Previous Story
EURUSD formed a double top at 1.1034.
| EURUSD | H4 | ||
| Resistance | 1.1034 | 1.1084 | 1.1138 |
| Support | 1.0930 | 1.0875 | 1.0825 |
| Primary Scenario | After forming a double top at 1.1034, EURUSD is now trading below the daily pivot point (1.0980). A decisive movement to the south will push prices to breach the key support at 1.0930, targeting the forthcoming level at 1.0875. | ||
| Alternative Scenario | An upward wave would act as a catalyst for the market to surpass the daily pivot, with immediate target the resistance level at 1.1034. | ||
 |
GBPUSD | H4 |  |
| Resistance | 1.5266 | 1.5310 | 1.5381 |
| Support | 1.5152 | 1.5081 | 1.5038 |
| Primary Scenario | The GBPUSD pair is negotiating on the daily pivot at 1.5195. If bulls manage to withstand the bears’ pressure, the exchange rate will climb towards the resistance levels at 1.5266 and 1.5310. | ||
| Alternative Scenario | On the other hand, a comeback of the currency pair will lead the market to find support at 1.5152. | ||
 |
USDCHF | H4 | |
| Resistance | 0.9881 | 0.9937 | 0.9976 |
| Support | 0.9786 | 0.9746 | 0.9690 |
| Primary Scenario | USDCHF bounced up from the previous bottom and is now trading slightly above the daily pivot (0.9842). An upward momentum would fuel the pair to retest the barrier at 0.9881 and even higher at 0.9937. | ||
| Alternative Scenario | A tumble of the market below the daily pivot will pave the path down to 0.9786. | ||
 |
USDJPY | H4 | |
| Resistance | 121.39 | 121.94 | 122.73 |
| Support | 120.89 | 120.57 | 120.21 |
| Primary Scenario | The pair is under pressure and the bearish outlook is still in force. A drop of the market below the support at 120.89 will open the way down to 120.57 and then lower at 120.21. | ||
| Alternative Scenario | Alternatively, should USDJPY achieve to exceed the hurdle at 121.39, it will lift the rate up to 121.94. | ||
 |
AUDUSD | H4 | |
| Resistance | 0.7248 | 0.7313 | 0.7346 |
| Support | 0.7149 | 0.7116 | 0.7050 |
| Primary Scenario | AUDUSD is hovering narrowly below the daily pivot point at 0.7215. If the pair manages to violate the important support level at 0.7149, it will find support at 0.7116. | ||
| Alternative Scenario. | A higher thrust of the market would trigger the pair to penetrate the daily pivot. The next resistance is seen at 0.7248. | ||
The post EURUSD formed a double top at 1.1034. appeared first on FXTM Blog.
