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GBPUSD is trading near a multi-month high.
| EURUSD | H4 | ||
| Resistance | 1.1423 | 1.1492 | 1.1603 |
| Support | 1.1243 | 1.1132 | 1.1063 |
| Primary Scenario | EURUSD is now testing the previous top. An upside momentum would act as a catapult for the market to target the resistance level at 1.1423 and further up at 1.1492. | ||
| Alternative Scenario | A plunge of the currency pair below the daily pivot at 1.1312 will push the market to find support at 1.1243. | ||
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GBPUSD | H4 | |
| Resistance | 1.5797 | 1.5850 | 1.5932 |
| Support | 1.5662 | 1.5579 | 1.5526 |
| Primary Scenario | The pair is trading near a multi-month high. If GBPUSD manages to extend its uptrend, it will climb towards the forthcoming resistance levels at 1.5797 and 1.5850. | ||
| Alternative Scenario | A reversal back below the daily pivot point (1.5715) will lead the exchange rate down to 1.5662. RSI is trading within an overbought territory. | ||
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USDCHF | H4 |  |
| Resistance | 0.9255 | 0.9345 | 0.9396 |
| Support | 0.9114 | 0.9063 | 0.8974 |
| Primary Scenario | USDCHF is heading towards the support level at 0.9114. A break back below this level will lead the market underway towards the next target at 0.9063 and even lower at 0.8974. | ||
| Alternative Scenario | On the other hand, a higher thrust of the market above the daily pivot point at 0.9204 will lift the pair towards the hurdle at 0.9255. | ||
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USDJPY | H4 | |
| Resistance | 119.33 | 119.49 | 119.81 |
| Support | 119.03 | 118.79 | 118.49 |
| Primary Scenario | The pair tumbled yesterday and a new bearish outlook is now in force. A decisive downward movement will push prices to breach the support at 119.03, with immediate target the next support level at 118.79. | ||
| Alternative Scenario | Alternatively, a surge of USDJPY will trigger the market to penetrate the resistance at 119.33, targeting the lower level of the cloud at 119.49. | ||
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AUDUSD | H4 | |
| Resistance | 0.8173 | 0.8234 | 0.8346 |
| Support | 0.7999 | 0.7888 | 0.7826 |
| Primary Scenario | AUDUSD surged higher towards the hurdle at 0.8173. Should the pair achieve to exceed this level, the next resistance is seen at 0.8234. | ||
| Alternative Scenario | A comeback of the pair will push the market into a correction course down to the daily pivot at 0.8061. RSI oscillator supports this sentiment. | ||
The post GBPUSD is trading near a multi-month high. appeared first on Forex Circles.
