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The Swiss franc edges higher as the market continues to price in the SNB’s hawkish turn. The euro’s plunge below the daily support at 1.0230 caused leveraged long positions to close out, driving up volatility. As the dust settles, an oversold RSI caused a brief rebound as short-term sellers bagged their profits. The price action is near April’s lows around 1.0090. A bearish breakout might trigger a new round of sell-off below the parity. On the upside, 1.0270 is the first resistance to clear before a recovery could materialise.

The Japanese yen fell back after the Bank of Japan vowed to keep interest rates ultra-low. A sharp U-turn above 134.50 has taken sellers by surprise and forced them to cover. A bullish MA cross suggests a possible acceleration to the upside. The recent peak at 135.60 is a key resistance and its breach could resume the rally towards 137.00. As the RSI goes into the overbought area, momentum buying could be fading as intraday traders take profit. The base of the latest surge at 132.40 would be the first support.

The Aussie Dollar started a fresh decline from the 0.7070 zone against the US Dollar. The AUD/USD pair traded below the 0.7000 support zone on FXOpen to enter a short-term bearish zone.

The pair gained pace for a move below the 0.6950 and settled below the 50 hourly simple moving average. The pair traded as low as 0.6897 and is currently correcting higher. It cleared a key bearish trend line with resistance near 0.6940 on the hourly chart.

The next key resistance on the upside is near the 0.6980 level and the 50 hourly simple moving average. If there is an upside break above the 0.6980 level, the pair could rise steadily towards the 0.7020 level in the near term. Any more gains could send the pair towards 0.7050.

An immediate support on the downside is near the 0.6940 level. The next key support is near the 0.6900 level. A downside break below the 0.6900 support could lead the pair towards the 0.6850 support.

Daily Pivots: (S1) 163.32; (P) 164.78; (R1) 166.34; More...

Intraday bias in GBP/JPY remains on the upside for retesting 168.67. Decisive break there will resume larger up trend. On the downside, however, break of 159.97 will bring deeper fall back towards 155.57 support instead.

In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long term bullish signal, and could pave the way back to 195.86 high. This will now remain the favored case as long as 155.57 support holds, even in case of deep pull back.

Daily Pivots: (S1) 140.08; (P) 141.03; (R1) 142.59; More....

Intraday bias in EUR/JPY remains mildly on the upside for retesting 144.23 high. Firm break there will resume larger up trend. On the downside, below 137.83 will turn bias back to the downside to extend the correction from 144.23.

In the bigger picture, up trend from 114.42 (2020 low) is in progress. Such rise is seen as the third leg of the pattern from 109.30 (2016 low). Sustained trading above 100% projection of 114.42 to 134.11 from 124.37 at 144.06 will indicate upside acceleration and target 149.76 long term resistance (2014 high). In any case, outlook will now remain bullish as long as 132.63 support holds, in case of deep pull back.

Daily Pivots: (S1) 0.8544; (P) 0.8570; (R1) 0.8617; More...

Intraday bias in EUR/GBP remains neutral for the moment. Further rise is expected as long as 0.8484 support holds. Break of 0.8720 and sustained trading above 0.8697 medium term fibonacci level will carry larger bullish implication. Next target is 0.9003 fibonacci level. However, break of 0.8484 will indicate rejection by 0.8697 and turn near term outlook bearish.

In the bigger picture, rise from 0.8201 medium term bottom could could either be a correction to the down trend from 0.9499 (2020 high), or a medium term up trend itself. Sustained break of 38.2% retracement of 0.9499 to 0.8201 at 0.8697 will affirm the latter case, and pave the way to 61.8% retracement at 0.9003. However, rejection by 0.8697 will maintain medium term bearishness.

Daily Pivots: (S1) 1.5008; (P) 1.5084; (R1) 1.5208; More...

Intraday bias in EUR/AUD remains neutral as range trading continues. On the upside, above 1.5187 will target 1.5277 resistance and than 1.5354 support turned resistance next. On the downside, break of 1.4759 support will suggest that rebound from 1.4318 has completed. Intraday bias will be turn back to the downside for retesting 1.4318 low.

In the bigger picture, as long as 1.5354 support turned resistance holds, larger down trend from 1.9799 (2020 high) is still expected to continue. On resumption, next target is 61.8% projection of 1.9799 to 1.5250 from 1.6434 at 1.3623, which is close to 1.3624 long term support (2017 low). However, firm break of 1.5354 will indicate medium term bottoming and bring stronger rally back to 1.6434 key resistance.

Daily Pivots: (S1) 1.0111; (P) 1.0165; (R1) 1.0232; More....

Intraday bias in EUR/CHF stays on the downside at this point. Break of 1.0086 support will affirm that case that corrective rebound from 0.9970 has completed after failing 1.0505 long term resistance. Deeper fall would be seen to retest 0.9970 low next. On the upside, above 1.0232 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.0513 resistance holds.

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) 1.2953; (P) 1.3016; (R1) 1.3092; More...

Intraday bias in USD/CAD remains on the upside and rise from 1.2005 should be resuming. 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. For now, outlook will stay bullish as long as 1.2859 support holds, in case of retreat.

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) 0.6871; (P) 0.6962; (R1) 0.7027; More...

Intraday bias in AUD/USD remains 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.