EUR/USD – After recent spike, chart expected to have a bearish late Friday breakout. Current price at 1.1418
If the expectations are confirmed, the 1st support is set at 1.1387 and the 2nd one slightly after at 1.1369. A continuous downtrend would lead to the 3rd support at 1.1330. On the flip side, the 1st resistance looms at 1.1447-51 followed by the 2nd one at 1.1479 or the 3rd one just a bit higher at 1.1488-94.
USD/CHF – Potential for a fresh downtrend can be observed with the dollar now trading at 0.9621 against the Swiss franc.
The chart is approaching the 1st support at 0.9598 and in a breakthrough scenario the 2nd support awaits at 0.9570 followed by the 3rd support level at 0.9555-53. Alternatively, if the chart seeks for higher highs, the 1st resistance would be breached at 0.9660 and the bars would stretch towards the 2nd resistance at 0.9688 or way higher toward the 3rd one at 0.9738 price level.
Let the bulls run free in the USD/JPY
The USD/JPY was very bullish this morning and it is now contesting the first resistance at 113.80, the May 16 and 15 high. The second resistance is on 113.95, the May 12 high, if the push continues, the price could hit the third resistance which is on 114.37, the May 11 high. The first support lies at 113.11, the Asia low whereas the second support is on 112.74, the July 4 low and also the 50-day moving average support. The last support is on 112.60, the June 30 high.
The GBP/USD is moving away from the golden resistance, which is at 1.30
The GBP/USD is testing the initial support at 1.2984, the July 6 high now. If the investors fail to defend the line, a further dip to the second support on 1.2894, the July 5 low is expected. The last support lies on 1.2876, the 55DMA and the Ichimoku conversion line. However, if the investors secure the first support line, the chart could look up to the first resistance at 1.2984, the July 6 high. The following resistance is on 1.3030, the June 30 high and the last one is on 1.3048, the May 18 high. All in all, we are still looking at the golden resistance, which is around 1.30.