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Daily Pivots: (S1) 1.0140; (P) 1.0167; (R1) 1.0198; More....

Intraday bias in EUR/CHF is turned neutral first with current recovery. But outlook is unchanged that corrective rebound from 0.9970 should have completed after failing 1.0505 long term resistance. Risk stays on the downside as long as 1.0513 resistance holds. On the downside, below 1.0096 will target a retest on 0.9970 low.

In the bigger picture, as long as 1.0505 support turned resistance (2020 low) holds, long term down trend from 1.2004 (2018 high) is expected to continue. Next target is 100% projection of 1.2004 to 1.0505 to 1.1149 at 0.9650. However, firm break of 1.0505 will suggest medium term bottoming, and bring stronger rebound towards 1.1149 structural resistance.

Daily Pivots: (S1) 1.2960; (P) 1.3000; (R1) 1.3021; More...

Intraday bias in USD/CAD is turned neutral as it failed to sustain above 1.3075 resistance and retreated. Further rise will remain in favor as long as 1.2859 support holds. On the upside, break of 1.3077 and sustained trading above 1.3022 fibonacci level will carry larger bullish implications. Next target is 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343.

In the bigger picture, focus stays on 38.2% retracement of 1.4667 (2020 high) to 1.2005 (2021 low) at 1.3022. Sustained break there should confirm that the down trend from 1.4667 has completed after defending 1.2061 long term cluster support. Further rise would then be seen towards 61.8% retracement at 1.3650. However, rejection by 1.3022 will maintain medium term bearishness.

Daily Pivots: (S1) 0.6916; (P) 0.6956; (R1) 0.6995; More...

Range trading continues in AUD/USD and intraday bias stays neutral for the moment. On the downside, firm break of 0.6828 support will resume larger fall from 0.8006. Next target is 0.6756/60 cluster support. However, firm break of 0.7282 will be a sign of bullish reversal and bring stronger rebound to 0.7666 resistance.

In the bigger picture, price actions from 0.8006 are seen as a corrective pattern to rise from 0.5506 (2020 low). Deeper fall could still be seen to 50% retracement of 0.5506 to 0.8006 at 0.6756. This coincides with 100% projection of 0.8006 to 0.7105 from 0.7660 at 0.6760. Strong support is expected from 0.6756/60 cluster to contain downside to complete the correction. Meanwhile, firm break of 0.7660 resistance will confirm that such corrective pattern has completed, and larger up trend is ready to resume.

Daily Pivots: (S1) 1.0475; (P) 1.0511 (R1) 1.0546; More...

EUR/USD is staying in sideway consolidation and intraday bias remains neutral first. Further fall is in favor with 1.0786 resistance intact. On the downside, sustained break of 1.0339/48 will resume larger down trend. Next target is long term projection level at 1.0090.

In the bigger picture, focus stays on 1.0339 long term support (2017 low). Decisive break there will resume whole down trend from 1.6039 (2008 high). Next target is 61.8% projection of 1.3993 to 1.0339 from 1.2348 at 1.0090. However, firm break of 1.0805 support turned resistance will delay this bearish case, and bring stronger rebound first.

Daily Pivots: (S1) 1.2205; (P) 1.2242; (R1) 1.2286; More...

GBP/USD is still staying in range of 1.1932/2666 and intraday bias remains neutral. Outlook stays bearish as long as 1.2666 resistance holds. On the downside, break of 1.1932 will resume larger down trend from 1.4248. However, firm break of 1.2666 will suggest medium term bottoming and bring stronger rebound back towards 1.3158 support turned resistance.

In the bigger picture, fall from 1.4248 (2018 high) could be a leg inside the pattern from 1.1409 (2020 low), or resuming the longer term down trend. Deeper decline is expected as long as 1.2666 resistance holds. Next target is 1.1409 low. However, firm break of 1.2666 will bring stronger rise back to 55 week EMA (now at 1.3175).

Daily Pivots: (S1) 0.9627; (P) 0.9671; (R1) 0.9720; More...

Intraday bias in USD/CHF turned neutral with 4 hour MACD crossed above signal line. Another fall cannot be ruled out. But decline from 1.0048 is viewed as the third leg of the corrective pattern from 1.0063. Strong support should be seen at around 0.9543 to contain downside to bring rebound. On the upside, above 0.9815 minor resistance will turn bias back to the upside for retesting 1.0063 resistance.

In the bigger picture, down trend from 1.0342 (2016 high) should have completed with three waves down to 0.8756 (2021 low) already. Rise from 0.8756 is likely a medium term up trend of its own. Next target is 1.0237/0342 resistance zone. This will remain the favored case as long as 0.9471 resistance turned support holds. However, sustained break of 0.9471 will extend long term range trading with another falling leg.

GBPUSD has reversed back up again after finding support at the 27-month low of 1.2070, achieved last week, but the current momentum is still weak.

The technical indicators are pointing to a neutral to negative bias in the short term with the RSI just below 50 and the MACD oscillator remaining in bearish territory. Moreover, the stochastic is attempting a bearish crossover within the %K and %D lines, suggesting a downside movement is nearing.

Further losses should see the latest bottom at 1.2070 acting as major support, while even lower, the 1.1410 key level would reinforce the bearish structure in the long-term timeframe, taken from the trough on March 2020.

In the event of an upside reversal, the short-term simple moving averages (SMAs) around the 1.2455 resistance would act as a barrier before being able to re-challenge the 1.2670 level. A break above this hurdle would shift the short-term outlook to a more bullish one, driving the pair until 1.2970. Further gains would lead the way towards the 1.3165 resistance and the 200-day SMA at 1.3200.

All in all, GBPUSD has been developing within a bearish view since January, posting lower lows and lower highs; however, any advances beyond the 200-day SMA may change the longer timeframe to be positive.

EUR/USD

Volatility during yesterday’s trading session remained muted and the single European currency continues to consolidate between the two key levels at 1.0470 and at 1.0580. Neither the bears nor the bulls can boast a breakthrough on any significant level, but if the bulls manage to breach the mentioned range, then the next resistance for them would be the level at 1.0640. An increase in short EUR volumes to an extent, to which the bears could manage to overcome the range, would mean that the next key resistance in front of them would be placed at 1.0400. Important news for today that would help develop the above scenarios is the data on existing home sales in the United States (14:00 GMT).

USD/JPY

The non-working day in the United States also affected the Ninja as it resulted in lower liquidity, which led to sharp moves in both directions. From the start of today's trading session to the time of writing the analysis, the pair fluctuated only a few pips, however this calm state will most likely not last during today’s session. If we witness increased market activity, then the bears would first have to overcome the support at 134.60. In order to find the next resistance for the bulls, we would have to go back several years until we reach the historic level of 138.50. This week, no major news that could affect the Japanese yen is expected from the land of the rising sun.

GBP/USD

As with the other currencies, the sterling didn’t experience any large movements yesterday and volatility remained muted. Still, the day was more profitable for the bulls as they were able to record a jump of around half a figure at the time of writing the analysis. If they maintain their momentum, then they could face resistance at 1.2380. If, on the other hand, the bears manage to attract the market's attention, a more stubborn obstacle in front of them would be the support at 1.2180.

EUGERMANY40

The day for the German index was marked by a breach of the resistance at 13225 on behalf of the bulls. If they continue to dominate the market, then they will have to deal with the resistance at 13650 as well. In the event that the bears are able to recoup their positions, we can witness a breach attempt aimed at the support at 12990. No news is expected from Germany that could strongly influence the index.

US30

Despite the non-working day in the U.S., the US30 "did not rest", and at the time of writing the analysis, managed to reach and test the resistance at 30240. If the bulls finally breach this level, then they could focus their efforts on the resistance at 30920. If, on the other hand, the bears manage to tip the scales in their favour, then they would have to overcome the support at 29870.

The Dow Jones 30 slips as investors fret that the Fed may go too far in its tightening. Bearish inertia prevails as buyers remain on the sidelines. The few bulls who are still in the market are struggling to hold above February 2021’s lows (29750). A bullish RSI divergence suggests a slowdown in the downward impetus. But buyers have the challenging task of clearing the former support at 31000 before they could draw more attention. Strong selling pressure could be expected as trend followers would look to fade rebounds.

Gold seeks support as the US dollar inches higher across the board. A break above the former demand zone near 1840 has prompted sellers to cover some of their bets. The price action is likely to consolidate in a narrow range between 1805 and 1878 in the next couple of days for lack of decisive catalyst. 1825 is the immediate support and its breach might break the latest momentum, leaving the precious metal vulnerable to a sell-off. A rally above 1878 may turn sentiment around and trigger a strong recovery.