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USDJPY tumbled and reached fresh lows.
| EURUSD | H4 | ||
| Resistance | 1.1023 | 1.1075 | 1.1136 |
| Support | 1.0909 | 1.0848 | 1.0796 |
| Primary Scenario | EURUSD has experienced strong resistance at the current levels. Any upside momentum will generate strength for the market to retest and penetrate the hurdle at 1.1023, with immediate target the resistance at 1.1075. | ||
| Alternative Scenario | A reversal back of the exchange rate below the daily pivot at 1.0961 will push the pair to find support at 1.0909. | ||
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GBPUSD | H4 |  |
| Resistance | 1.4948 | 1.5012 | 1.5071 |
| Support | 1.4825 | 1.4766 | 1.4702 |
| Primary Scenario | The pair has been trapped between the support level at 1.4825 and the resistance level at 1.5012. A plunge of GBPUSD will lead the market towards the support level at 1.4825 and then lower at 1.4766. | ||
| Alternative Scenario | A higher thrust of the currency pair will lift the market above the daily pivot (1.4889) and even higher at 1.4948. | ||
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USDCHF | H4 | |
| Resistance | 0.9626 | 0.9655 | 0.9691 |
| Support | 0.9561 | 0.9525 | 0.9496 |
| Primary Scenario | USDCHF bounced up from the previous bottom and it is now trading slightly above the daily pivot at 0.9590. Further increase of the pair will trigger the market to target the resistances at 0.9626 and 0.9655. | ||
| Alternative Scenario | A comeback of the market will push the pair to violate the daily pivot and to retest the support at 0.9561. | ||
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USDJPY | H4 | |
| Resistance | 119.32 | 119.74 | 120.29 |
| Support | 118.84 | 118.41 | 117.84 |
| Primary Scenario | USDJPY tumbled and reached fresh lows. A break back below the key support at 118.84 will push the market to eye the forthcoming support at 118.41 and further down to 117.84. | ||
| Alternative Scenario | A setback of the pair will bring the market into a correction course towards the resistance level at 119.32 and then higher at 119.74. RSI oscillator supports this outlook. | ||
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AUDUSD | H4 | |
| Resistance | 0.7890 | 0.7934 | 0.7965 |
| Support | 0.7815 | 0.7784 | 0.7740 |
| Primary Scenario | The pair is now testing the support level at 0.7815. A successful attempt to violate this level will most likely open the way down to the next support at 0.7784 and then lower at 0.7740. | ||
| Alternative Scenario | An upward wave would fuel the pair towards the daily pivot point at 0.7859 and the resistance level at 0.7890. | ||
The post USDJPY tumbled and reached fresh lows. appeared first on Forex Circles.
