EUR/USD holds above the former channel top thanks to a strong Friday session. The daily studies remain bullish but now nearer overbought. Resistance is now in the $1.3739/1.3818 region from a number of daily highs, with the daily Bollinger band top included. Bulls will want to push on to the $1.3893 Dec 27 reversal high. However, bears aim to turn the daily studies, facing MA support from $1.3654/60.
R 4: $1.3874 Monthly resistance line from Jul 2008
R 3: $1.3829 High 25 Oct
R 2: $ 1.3811/18 Highs Dec 11 & Dec 18, Dec 30/31
R 1: $1.3739/48 High Jan 24, Daily Bollinger band top
Latets price: $1.3708
S 1: $1.3654/60 55-DMA, 5-DMA
S 2: $1.3616 100-DMA
S 3: $1.3594 50.0% of $1.3296-1.3893
S 4: $1.3562 Low Feb 13, Bollinger band
GBP/USD is pressuring the daily Bollinger band top, supported by the daily stochastic studies, with bulls trying to build on the recent cross of the 5 & 21-DMAs to test Nov 2009 highs of $1.6878. Bears need to pull the market back toward those MA supports at $1.6652, $1.6504 and focus on a stretched RSI
R 4: $1.6916 Minor trend line from mid-June
R 3: $1.6878 Monthly high of Nov 2009
R 2: $1.6826 138.2% projection level, Hourly high
R 1: $1.6790 Bollinger band top
Latest price: $1.6790
S 1: $1.6665 High Jan 24,
S 2: $1.6635/52 200-month MA,5-DMA
S 3: $1.6603 Former reversal high Jan 2
S 4: $1.6504/17 21-DMA, High Jan 10
USD/JPY pressured the cloud base and 50.0% of Y97.62-105.44 at Y101.53 but currently fails to break below. Daily studies show the potential to reverse lower for bears to target the 100-DMA at Y101.42. Bears require a close below here to help turn sentiment south, however failure at these levels could allow bulls to recover some losses.
R 4: Y103.40 55-day moving average
R 3: Y103.05 Daily Kijun
R 2: Y102.50/69 21-DMA, Recent highs
R 1: Y102.11 5-DMA
Latest price: Y101.58
S 1: Y101.53 Cloud base, Reversal high Jul 8 & 50.0% Y97.62-105.44
S 2: Y101.42 100-DMA
S 3: Y100.61/75 High Sept 11 & 61.8% Y97.62-105.44, Early Feb lows
S 4: Y100.21 200-day moving average