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EURUSD is oscillating around the daily pivot.
| EURUSD | H4 | ||
| Resistance | 1.0616 | 1.0666 | 1.0715 |
| Support | 1.0518 | 1.0470 | 1.0419 |
| Primary Scenario | EURUSD is oscillating around the daily pivot (1.0568). A plunge of the market below the support level at 1.0518 will open the way down to 1.0470. | ||
| Alternative Scenario | A higher thrust of the market will lift the exchange rate above the daily pivot towards the resistance level at 1.0616. | ||
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GBPUSD | H4 |  |
| Resistance | 1.4714 | 1.4755 | 1.4829 |
| Support | 1.4598 | 1.4524 | 1.4483 |
| Primary Scenario | The pair bottomed at 1.4565, before retracing above the daily pivot point at 1.4639. If GBPUSD manages to withhold the sellers’ pressure, it will climb towards the resistance level at 1.4714 and further up at 1.4755. | ||
| Alternative Scenario | Alternatively, a drop of the pair below the daily pivot will push prices to find support at 1.4598. | ||
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USDCHF | H4 | |
| Resistance | 0.9839 | 0.9902 | 0.9943 |
| Support | 0.9735 | 0.9695 | 0.9632 |
| Primary Scenario | USDCHF edged up at 0.9862, before closing below the daily pivot (0.9799). A deeper correction of the pair will most likely lead the market down to 0.9735 and then lower at 0.9695. | ||
| Alternative Scenario | A decisive movement to the north will trigger the market to penetrate the daily pivot, with immediate target the hurdle at 0.9839. | ||
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USDJPY | H4 | |
| Resistance | 120.22 | 120.83 | 121.20 |
| Support | 119.63 | 119.33 | 118.90 |
| Primary Scenario | USDJPY has experienced strong resistance at 120.83 and returned down, close to the upper level of the Kumo. A persistent upward wave would generate strength for the market to exceed the obstacle at 120.22. The next resistance is seen at 120.83. | ||
| Alternative Scenario | Should the pair achieve to enter the cloud, the next support is estimated at 119.33. | ||
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AUDUSD | H4 | |
| Resistance | 0.7659 | 0.7731 | 0.7785 |
| Support | 0.7534 | 0.7480 | 0.7408 |
| Primary Scenario | The pair is trading slightly below the daily pivot point at 0.7605. If the pair manages to extend its downtrend, it will target the support levels at 0.7534 and 0.7480. | ||
| Alternative Scenario | A surge of the market above the daily pivot will lead AUDUSD to retest the hurdle in line at 0.7659. | ||
The post EURUSD is oscillating around the daily pivot. appeared first on Forex Circles.
