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Daily Pivots: (S1) 1.3213; (P) 1.3250; (R1) 1.3298; More...

USD/CAD recovered ahead of 1.3180 and intraday bias is turned neutral first. Consolidation from 1.3180 might extend. But further decline is still expected as long as 1.3375 resistance holds. On the downside, break of 1.3180 will resume the fall from 1.3664 to 61.8% projection of 1.3664 to 1.3180 from 1.3375 at 1.3076 next.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) is not clearly impulsive so far. Hence, we'd stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3036) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

Daily Pivots: (S1) 1.1395; (P) 1.1421; (R1) 1.1451; More.....

Intraday bias in EUR/USD remains mildly on the upside for the moment. Current development suggests that corrective pattern from 1.1215 is still extending, with rise from 1.1289 as another leg. Further rally would be seen to 1.1569 resistance and above. On the downside, below 113.90 minor support will turn bias back to the downside for 1.1289 support instead.

In the bigger picture, as long as 1.1814 resistance holds, down trend down trend from 1.2555 medium term top is still in progress and should target 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. However, break of 1.1814 will confirm completion of such down trend and turn medium term outlook bullish.

Daily Pivots: (S1) 1.3124; (P) 1.3169; (R1) 1.3200; More....

With 4 hour MACD crossed below sign line, intraday bias in GBP/USD is turned neutral first. Focus remains on 1.3174 key resistance. Sustained break above 1.3174 will suggest that whole decline from 1.4376 has completed at 1.2391 on bullish convergence condition in daily MACD. Further rise should then be seen to 61.8% retracement at 1.3618. On the downside, however, break of 1.3012 support will suggest rejection by 1.3174 key resistance, and turn bias to the downside for 1.2814 support.

In the bigger picture, rise from 1.1946 (2016 low) to 1.4376 (2018 high) is seen as a corrective move. Similarly, fall from 1.4376 to 1.2391 also displace a corrective structure. Current development suggests that rise from 1.2391 is the third leg of the corrective pattern from 1.1946 and could extend beyond 1.4376 high. Firm break of 61.8% retracement of 1.4376 to 1.2391 at 1.3618 will affirm this case. On the downside, break of 55 day EMA (now at 1.2860) will turn focus back to 1.2391 low instead.

Daily Pivots: (S1) 0.9901; (P) 0.9924; (R1) 0.9942; More....

Intraday bias in USD/CHF remains neutral as retreat from 0.9990 is extending. In case of deeper fall, downside should be contained by 0.9856 resistance turn support to bring another rally. As note before, corrective pull back from 1.0128 has completed at 0.9716 already. Above 0.9990 will extend the rise from 0.9716 to retest 1.0128 high.

In the bigger picture, USD/CHF drew strong support from medium term trend line and rebounded. That suggests rise from 0.9186 is still in progress. Break of 0.9963 will affirm this bullish case. Further break of 1.0128 will confirm up trend resumption and target 1.0342 key resistance. Nevertheless, break of 0.9716 will dampen this bullish view and at least bring deeper fall to 0.9541 key support.

Daily Pivots: (S1) 109.13; (P) 109.36; (R1) 109.55; More...

USD/JPY is staying above 109.14 minor support and intraday bias remains neutral first. On the upside, break of 110.00 will resume the rebound from 104.69. But we'd expect strong resistance from 61.8% retracement of 114.54 to 104.69 at 110.77 to limit upside. On the downside, break of 109.14 minor support will be the first sign of completion of the rebound. Intraday bias will then be turned back to the downside for 107.77 minor support first.

In the bigger picture, while the rebound from 104.69 is strong, there is no change in the view that it's a corrective move. That is, fall from 114.54, as part of the decline from 118.65 (2016 high), is not completed yet. Break of 104.62 will target 100% projection of 118.65 to 104.62 from 114.54 at 100.51, which is close to 100 psychological level. Nevertheless, sustained trading above 55 day EMA (now at 110.82) will dampen this bearish view and turn focus back to 114.54 resistance instead.

Daily Pivots: (S1) 143.51; (P) 144.18; (R1) 145.27; More...

A temporary top is in place at 144.84 in GBP/JPY with the current retreat. Intraday bias is turned neutral for consolidation. For now, further rise is still expected as long as 140.62 support holds. Above 144.82 will extend the rebound from 131.51 to trendline resistance at around 147.35. We'd expect strong resistance from there to limit upside at first attempt. On the downside, firm break of 140.62 will suggest completion of the rebound and turn bias to the downside.

In the bigger picture, the strong rebound from 131.51 suggests that medium term fall from 156.59 (2018 high) has completed already. The corrective structure of such decline is turn argues that it's the second leg of the corrective pattern from 122.36 (2016 low). And this pattern is starting the third leg. On the upside, decisive break of 149.38 will pave the way to 156.59 resistance and above.

Daily Pivots: (S1) 124.66; (P) 124.86; (R1) 125.12; More....

Intraday bias in EUR/JPY remains mildly on the upside for the moment. Rebounds from 118.62 is in progress for 55 day EMA (now at 126.2). On the downside, break of 123.78 support is now needed to indicate completion of rebound from 118.62. Otherwise, near term outlook will remain cautiously bullish in case of retreat.

In the bigger picture, medium term rebound from 109.03 (2016 low) has completed at 137.49 already, with corrective structure. Fall from 137.39 is possibly just the second leg of the corrective pattern from 109.03. Break of 133.12 resistance should start the third leg to 137.49 and above. Nevertheless, break of 118.62 will resume the decline from 137.49 for 109.03/114.84 support zone instead.

GBPUSD had been in a flying mode on Friday, reaching a fresh three-and-a-half month high around 1.3217, before slipping lower again on Monday towards the immediate support of the 38.2% Fibonacci retracement level of the downleg from 1.4375 to 1.2390, near 1.3145. Despite the latest setback, the pair holds above that area, signaling more gains.

The RSI turned lower after entering overbought territory above 70. At the moment, it continues to flatten around 70 in support of a positive short-term picture. The bias in the very-short-term also looks bullish as indicated by the MACD, which is strengthening its upward momentum above the trigger and zero lines.

If the price edges lower for the next sessions, creating a bearish correction in the near term, then the next barrier is coming from the 1.3000 strong psychological level. Further declines may meet support around the 20-day simple moving average (SMA) currently at 1.2880 before challenging the 23.6% Fibonacci mark of 1.2855.

On the upside, resistance could occur near the 1.3255 – 1.3300 zone, taken from the highs on October 12 and September 20. Higher still, the 50.0% Fibonacci region of 1.3380 would increasingly come into scope.

The short-term picture looks predominantly bullish, with trading activity taking place above both the 20- and 40-SMAs. However, in the medium-term cable is shifting the outlook to a more neutral one after the latest advance. A climb above the 50.0% Fibonacci would endorse the bullish structure in the longer-timeframe as well.

Daily Pivots: (S1) 1.1315; (P) 1.1330; (R1) 1.1351; More...

EUR/CHF recovers further today but stays below 1.1348 resistance. Intraday bias remains neutral first. We continue to favor the case that choppy decline from 1.1501 has completed at 1.1181 already. On the upside, decisive break of 1.1348 will confirm this bullish case and turn bias to the upside for retesting 1.1501 next. On the downside, in case of another fall, we'd expect strong support from 1.1154/98 support zone to contain downside to bring rebound.

In the bigger picture, price actions from 1.2004 medium term top is seen as a correction only. Downside should be contained by support zone of 1.1198 (2016 high) and 61.8% retracement of 1.0629 to 1.2004 at 1.1154 to complete it and bring rebound. A break of 1.2 key resistance is still expected in the medium term long term. However, sustained break of the mentioned support zone will mark reversal of the long term trend. In that case, 1.0629 key support will be back into focus.

Daily Pivots: (S1) 1.5852; (P) 1.5917; (R1) 1.5954; More....

EUR/AUD is staying in consolidation from 1.5774 and intraday bias remains neutral. Near term outlook stays bearish with 1.6154 resistance intact and further decline is expected. On the downside, break of 1.5774 will resume the fall from 1.6765 and target 1.5346 key support next. On the upside, break of 1.6154 will argue that the pull back has completed. Intraday bias will then be turned back to the upside for retesting 1.6765.

In the bigger picture, the failure to sustain above 1.6587 key resistance (2015 high) argues that up trend from 1.1602 (2012 low) is not ready to resume yet. But still, as long as 1.5346 support holds, outlook will remain bullish. Break of 1.6765 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488 next. However, firm break of 1.5346 key support will indicate trend reversal, with bearish divergence condition in weekly MACD, and turn outlook bearish.