner.

Daily Pivots: (S1) 0.9216; (P) 0.9224; (R1) 0.9235; More....

EUR/CHF is staying in consolidations above 0.9178 and intraday bias remains neutral. Upside of recovery should be limited below 0.9325 resistance to bring another fall. Firm break of 0.9178 will extend the larger down trend and target 100% projection of 0.9452 to 0.9208 from 0.9325 at 0.9082.

In the bigger picture, outlook remains bearish with EUR/CHF staying well inside long term falling channel after multiple rejection by 55 W EMA (now at 0.9377). Next target is 61.8% projection of 1.1149 to 0.9407 from 0.9928 at 0.8851. Break of 0.9452 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of strong rebound.

Daily Pivots: (S1) 0.6510; (P) 0.6531; (R1) 0.6557; More...

AUD/USD dives sharply today but still stays in range of 0.6457/6579. Intraday bias remains neutral first. On the downside, break of 0.6457 will target 0.6413 cluster (38.2% retracement of 0.5913 to 0.6706 at 0.6403). Decisive break there will carry larger bearish implications. On the upside, break of 0.6579 will bring stronger rise to 0.6616 resistance. Firm break there will target a retest of 0.6706 high.

In the bigger picture, there is no clear sign that down trend from 0.8006 (2021 high) has completed. Rebound from 0.5913 is seen as a corrective move. Outlook will remain bearish as long as 38.2% retracement of 0.8006 to 0.5913 at 0.6713 holds. Break of 0.6413 support will suggest rejection by 0.6713 and solidify this bearish case. Nevertheless, considering bullish convergence condition in W MACD, sustained break of 0.6713 will be a strong sign of bullish trend reversal, and pave the way to 0.6941 structural resistance for confirmation.

Daily Pivots: (S1) 1.4028; (P) 1.4044; (R1) 1.4072; More...

The extended rebound for 1.3984 suggests that pullback from 1.4139 has already completed. Intraday bias in USD/CAD is back on the upside for retesting 1.4139. Firm break there will resume the whole rally from 1.3538. On the downside through, below 1.4016 will resume the fall from 1.4139 through 1.3984 instead.

In the bigger picture, price actions from 1.4791 medium term top is likely just unfolding as a correction to up trend from 1.2005 (2021 low), with rise from 1.3538 as the second leg. A third leg should follow before up trend resumption. That is, range trading is set to extend for the medium term. For now, this will remain the favored case as long as 1.3886 support holds. However, firm break of 1.3886 will revive the case that fall from 1.4791 is indeed a larger scale correction.

Daily Pivots: (S1) 1.1576; (P) 1.1600; (R1) 1.1619; More…

Intraday bias in EUR/USD remains neutral and outlook is unchanged. Fall from 1.1917 could have completed as a three wave correction at 1.1467. Above 1.1655 will target 1.1727 resistance first. Firm break there will solidify this bullish case and bring retest of 1.1917 high. However, break of 1.1561 will revive near term bearishness and target 1.1467 low instead.

In the bigger picture, considering bearish divergence condition in D MACD, a medium term top is likely in place at 1.1917, just ahead of 1.2 key psychological level. As long as 55 W EMA (now at 1.1328) holds, the up trend from 0.9534 (2022 low) is still in favor to continue. Decisive break of 1.2000 will carry larger bullish implications. However, sustained trading below 55 W EMA will argue that rise from 0.9534 has completed as a three wave corrective bounce, and keep long term outlook bearish.

Daily Pivots: (S1) 1.3130; (P) 1.3161; (R1) 1.3187; More...

No change in GBP/USD's outlook as consolidations continues above 1.3008. Intraday bias stays neutral and further decline is expected as long as 1.3247 support turned resistance holds. Break of 1.3008 will resume the fall from 1.3787, and target 138.2% projection of 1.3787 to 1.3140 from 1.3725 at 1.2831. Nevertheless, firm break of 1.3247 will suggest that fall from 1.3787 has completed as a corrective move already.

In the bigger picture, the break of 55 W EMA (now at 1.3182) is taken as the first sign that corrective rise from 1.0351 (2022 low) has completed. Decisive break of trend line support (now at 1.2824) will solidify this case and target 38.2% retracement of 1.0351 to 1.3787 at 1.2474 next. Meanwhile, in case of another rise, strong resistance should emerge below 1.4248 (2021 high) to cap upside to preserve the long term down trend.

Daily Pivots: (S1) 0.7941; (P) 0.7953; (R1) 0.7975; More…

No change in USD/CHF's outlook and intraday bias in USD/CHF stays neutral for consolidations above 0.7877. As noted before, corrective rebound from 0.7828 could have completed with three waves up to 0.8123. Break of 0.7872 support will pave the way through 0.7828 to resume the larger down trend. Next near term target is 38.2% projection of 0.9200 to 0.7828 from 0.8123 at 0.7599. However, sustained break of 55 4H EMA (now at 0.7984) will mix up the outlook.

In the bigger picture, long term 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 0.8332 support turned resistance holds (2023 low).