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USDCHF: The strength of the market faded.
| EURUSD | H4 | ||
| Resistance | 1.1337 | 1.1363 | 1.1395 |
| Support | 1.1279 | 1.1247 | 1.1220 |
| Primary Scenario | EURUSD is now poised to surpass the key resistance level at 1.1337. If that happens, the next target is seen at 1.1363 and further up to 1.1395. | ||
| Alternative Scenario | A reversal back below the daily pivot at 1.1305 will push the pair to find support at 1.1279. | ||
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GBPUSD | H4 | |
| Resistance | 1.4333 | 1.4391 | 1.4493 |
| Support | 1.4174 | 1.4072 | 1.4014 |
| Primary Scenario | The pair is heading towards the hurdle at 1.4333. A successful attempt to penetrate this level will most likely trigger the market higher, with immediate target the resistance at 1.4391 and further up to 1.4493. | ||
| Alternative Scenario | Alternatively, a plunge of GBPUSD will lead the market to hit the daily pivot (1.4231) and then lower at 1.4174. | ||
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USDCHF | H4 |  |
| Resistance | 0.9669 | 0.9699 | 0.9720 |
| Support | 0.9617 | 0.9596 | 0.9566 |
| Primary Scenario | The strength of the market faded and USDCHF has breached the daily pivot point at 0.9648. Further drop of the market would push prices towards the support at 0.9617 and even deeper at 0.9596. | ||
| Alternative Scenario | An upward wave will lift the exchange rate to exceed the daily pivot, targeting the hurdle at 0.9669. | ||
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USDJPY | H4 | |
| Resistance | 109.23 | 109.71 | 110.11 |
| Support | 108.95 | 108.48 | 107.82 |
| Primary Scenario | USDJPY is trading within the cloud. A failed attempt to move higher and a violation of the support at 108.95 will open the way down to 108.48 and then outside of the Kumo towards 107.82. | ||
| Alternative Scenario | On the other hand, should the pair achieve to extend its bullish momentum, it will eliminate the barrier at 109.23. The next resistance is estimated at 109.71. | ||
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AUDUSD | H4 | |
| Resistance | 0.7793 | 0.7839 | 0.7920 |
| Support | 0.7665 | 0.7584 | 0.7538 |
| Primary Scenario | AUDUSD is now testing the hurdle at 0.7793. If the pair manages to penetrate this level, it will climb towards the forthcoming resistance at 0.7839 and further up to 0.7920. | ||
| Alternative Scenario | A setback of the market will put pressure to the currency pair to retest the daily pivot (0.7712) and even lower to 0.7665. | ||
The post USDCHF: The strength of the market faded. appeared first on FXTM Blog.
