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USDCHF: Set to penetrate the barrier at 0.9703.
| EURUSD | H4 | ||
| Resistance | 1.0881 | 1.0930 | 1.0966 |
| Support | 1.0796 | 1.0760 | 1.0711 |
| Primary Scenario | EURUSD has just violated the critical level at 1.0796 and is poised to reach the forthcoming support at 1.0760. The next support level is seen at 1.0711. | ||
| Alternative Scenario | Alternatively, a surge of the market above the daily pivot will lead the market towards the resistance level at 1.0881. | ||
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GBPUSD | H4 | |
| Resistance | 1.4888 | 1.4968 | 1.5036 |
| Support | 1.4741 | 1.4673 | 1.4593 |
| Primary Scenario | The pair is now testing the key support level at 1.4741. Should GBPUSD manage to breach this level, it will target the next support levels at 1.4673 and even lower at 1.4593. | ||
| Alternative Scenario | An upward wave would lead the exchange rate to exceed the daily pivot (1.4820) and to retest the hurdle at 1.4888. | ||
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USDCHF | H4 |  |
| Resistance | 0.9703 | 0.9738 | 0.9788 |
| Support | 0.9618 | 0.9568 | 0.9533 |
| Primary Scenario | USDCHF is set to penetrate the barrier at 0.9703. If the bulls’ pressure achieve to overweigh the bears’ pressure, it will climb towards the next resistance at 0.9738 and then higher at 0.9788. | ||
| Alternative Scenario | A reversal back below the daily pivot point at 0.9653 will push prices to find support at 0.9618. | ||
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USDJPY | H4 | |
| Resistance | 120.39 | 120.95 | 121.51 |
| Support | 119.90 | 119.14 | 118.32 |
| Primary Scenario | The USDJPY pair has entered the cloud in the previous session. Any decisive movement to surpass the upper level of the Kumo (120.39) will trigger the market to target the resistance levels at 120.95 and 121.51 respectively. | ||
| Alternative Scenario | A fruitless attempt to move higher will push the currency pair to breach the support at 119.90, opening the way down to 119.14. | ||
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AUDUSD | H4 | |
| Resistance | 0.7721 | 0.7790 | 0.7835 |
| Support | 0.7607 | 0.7563 | 0.7493 |
| Primary Scenario | AUDUSD is following a downtrend. If the pair manages to extend its momentum, it will drop further towards the support levels at 0.7563 and 0.7493. | ||
| Alternative Scenario | A higher thrust of the market will generate strength for the rate to penetrate the daily pivot at 0.7676 and then higher at 0.7721. RSI oscillator supports this outlook. | ||
The post USDCHF: Set to penetrate the barrier at 0.9703. appeared first on Forex Circles.
