The EURUSD Declining Again
As expected, growth of the EURUSD, after the European Central Bank decreased interest rates, was connected with profit taking but not with increasing a number of long positions on the single currency that was somewhat illogical, whereas its status as a funding currency would be significantly increased. Thus, yesterday’s decline in the EURUSD was rather unambiguous, resulting in a breakout of the support around 1.3620, and bears tested the 1.3582 level. Now the downside risks to 1.3545 are increased again. The EURUSD pair should return above 1.3620 to weaken bearish pressure, and it needs to overcome the resistance around 1.3676 to resume an ascending trend.
The GBPUSD Is Above 1.6820/42 Again
The GBPUSD pair cannot also continue growth started last Thursday. It failed to rise and to consolidate above 1.6842. Instead of this, it fell below the support at 1.6820 yesterday. This suggests the resumption of a decline in the pound. The immediate support is around 1.6783, the next one is around the 67th figure. The support for the pair will cause growth of the pound in cross- rate with euro. The rise and the ability to consolidate above 1.6842 will lead to testing the 69th figure.
The USDCHF Can Test 0.9000
Yesterday, there were not any volunteers to continue selling the Swiss franc. After testing 0.8918, it was bought out and rose to 0.8979. Thus, now bulls can test the psychological level of 0.9000. If it is broken, it will significantly improve outlook for the dollar. In turn, loss of the support around the 89th figure can signal about the resumption of a downtrend.
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The USDJPY Resumes a Decline
Pressure on the USDJPY is kept, though bulls are trying to return the pair on a growth path. Yesterday, they managed to provide the support around 102.37, but during today’s Asian session it has been broken. Thus, now bears can test the support around 102.20-102.00. Loss of the latter level will lead to testing 101.59. If bulls still manage to hold above the 102th figure and to break the resistance around 102.80, we can talk about resumption of an uptrend.
