EURUSD has tested a multi-month low, 1.2864.

Article by ForexTime

	EURUSD	H4
Resistance	1.2941	1.2988	1.3017
Support	1.2864	1.2834	1.2787
Primary Scenario	EURUSD has tested a multi-month low, 1.2864. A breach of this level, is expected to witness fresh lows for the pair towards the next support at 1.2834 and 1.2787. Be aware of the RSI oscillator, which is trading within the oversold zone.
Alternative Scenario	A bounce up from current levels, will bring the pair into a correction phase up to the daily pivot point at 1.2911 and even higher at 1.2941.

 

	GBPUSD	H4
Resistance	1.6190	1.6278	1.6324
Support	1.6056	1.6010	1.5922
Primary Scenario	The GBPUSD pair declined further towards the support level at 1.6056. A break back below this level, will open the way straight to the next target at 1.6010 and then lower to 1.5922.
Alternative Scenario	A failed attempt to move lower, will lead the market to reach the daily pivot at 1.6144 and moreover higher to 1.6190. RSI oscillator supports this scenario.

 

	USDCHF	H4
Resistance	0.9372	0.9390	0.9423
Support	0.9321	0.9288	0.9269
Primary Scenario	The pair is trading near the previous high, where USDCHF hit a fresh high at 0.9379. A successful surpass of the hurdle at 0.9372 will trigger the market to reach the next resistance at 0.9390 and then higher at 0.9423.
Alternative Scenario	A comeback of the exchange rate, will push prices to find support at the daily pivot (0.9339). RSI is amounted at 78 and supports this outlook.

 

	USDJPY	H4
Resistance	106.33	107.35	108.94
Support	105.93	105.66	104.78
Primary Scenario	USDJPY is negotiating narrowly below the previous top at 106.33 (Fibonacci resistance level 161.8%). Any decisive movement to the north, will generate strength for the market to target the next resistance at 107.35 (Fibonacci resistance level 261.8%).
Alternative Scenario	Should the pair failed to move higher, will return back to be supported at 105.93 and 105.66. In the meantime RSI oscillator is trading within an overbought area.

 

	AUDUSD	H4
Resistance	0.9343	0.9406	0.9439
Support	0.9247	0.9214	0.9151
Primary Scenario	AUDUSD is now heading to the support level at 0.9247.  If the pair manages to extend its downtrend, it will violate this level, targeting the forthcoming supports at 0.9214 and 0.9151.
Alternative Scenario	A surge of AUDUSD prices will lift the rate up to the daily pivot point at 0.9310 and then higher to 0.9343.

 

 

---

Article by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com