The falling daily channel top comes in around $1.1364 today with bulls now needing a close above $1.1384 to confirm a break. Overall a close above $1.1460 remains needed to shift immediate focus to the $1.1540-1.1680 region where the 21-DMA ($1.1544) is located. While $1.1460 caps bears remain focused on fresh 2015 and 11+ year lows with a close below $1.1262 to add weight to the bearish case. O/S daily and weekly studies remain key concerns for bears
RES 4: $1.1460 Low Jan 16 now resistance
RES 3: $1.1423 High Jan 27
RES 2: $1.1384 High Jan 28
RES 1: $1.1364 Falling daily channel top
LPRICE: $1.1329
SUP 1: $1.1260 Low Jan 28
SUP 2: $1.1224 Low Jan 27
SUP 3: $1.1097 2015 Low Jan 26
SUP 4: $1.1015 High Sept 1 2003 now support
GBP/USD is again looking heavy with bears remaining focused on the 2015 low with a break below then targeting the 2013 low. Layers of resistance remain with bulls needing a close above the falling daily trend line off late Dec highs to confirm a break of the 21-DMA and ease bearish pressure. The $1.5223-69 resistance remains key with bulls needing a close above to shift immediate focus to the focus back to the $1.5392-1.5484 region
RES 4: $1.5140 Falling daily trend line
RES 3: $1.5118 21-DMA
RES 2: $1.5109 Hourly support Jan 29 now resistance
RES 1: $1.5050 Hourly resistance Feb 2
LPRICE: $1.5013
SUP 1: $1.4994 Bollinger band base
SUP 2: $1.4989 Low Jan 30
SUP 3: $1.4951 2015 Low Jan 23
SUP 4: $1.4818 2013 Low July 9 2013
With the 21-DMA having guided dollar-yen lower the USD/JPY is looking heavy with bears favouring a break lower that initially targets the Y115.44-85 region. The 21-DMA is now seen as initial resistance but the Y118.86 level remains key with bulls needing a close above to confirm a break of the 55-DMA, ending bearish hopes and shifting immediate focus to the Y120.00-85 region. The Bollinger band base is expected to come into play on a break lower.
RES 4: Y119.32 High Jan 12
RES 3: Y118.86 High Jan 13 & 20
RES 2: Y118.70 55-DMA
RES 1: Y117.95 21-DMA
LPRICE: Y116.99
SUP 1: Y116.66 Low Feb 2
SUP 2: Y116.38 Bollinger band base
SUP 3: Y115 85 2015 Low Jan 16
SUP 4: Y115 57 Monthly Low Dec 16
The €134.39 resistance remains key this week with this level having capped last week’s recovery from ahead of the ¥129.97 Sept 2013 monthly low. Bulls need a close above ¥134.39 to ease bearish pressure and shift focus to the ¥135.79-137.67 region where the 21-DMA (¥136.18) is located. While Y134.39 caps bears remain focused on retests of the ¥129.97 level with Bollinger band bases and O/S studies their key concerns.
RES 4: ¥135.79 Low Jan 21 now resistance
RES 3: ¥135.06 Hourly resistance Jan 23
RES 2: ¥134.39 High Jan 28
RES 1: ¥133.75 Hourly resistance Jan 30
LPRICE: ¥132.61
SUP 1: ¥132.22 Low Feb 2
SUP 2: ¥131.96 Hourly support Jan 30
SUP 3: ¥129.97 Monthly Low Sept 6 2013
SUP 4: ¥129.38 Low Aug 30 2013
The recovery from 2015 lows has been steady with the EUR/GBP working its way back towards the key £0.7595 level. Bulls continue to look for a close above £0.7595 to confirm an easing of bearish pressure and above the 21-DMA to shift immediate focus to the £0.7715-57 region. Bears need a close back below £0.7476 to reconfirm the bearish bias and shift immediate focus back to the 2015 low.
RES 4: £0.7757 Low Jan 13 now resistance
RES 3: £0.7715 High Jan 21
RES 2: £0.7637 21-DMA
RES 1: £0.7595 Low Jan 16 now resistance
LPRICE: £0.7541
SUP 1: £0.7536 Alternating daily support/resistance
SUP 2: £0.7476 Low Feb 2
SUP 3: £0.7442 Low Jan 29
SUP 4: £0.7405 2015 Low Jan 26