EurUsd Momentum indictors are warning of a reversal to the upside however event risk will keep selling pressure on the Eur. Watch for rangebound trading between 1.2678 and 1.2548. Engulfing top in the USD Index yesterday will keep USD bulls on edge but consolidation under 1.2700 will not squeeze shorts.
GbpUsd Traders are pointing to a Morning Star candle pattern and bullish slow stochastic (combined with early formation of inverse head & shoulders) as risk to the upside. We expect events of the day to dominate leaning toward sterling weakness and expect a retest of horizontal base support at 1.3958 (mar 2nd lows) then down to 1.3500. Upside close above1.4160 will target 1.4290.
UsdJpy Short term correction of bull trend was short lived with good momentum piercing 99.50 resistance. Weekly momentum indictors are still bullish. Anticipate a test of 100.0 psychological resistance. Support stands a 98.00.
UsdChf Failure to reach 1.1885 key reversal level implies downside risk. Intra day support stand at 1.1665 21d ma. Mid term consolidation between 1.1885 and 1.1463 favors continuation of uptrend.
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