GBP/USD: Firmer In Range From The 1.2302 Low Though The Upside Still Limited

EUR/USD

Edged off the 1.0518 low which should keep the 1.0500 level out of reach for now though the downside still vulnerable. Below this will expose the 2015 low at 1.0458 to retest and see risk for resumption of the underlying bear trend within a 8-yr down channel from 1.6040 high. Resistance now at 1.0600 and 1.0658. [PL]

USD/CHF

Tracing out a small top pattern at the 1.0192 high though further strength not ruled out. Above the 1.0200 level will see strong resistance coming into play at the 1.0240 and 1.0257 highs. Support now at 1.0134 then the 1.0068/60 area. Would take setback below the latter to fade upside pressure and see deeper pullback. [PL]

USD/JPY

Working higher from the 1.0686 low of last week though the upside still limited. Would need lift over the 1.0759 resistance to trigger a bottom pattern and see stronger recovery to the 1.0800/11 and 1.0832 resistance. Only below 1.0686 will expose the 1.0624, Jun low, to retest. [PL]

EUR/CHF

Firmer in range from the 1.2302 low though the upside still limited. Clear break over the 1.2500 level needed to expose the 1.2674 high to retest and extend the broader recovery from 1.1841 low. Below the 1.2302 support will weaken and see deeper pullback to 1.2206 and 1.2141. [PL]

GBP/USD

Failed to sustain probes above the 1.2500 and setback from the 1.2513 high see the 1.2302 support to watch. Would take break here to trigger deeper pullback to the 1.2206 support. Upside see clear break of the 1.2500 level needed to expose the 1.2674 high to retest and extend the broader recovery from 1.1841 low. [PL]

EUR/GBP

Retains downside bias and probes below the .8500 level see extension to .8460 low. Lower will see scope to target the .8420 support then the .8334, Sep low. Upside see lower highs at .8594 and .8639 weighing and lift over the latter needed to ease downside pressure. [PL]

GBP/USD: Firmer In Range From The 1.2302 Low Though The Upside Still Limited