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USDJPY intends to retest the hurdle at 120.59.
| EURUSD | H4 | ||
| Resistance | 1.1284 | 1.1381 | 1.1433 |
| Support | 1.1136 | 1.1084 | 1.0987 |
| Primary Scenario | EURUSD has finally managed to breach the key support level at 1.1232(daily pivot). If the pair achieves to extend its momentum, the next support is seen at 1.1136 and then lower to 1.1084. | ||
| Alternative Scenario | A successful attempt to exceed the daily pivot will lift the exchange rate towards the resistance level at 1.1284. | ||
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GBPUSD | H4 | |
| Resistance | 1.5555 | 1.5604 | 1.5642 |
| Support | 1.5468 | 1.5430 | 1.5381 |
| Primary Scenario | The pair is trading narrowly below the daily pivot point at 1.5517. A decisive movement to the south will push prices to retest the support level at 1.5468 and further down to 1.5430. | ||
| Alternative Scenario | On the other hand, an upward wave would trigger the market to surpass the daily pivot, with immediate target the hurdle in line at 1.5555. | ||
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USDCHF | H4 |  |
| Resistance | 0.9756 | 0.9796 | 0.9853 |
| Support | 0.9659 | 0.9602 | 0.9562 |
| Primary Scenario | USDCHF is oscillating around the daily pivot point at 0.9699. If the pair manages to withstand the sellers’ pressure, it will climb towards the resistance levels at 0.9756 and 0.9796. | ||
| Alternative Scenario | A plunge of the market below the daily pivot will open the way down to 0.9659. | ||
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USDJPY | H4 | |
| Resistance | 120.59 | 120.98 | 121.31 |
| Support | 120.32 | 120.18 | 119.92 |
| Primary Scenario | The USDJPY pair intends to retest the hurdle at 120.59. A successful attempt to penetrate this level will generate strength for the market to target the forthcoming resistance level at 120.98. | ||
| Alternative Scenario | Alternatively, a comeback of the exchange rate will push the pair to find support at 120.32 and then lower at the upper level of the Kumo at 120.18. | ||
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AUDUSD | H4 | |
| Resistance | 0.7177 | 0.7224 | 0.7253 |
| Support | 0.7101 | 0.7073 | 0.7025 |
| Primary Scenario | AUDUSD is trading slightly below the daily pivot point at 0.7149. A downward wave would pave the path down to 0.7101 and moreover lower towards the support level at 0.7073. | ||
| Alternative Scenario. | If the bulls manage to take control of the bears, the pair will attempt to surpass the daily pivot, targeting the resistance at 0.7177. | ||
The post USDJPY intends to retest the hurdle at 120.59. appeared first on Forex Circles.
