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Technical Analysis

EUR/USD
After peaking at the all time high of 1.5140 the pair now shows signs of bearish sentiment on the 4 hour chart. The daily chart still remains very bullish, which means that once the corrective move will consume its momentum, the bullish move will continue. Buying on dips might be a good choice of action before the weekend.

GBP/USD
The cable failed to breach through the 1.9950 level, which is a strong resistance and a key Fibonacci level. The bearish cross on the daily chart indicates on an upcoming corrective move that might take the cable below the 1.9750 on the local level. The 4 hour chart is giving mixed signals, which means that Forex traders must wait for a clear bearish signal on the hourly level before making an entry.

USD/JPY
The pair has made an aggressive bearish move within the flat channel of the daily chart, and is now approaching strong support. The 1 hour chart is showing local consolidation around the 106.20 level, and the bullish cross on the 4 hour chart is indicating that moderate bullish momentum is starting to form. Buying on dips could be a good strategy today.

USD/CHF
After the pair breached the strong key level of 1.0750, and validated the bearish move with a full bar beneath the breach level, it appears that the momentum is stronger than ever. Both the daily and the hourly studies are very bearish and a target price of 1.580 appears to be quite possible.

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