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USDJPY: A new bearish scenario is now in force.
| EURUSD | H4 | ||
| Resistance | 1.1047 | 1.1084 | 1.1111 |
| Support | 1.0983 | 1.0956 | 1.0918 |
| Primary Scenario | EURUSD topped up at 1.1057, before retracing below the daily pivot (1.1020) and the support level at 1.0983. Further drop of the market will push prices lower towards 1.0956 and further down to 1.0918. | ||
| Alternative Scenario | An upward wave would lead the pair above the now-resistance at 1.0983, with immediate target the daily pivot point. | ||
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GBPUSD | H4 | |
| Resistance | 1.4268 | 1.4322 | 1.4369 |
| Support | 1.4166 | 1.4118 | 1.4064 |
| Primary Scenario | The pair has successfully breached the daily pivot point at 1.4220 and is about to retest the support at 1.4166. A break back below this level will most likely open the way down to 1.4118 and then lower at 1.4064. | ||
| Alternative Scenario | On the other hand, a surge of GBPUSD above the daily pivot would lift the exchange rate towards 1.4268. | ||
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USDCHF | H4 |  |
| Resistance | 0.9983 | 1.0010 | 1.0051 |
| Support | 0.9914 | 0.9873 | 0.9845 |
| Primary Scenario | USDCHF is now testing the hurdle at 0.9983. Any decisive movement to the north will trigger the market to surge higher, targeting the resistance levels at 1.0010 and 1.0051. | ||
| Alternative Scenario | A comeback of the currency pair will push the market to find support at the daily pivot point (0.9941). | ||
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USDJPY | H4 | |
| Resistance | 112.79 | 113.24 | 113.60 |
| Support | 112.40 | 111.87 | 111.34 |
| Primary Scenario | A new bearish scenario is now in force. If the bears manage to take control of the bulls and violate the key support at 112.40, the next support is estimated at 111.87 and even lower at 111.34. | ||
| Alternative Scenario | Alternatively, should USDJPY achieve to surpass the lower level of the Kumo at 112.79, it will fuel the rate towards 113.24. | ||
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AUDUSD | H4 | |
| Resistance | 0.7469 | 0.7501 | 0.7532 |
| Support | 0.7407 | 0.7377 | 0.7345 |
| Primary Scenario | AUDUSD is trading below the daily pivot at 0.7439. A plunge of the market would lead prices below the support level at 0.7407, paving the path down to 0.7377 and 0.7345. | ||
| Alternative Scenario | A higher thrust of the currency pair above the daily pivot will generate strength for the market to retest the hurdle at 0.7469. | ||
The post USDJPY: A new bearish scenario is now in force. appeared first on FXTM Blog.
