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Daily Pivots: (S1) 0.9718; (P) 0.9752; (R1) 0.9784; More....

Intraday bias in EUR/CHF stays neutral for the moment. Corrective rise from 0.9550 might still extend higher. But upside should be limited by 38.2% retracement of 1.0512 to 0.9550 at 0.9917 to bring down trend resumption. On the downside, below 0.9696 minor support will turn bias back to the downside for retesting 0.9550 low.

In the bigger picture, long term down trend from 1.2004 (2018 high) is still in progress. Next target is 138.2% projection of 1.2004 to 1.0505 to 1.1149 at 0.9033. On the upside, break of 0.9970 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of strong rebound.

EURCHF is consolidating after the rebound from the all-time low of 0.9552 ran out of steam. The momentum indicators are portraying split views on the next direction. The %K and %D lines of the stochastic oscillator are both sloping downwards, heading for oversold territory. But the MACD histogram is on the verge of turning positive for the first time since mid-June.

The recent peak of 0.9865 is an obvious target for the bulls in any fresh upside attempt. However, there is stiff resistance from the 50-day moving average (MA), which has just intersected the 23.6% Fibonacci retracement level of the June-August downleg at 0.9779.

Should the bulls manage to overcome this hurdle and surpass the September high of 0.9865, attention would then turn to the parity level, with the 50% Fibonacci of 1.0032 providing additional resistance in the area.

If, though, EURCHF loses further positive momentum, the 20-day MA just above the 61.8% Fibonacci retracement of the August-September upleg at 0.9672 could halt further declines. Otherwise, the price could slide until the record-low of 0.9552, and if this is breached too, the 161.8% Fibonacci extension of 0.9358 would be the next possible all-time low to watch.

Summing up, EURCHF looks set to maintain its sideways trend in the short term, especially if it becomes increasingly confined by its 20- and 50-day MAs. However, in the medium-term picture, only a bounce above the parity level would help switch the current bearish outlook to a neutral one.

Daily Pivots: (S1) 1.3108; (P) 1.3139; (R1) 1.3181; More...

Intraday bias in USD/CAD remains neutral at this point. Further rise is expected with 1.2971 support intact. On the upside, decisive break of 1.3222 will resume larger up trend from 1.2005. Next target is 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343.

In the bigger picture, down trend from 1.4667 (2020 high) should have completed at 1.2005, after defending 1.2061 long term cluster support. Rise from there should target 61.8% retracement of 1.4667 to 1.2005 (2021 low) at 1.3650. This will remain the favored case now as long as 1.2516 support holds.

Daily Pivots: (S1) 0.6699; (P) 0.6765; (R1) 0.6803; More...

AUD/USD's fall resumed after brief recovery and intraday bias is back on the downside for retesting 0.6680 low. Decisive break there will resume larger down trend. Next target is long term fibonacci level at 0.6461. On the upside, break of 0.6855 support turned resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, price actions from 0.8006 (2021 high) is seen more as a corrective pattern to rise from 0.5506 (2020 low). Or it could also be a bearish impulsive move. In either case, outlook will remain bearish as long as 0.7282 resistance holds. Next target is 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

Daily Pivots: (S1) 0.9852; (P) 0.9919; (R1) 0.9974; More...

Downside momentum in EUR/USD is a bit unconvincing. But further decline is expected with 1.0078 resistance intact. Decisive break of 61.8% projection of 1.0773 to 0.9951 from 1.0368 at 0.9860 should prompt downside acceleration to 100% projection at 0.9546. On the upside, however, firm break of 1.0078 will indicate short term bottoming, and turn bias back to the upside for 1.0368 resistance instead.

In the bigger picture, down trend from 1.6039 (2008 high) is still in progress. Next target is 100% projection of 1.3993 to 1.0339 from 1.2348 at 0.8694. In any case, outlook will stay bearish as long as 1.0368 resistance holds, even in case of strong rebound.

Daily Pivots: (S1) 1.1474; (P) 1.1541; (R1) 1.1588; More...

Intraday bias in GBP/USD stays neutral for consolidation above 1.1442 temporary low. Upside of recovery should be limited by 1.1899 resistance to bring another decline. On the downside, break of 1.1442 will resume larger down trend for 1.1409 long term support. Firm break there will pave the way to 61.8% projection of 1.3748 to 1.1759 from 1.2292 at 1.1063 next.

In the bigger picture, based on current momentum, fall from 1.4248 (2018 high) is probably resuming long term down trend from 2.1161 (2007 high). Sustained break of 1.1409 will target 61.8% projection of 1.7190 (2014 high) to 1.1409 (2020 low) from 1.4248 (2021 high) at 1.0675. This will remain the favored case for now as long as 1.2292 resistance holds.

Daily Pivots: (S1) 0.9786; (P) 0.9824; (R1) 0.9881; More...

Further rally is expected in USD/CHF as long as 0.9691 support holds. On the upside, break of 0.9884 resistance will argue that larger up trend is ready to resume through 1.0063 high. On the downside, however, break of 0.9691 minor support will dampen this view and turn bias back to the downside for 0.9469 support instead.

In the bigger picture, current development suggests that up trend from 0.8756 (2021 low) is still in progress. Sustained break of 1.0063 will target 100% projection of 0.9149 to 1.0063 from 0.9369 at 1.0283, and then 1.0342 (2016 high). For now, this will remain the favored case as long as 0.9369 support holds, even in case of deep pull back.

All eyes seem to be on the US Dollar as traders await the Federal Reserve Chair's speech this Thursday. Mr. Powell, who will be speaking at the Cato Institute's Annual Monetary Conference, is expected to give actionable clues as to the Fed's decision regarding interest rates. The Dollar which is currently trading above the 20-year high of 108.9, seems to be heading even higher as there are speculations in favor of even more hawkish measures from the Federal Reserve Bank.

BTCUSD

Dim hopes for BTC as we approach a confluence of support. After declining over 72% from its All-Time-High since November, there may yet be some hope for a bullish bounce as BTC approaches a confluence region. The zone between $18,500 - $17,500 could provide some bullish relief for traders and investors alike. However, there are no clear indications of a bullish rally in sight just yet.

GBPAUD

GBPAUD has ended the day prior with a huge impulsive candle on the daily from the base of the channel, breaking above the previous 4-Hour high at 1.20353. Continuing along this road should take prices into the resistance zone between 1.21247 and 1.22417, from where the bearish trend can be expected to continue.

USDJPY is trying to repeat Tuesday’s exciting rally after re-activating its long-term uptrend above July’s peak of 139.20 last week, boosting the price up to 144.37 early on Wednesday– the highest since August 1998.

The area around 144.37 was somewhat constraining back in 1998, while the 161.8% Fibonacci extension of July’s bearish correction is within a breathing distance at 144.92 too. Hence, some congestion cannot be ruled out within this area. Note that the RSI and the stochastics are comfortably above their overbought levels and near a former resistance zone, suggesting that the bears might be around the corner. If buying appetite strengthens instead, the ascend could see further continuation towards the 1998 top of 147.71.

Should traders engage in profit taking soon, the pair could revisit the broken bullish channel seen around 140.60. A move lower from here may immediately take a breather around July’s peak of 139.37 before stretching towards the 20-day simple moving average (SMA) at 137.55. If downside forces persist, the door will open for the 50-day SMA and the channel’s lower boundary around 136.50.

All in all, USDJPY is back in a bullish trend after almost two months, with the rally expected to continue up to 147.71 unless the area around 145.00 proves tough to overcome.

EUR/USD

Tuesday was a volatile day for the single European currency. The day started with an extension of the uptrend movements from the previous day, and around the opening of the European session, the pair managed to reach the resistance at 0.9985. There, however, the bears took over, and after the release of the positive data on the interest rate given by managers in the U.S. services sector, they strengthened the dollar even more and managed to reach a new bottom that had not been recorded for more than 20 years, namely 0.9863. There the bulls decided to further shape their attack and corrected part of the decline, ending the day at around 0.9902. Today, between 06:00 and 08:00 GMT, traders will await for a set of data on the state of the EU economy that may help the euro recover some of its losses. However, should the data end up disappointing the forex market players, then the euro's uncontrollable slide could continue towards new lows.

USD/JPY

nce again we saw a new day and a new high for the Ninja. Already in the early hours of Tuesday, the previous resistance of 140.65 was breached, and without any oscillations, the USD/JPY managed to realise record prices of 143.05 as the European session came to a close. The dollar's current strength against the Japanese currency is exceptional and no changes are expected to develop on this front anytime soon. The currency pair continues to alternate uptrends with consolidations which, however, do not last for more than a day. Today's comments from the FOMC members on the upcoming package of key rate hikes could further strengthen the dollar, but if they end up disappointing traders, then we could see a consolidation instead.

GBP/USD

On Tuesday, movements in the Cable started the day promisingly as it was trading around the key level at 1.1600 close to the opening of the European session. However, after the 08:30 GMT release concerning the state of the construction sector in the UK failed to make any difference even after several hours of non-stop consolidations around the mentioned price, the bears took control over the pair and took it down towards 1.1497. A slight upward correction followed and the GBP/USD ended the day at around 1.1516. Traders are largely holding their breath today for the UK monetary policy report due out at 09:00 GMT. Whether the 1.1497 bottom will provide good support for the bulls and enable them to continue their attack, or if the bears will form a new bottom in the currency pair, remains to be seen after the report.

EUGERMANY40

The usual correlation with the U.S. indices was absent on Tuesday. After bouncing off the support at 12717, the German index managed to score a new weekly high in the early hours of the day, reaching 12929 around the opening of the European session. In the following hours, however, we saw strong volatility that did not allow the EUGERMANY40 to break out of its consolidation until the end of the trading session and the day ended at around 12813. Today, the German industrial production data, which is expected at 07:00 GMT, may have an impact on the index. Whether the downward trend will continue or whether some of the declines from last month will be recovered remains to be seen in the coming days.

US30

On Tuesday, the blue-chip index started with a slight uptrend that reached 31590 just a few hours after the European session opened. There, however, the bears found a good entry point and the US30 declined again, reaching the bottom at 31044. The declines calmed down at these levels and the day ended at around 31155. Today, statements from members of the FOMC on the future package of interest rate hikes are expected to have their effect on the index. The downtrend is strong and the lack of fuel for uptrend moves continues to push the instrument deeper and deeper into bear territory, but any dovish comments might push the American index towards recovery.