EUR/USD – Consolidation for Breakout?
The pair is consolidating in a relatively tight range after strong moves over the last several days.
The bias for the breakout is higher, with a break above 1.4450 indicating another swing up. Initial target is 1.4520 and beyond that 1.4600.
Corrections can still happen, thus a break below 1.4350 is likely to test the 1.4300 area. Further support is at 1.4260 and 1.4210.
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USD/JPY – Trendline Troubles
while the trend is still up over the last few weeks, the pair did temporarily break through its supporting trend line. There are also some chart patterns developing which point to some crucial levels to watch.
94.50 is right on two upward sloping trendlines currently (this number will rise over time as the line is upward sloping) and a break below would indicate a swing down and a larger correction. Intermediate support is at 94.00.
On the other hand if 94.50 is not breached and the pair pushes above 95.50 this would indicate a swing higher. Initial target is 96.00, but there is some resistance from 95.80-96.90.
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USD/CHF – Consolidation for Breakout?
The pair is consolidating in a relatively tight range after strong moves over the last several days.
The bias for the breakout is higher, with a break above 1.4450 indicating another swing up. Initial target is 1.4520 and beyond that 1.4600.
Corrections can still happen, thus a break below 1.4350 is likely to test the 1.4300 area. Further support is at 1.4260 and 1.4210.
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Forex Analysis by: ForexPros – Written by Cory Mitchell
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