GBPUSD is trading near a multi-month high.

EURUSD Technical Analysis
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.


GBPUSD Technical Analysis 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.


USDCHF Technical Analysis USDCHF H4 Down Trend
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.


USDJPY Technical Analysis USDJPY H4 Down Trend
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.


AUDUSD Technical Analysi 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.

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