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USDCHF is ranging around the daily pivot point.
| EURUSD | H4 | ||
| Resistance | 1.1027 | 1.1074 | 1.1157 |
| Support | 1.0896 | 1.0813 | 1.0766 |
| Primary Scenario | EURUSD is following an uptrend. If the market achieves to penetrate the hurdle at 1.1027, it will fuel the pair further towards the next resistance level at 1.1074. | ||
| Alternative Scenario | A comeback of the pair will push prices below the daily pivot (1.0943) and then lower at 1.0896. | ||
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GBPUSD | H4 | |
| Resistance | 1.5395 | 1.5452 | 1.5561 |
| Support | 1.5228 | 1.5118 | 1.5061 |
| Primary Scenario | The pair is heading towards the resistance level at 1.5395. If GBPUSD manages to retain its bullish bias, it will exceed the barrier at 1.5395, targeting the forthcoming resistances at 1.5452 and 1.5561. | ||
| Alternative Scenario | On the other hand, a reversal back would bring the market into a correction phase, pushing the exchange rate below the daily pivot at 1.5285 and further down to 1.5228. RSI oscillator is amounted at 75, trading within an overbought area. | ||
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USDCHF | H4 | |
| Resistance | 0.9598 | 0.9645 | 0.9692 |
| Support | 0.9503 | 0.9456 | 0.9409 |
| Primary Scenario | USDCHF is ranging around the daily pivot point at 0.9550. A decisive thrust of the hurdle at 0.9598 will most likely trigger the market to retest the next resistance at 0.9645. | ||
| Alternative Scenario | A break back below the daily pivot will open the way down to 0.9503. | ||
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USDJPY | H4 |  |
| Resistance | 118.98 | 119.41 | 119.68 |
| Support | 118.76 | 118.52 | 118.18 |
| Primary Scenario | USDJPY retested the key support level at 118.76. Should the pair manage to breach this level, it will find support at 118.52 and then lower at 118.18. | ||
| Alternative Scenario | Alternatively, a bounce up from current levels to surpass the Tenkan-sen at 118.98 will lift the currency pair towards the Kijun-sen at 119.41. | ||
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AUDUSD | H4 | |
| Resistance | 0.8088 | 0.8154 | 0.8282 |
| Support | 0.7894 | 0.7766 | 0.7700 |
| Primary Scenario | AUDUSD has reached a multi-month level. If the pair manages to extend its uptrend, it will generate strength for the market to move higher towards the resistances at 0.8088 and 0.8154. | ||
| Alternative Scenario | A plunge of the market will lead the rate below the daily pivot (0.7960) and then lower at 0.7894. | ||
The post USDCHF is ranging around the daily pivot point. appeared first on Forex Circles.
