The EURUSD Declining Again
The single currency in pair with the US dollar failed to gain a foothold above the 34th figure and to continue to grow. Instead, the pair, retreating from it, began to decline, as a result of which “bears” tested the 1.3352 mark. Today, the decline has continued, but it was limited by the support around 1.3343. The probability of falling to the 33rd figure remains, and its penetration will lead to a drop to 1.3264. Nevertheless, the risks of the bottom formation, followed by the development of an upward correction, are increasing, and then the next testing the resistance around 13397-1.3431 should be expected. A breakout of the latter level will lead to an increase to 1.3475 and perhaps to 1.3545 where a probability to open short positions can be considered.
The GBPUSD Is Below 1.6720 Again
The GBPUSD pair has started this trading week on a positive note, opened by a gap at 1.6734. However, it has failed to go further. Moreover, the pair has failed to consolidate above the shattered resistance around 1.6720, and it decreases again, testing currently the 1.6704 mark. Thus, the downside risks to the current lows are still kept, although before the publication of tomorrow `s BoE meeting minutes, a breakout of the lows is unlikely to occur. If today’s data on consumer price inflation testify about its acceleration, the GBPUSD pair would be back above 1.6720 and head towards the 69th figure.
The USDCHF Returning to the 91st Figure
As we expected, despite a decline in the dollar against the Swiss franc, the US currency remains attractive for buying on dips. Yesterday, it was able to retreat from the support around 0.9024 and to rise to 0.9069, pleased all those who were skeptical in regard to attempts of “bears” to push the USDCHF below 0.9000. Nevertheless, it should also be noted that the inability of the dollar to test the 91st figure and overcome it, consolidated above, will be a reason for taking profit and deeper decline, so it is worth trading in a range.
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The USDJPY Is In a Range
Started last Friday decline in the USDJPY has not continued. Instead, the pair rose to 102.59, and in the Asian session – up to 102.64. Thus, with the beginning of a new trading week any changes in the overall picture have not happened, and the USDJPY trades in a range between the support near 102.20 / 00 and the resistance at 102.71. Consequently, the loss of support will lead to a decrease and testing 101.59-101.22, and breaking through the resistance will lead to the 103rd figure.
