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Daily Pivots: (S1) 0.8344; (P) 0.8374; (R1) 0.8402; More...

Intraday bias in EUR/GBP remains on the downside for the moment. Current development affirms the case of rejection by 0.8697 fibonacci level. Deeper fall should be seen to retest 0.8720 low. On the upside, above 0.8424 minor resistance will turn intraday bias neutral first. But risk will now stay on the downside as long as 0.8585 resistance holds.

In the bigger picture, attention remains on 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Sustained break there will affirm the case that rise from 0.8201 is a medium term up trend itself. Further rally would then be seen to 61.8% retracement at 0.9003. However, rejection by 0.8697 will confirm medium term bearishness for another fall through 0.8201.

Daily Pivots: (S1) 1.4523; (P) 1.4571; (R1) 1.4630; More...

EUR/AUD is losing some downside momentum as seen in 4 hour MACD, but there is no sign of bottoming yet. Current fall from 1.5396 should target a test on 1.4318 low next. Decisive break there will resume larger down trend. On the upside, break of 1.4666 minor resistance will turn intraday bias to the upside for recovery first.

In the bigger picture, rejection by 1.5354 support turned resistance, as well as 55 week EMA (now at 1.5378), maintain medium term bearishness. That is, larger down trend from 1.9799 is not completed yet. Break of 1.4318 low will target 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). This will remain the favored case now as long as 1.5396 resistance holds.

Daily Pivots: (S1) 0.9694; (P) 0.9750; (R1) 0.9791; More....

Intraday bias in EUR/CHF remains on the downside at this point. Current down trend should target 0.9650 long term projection level next. On the upside, break of 0.9948 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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. 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) 1.2778; (P) 1.2823; (R1) 1.2852; More...

Intraday bias in USD/CAD remains on the downside at this point. Deeper fall should be seen towards 1.2516 key support. 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) 0.6958; (P) 0.6986; (R1) 0.7017; More...

Intraday bias in AUD/USD remains on the upside at this point. Sustained trading above 55 day EMA (now at 0.6965) will pave the way to 0.7282 resistance next. On the downside, however, break of 0.6858 minor support will argue that the rebound from 0.6910 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) 1.0129; (P) 1.0182; (R1) 1.0249; More...

EUR/USD is still bounded in familiar range and intraday bias remains neutral. On the upside, above 1.0277 minor resistance will target 1.0348 resistance first. Break there will target channel resistance at 1.0469. on the downside, break of 1.0095 minor support will 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.

Daily Pivots: (S1) 1.2124; (P) 1.2158; (R1) 1.2212; More...

GBP/USD's rise from 1.1759 is still in progress and intraday bias stays on the upside for 1.2405 resistance first. Firm break there will target 1.2666 key resistance next. On the downside, break of 1.2019 minor support will turn bias back to the downside for retesting 1.1759 low instead.

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 1.2986).

Daily Pivots: (S1) 0.9519; (P) 0.9575; (R1) 0.9606; More...

Intraday bias in USD/CHF stays on the downside for 0.9493 support and possibly below. Price actions from 1.0063 high are still viewed as a consolidation pattern. Hence, Strong support should be seen from 0.9471 resistance turned support to bring rebound. On the upside, above 0.9598 minor resistance will turn bias back to the upside for recovery towards 55 day EMA (now at 0.9663) and above. However, sustained break of 0.9471 will carry larger bearish implication and target 0.9193 support next.

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.

To date, the USDJPY currency shows the formation of a global impulse trend, which consists of cycle waves.

For more than four months, the price has been rising in a cycle wave V.

Wave V, apparently, takes the form of a 5-wave impulse ①-②-③-④-⑤ of the primary degree. Within the framework of this impulse, the first four parts look completed.

Currently, the construction of the primary fifth wave is assumed, which takes the form of an intermediate impulse. The price in the final primary wave ⑤ may rise to the level of 140.06.

At that level, wave V will be at 200% of previous cycle impulse III.

An alternative scenario shows that the entire cycle wave V has already ended in the form of a primary impulse.

Thus, in the next coming trading weeks, we can expect a fall in the exchange rate and the formation of a new bearish trend.

In the near future, we can assume the formation of a bearish impulse, which will consist of primary sub-waves ①-②-③-④-5, as shown in the chart, where the first two small sub-waves ①-2 are constructed.

The upcoming decline may reach the area of 121.27, the previous minimum of fluctuations, and possibly even lower.

The euro weakens as the energy crisis intensifies. After the euro failed to achieve a higher high above 0.8580, a fall below the base of the rebound at 0.8420 may have sealed its fate. As buyers rush to close their positions, the single currency could be subject to rising selling pressure. Last May’s lows around 0.8370 was another support and its breach confirms that sentiment has turned downbeat. 0.8440 is the resistance where the bears might look to sell into strength. 0.8310 would be the next target when momentum returns.