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Daily Pivots: (S1) 0.8351; (P) 0.8363; (R1) 0.8383; More...

Intraday bias in EUR/GBP stays on the downside. Current fall from 0.8720 should target a retest on 0.8201 low. On the upside, above 0.8414 minor resistance will turn intraday bias neutral again. But outlook will stays cautiously bearish as long as 0.8585 resistance holds.

In the bigger picture, current development suggests rejection by 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Medium term term bearishness is maintained. Break of 0.8201 will resume larger down trend from 0.9499 (2020 high). Nevertheless, sustained break of 0.8697 will affirm the case that rise from 0.8201 is a medium term up trend itself.

Daily Pivots: (S1) 0.9732; (P) 0.9758; (R1) 0.9791; More....

Intraday bias in EUR/CHF remains neutral for consolidation above 0.9697. While further fall cannot be ruled out, some support might be seen from 0.9650 long term projection level to bring rebound. Break of 0.9948 resistance will indicate short term bottoming. Nevertheless, firm break of 0.9650 will target 100% projection of 1.1149 to 0.9970 from 1.0513 at 0.9334.

In the bigger picture, long term down trend from 1.2004 (2018 high) is expected to target 100% projection of 1.2004 to 1.0505 to 1.1149 at 0.9650. Firm break there will target 138.2% projection at 0.9033. On the upside, break of 1.0513 resistance is needed to indicate medium term bottoming. Otherwise, outlook will stay bearish in case of strong rebound.

Daily Pivots: (S1) 1.2819; (P) 1.2855; (R1) 1.2878; More...

Intraday bias in USD/CAD stays neutral and outlook is unchanged. Further decline is mildly in favor with 1.2945 minor resistance intact. Below 1.2766 will resume the fall from 1.3222 to 1.2818 support next. On the upside, above 1.2945 minor resistance will revive near term bullishness, and turn bias back to the upside for retesting 1.3222 instead.

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) 0.6905; (P) 0.6931; (R1) 0.6975; More...

Range trading continues in AUD/USD and intraday bias remains neutral. On the upside, break of 0.7045 will resume the rebound from 0.6680 to 0.7282 key resistance next. On the downside, however, break of 0.6858 minor support will argue that the rebound is over. Intraday bias will then be back on the downside for retesting 0.6680 low.

In the bigger picture, price actions from 0.8006 (2021 high) could still be a corrective pattern to rise from 0.5506 (2020 low). But current downside acceleration, as seen in weekly MACD), is raising the chance that it's 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) 132.58; (P) 133.57; (R1) 134.84; More...

Intraday bias in USD/JPY remains neutral at this point. Correction from 139.37 could still extend through 130.38. But downside should be contained above 126.35 support, at least on first attempt, to bring rebound. On the upside, firm break of 134.58 will turn bias to the upside for stronger rally to retest 139.37 high.

In the bigger picture, a medium term top should be in place at 139.37, on bearish divergence condition in daily MACD. Fall from there could be correcting whole up trend from 101.18 (2020 low). While deeper decline cannot be ruled out, outlook will stays bullish as long as 55 week EMA (now at 121.84) holds. Long term up trend is expected to resume through 139.37 at a later stage, after the correction finishes.

Daily Pivots: (S1) 0.9548; (P) 0.9600; (R1) 0.9657; More...

USD/CHF's break of 0.9598 resistance confirm short term bottoming at 0.9468, after defending 0.9471 key support level. Intraday bias is back on the upside. Sustained trading above 55 day EMA (now at 0.9650) will raise the chance that corrective pattern from 1.0063 has completed. Further rally should then be seen to 0.9884 resistance next. This will remain the favored case as long as 0.9468 support holds.

In the bigger picture, medium term up trend from 0.8756 (2021 low) is still in progress. On resumption, next target is 1.0342 (2016 high). Sustained break there will resume long term up trend from 0.7065 (2011 low). This will remain the favored case as long as 0.9471 resistance turned support holds. However, firm break of 0.9471 will raise the chance that such up trend is over. Sustained trading below 55 week EMA (now at 0.9424) could bring deeper medium term fall back to 0.9149 support and below.

Daily Pivots: (S1) 1.0125; (P) 1.0167; (R1) 1.0211; More...

Range trading continues in EUR/USD and intraday bias remains neutral. Further rise is in favor with 1.095 minor support intact. Rebound from 0.9951 will target 1.0348 support turned resistance. Break there will target channel resistance at 1.0432. On the downside, break of 1.0095 minor support will turn bias back to the downside, and bring retest of 0.9951 low 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 1.0773 resistance holds, in case of strong rebound.

Bitcoin has added 0.8% to $23100 in the past 24 hours, a worryingly weak result. Ethereum strengthened 1.3% to $1650. Other leading altcoins gained between 0.9% (Cardano) and 7.2% (BNB).

Total crypto market capitalisation, according to CoinMarketCap, rose 1.8% to $1.08 trillion overnight. The Cryptocurrency Fear and Greed Index lost 4 points to 30.

Bitcoin’s drift towards the lower end of the uptrend channel has paused, but this is a weak result compared to the 2.6% rise in the Nasdaq, with which the cryptocurrency market is closely correlated. We are still left to guess where the most consistent trend and market noise show. The stock market was pushed yesterday by jumps in individual securities after quarterly earnings reports. In general, the macroeconomic situation is somewhat cautious.

The Fed officials were proving to the markets that they were hoping for a quick reversal of monetary policy from tightening to easing. They hinted at their willingness to raise the rate more than previously estimated.

Cryptocurrencies are sensitive to financial conditions, as rising rates reduce the availability of money, and this is especially true for such financial assets.

Michael Saylor, an iconic figure in the crypto industry, is stepping down as CEO of MicroStrategy. The reason for Saylor’s departure could be the dissatisfaction of MicroStrategy’s investors with the company’s financial results, whose losses from BTC depreciation exceeded $1 billion.

The ECB believes that national digital currencies (CBDC) will displace bitcoin and other cryptocurrencies because of their higher potential.

Online broker Robinhood has announced a 23% staff cut amid the collapse of the crypto market. Robinhood issued a negative second-quarter financial report this week. New York authorities fined the crypto platform $30 million for failing to comply with anti-money laundering and cybersecurity measures.

Solana users lost more than $8 million due to a blockchain vulnerability. Hackers hacked about 8,000 SOL-based wallets. Major crypto exchanges said they would improve user security after Solana was hacked.

EUR/USD

The bulls again suffered a setback at the 1.0270 resistance and the euro once more sank back to the key support of 1.0125. During yesterday's session, the pair formed local resistance at 1.0210. Expectations remain negative and prices are likely to break out of the range and to subsequently test the 1.0050 – 1.0000 zone. The market remains in a downtrend and the current range can be interpreted as a pause for the bears, rather than an attempt to reverse the direction of the trend. The resistance at 1.0270 acts as a wall and breaching it is rather difficult at the moment, since in order for that to happen, there would first need to be a significant improvement in the macro environment. Today, increased activity can be expected around the release of initial jobless claims data for the U.S. at 12:30 GMT.

USD/JPY

The decline in the USD/JPY belongs to the higher time frames. The daily support at 130.70 sparked bull interest and prices bounced back sharply, reaching the resistance at 134.60. It is possible that the recovery of the dollar will continue, with the first support for the day being the area at around 132.52. If the bulls slow down the pressure, then the market will be more likely to enter a range than to decline below the level of 130.60. In the event 134.60 is breached, the next targets could be 135.70 and 137.40, respectively.

GBP/USD

The Cable snapped its winning streak and is currently trading at last week's levels. An interest rate hike by the Bank of England is expected today and volatility is anticipated to be high. A decision is expected at 11:00 GMT, with the pair likely to sell off heavily on a signal that the bank will not do enough to tackle inflationary pressures. First support for the day is 1.2100, followed by 1.2020. First resistances for the bulls are the key level at 1.2180 and the one at 1.2270. It is possible that when the news is released, prices will also reach the next zone at 1.2330, but a rally above it is unlikely.

EUGERMANY30

The German index turned green for the week, with prices currently being on the verge of testing the resistance at around 13670. First supports for the bulls are 13500, 13340, and 13120. The resistance at 13670 comes from the higher time frames and a breach of this area would unlock the possibility of further gains, with a potential target for the rally being levels of around 14000. Given the dire situation in Germany, this rally is more technical than driven by expectations of economic recovery and corporate earnings growth. The market moving into a range will be an initial signal for new massive sell-offs.

US30

The U.S. blue chips are up nearly 9% since the middle of last month. The speed and aggressiveness of the move are characteristic of a bear market rally. The gains are fragile, but they manage to confuse investors – the old bears have long since been liquidated, the new ones are fueling the market, funds employing different strategies are forced to chase higher prices, and all of this is happening in an environment with extremely poor liquidity. Growth is expected to slow around the resistance zone at 33100. First resistance for the day remains 32910, while the first support is 32580, followed by the level at 32000. Despite the huge gains scored so far, expectations remain negative. A likely scenario is that the market will move into a range, with the main downtrend continuing afterwards.

Oil prices slumped after OPEC+ decided to raise output. Downbeat sentiment prevails as WTI struggles to achieve a higher high. The recent rebound came to a halt at 101.80 next to the 30-day moving average. A subsequent fall below 96.50 suggests that the path of least resistance is still down. A break below 91.10 could trigger liquidation towards 85.00, opening the door for a bearish reversal in the weeks to come. 96.20 is the first hurdle and the bulls need to clear 101.80 before a recovery could take place.