Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD (1.33623)
The euro (EUR) could be finding a bottom as it finds a bottom above the support at 1.33460. The EUR/USD has been pushing lower since the formation of an evening star, see below chart. The recent appearance of a hammer along with renewed negative convergence of the RSI point to a possible recovery.
We see short term resistance lining up at 1.3420. A daily close above that can gap the pair towards 1.3470. There is an alternative view. A fall below 1.3340 can open the doors to challenge the key support at 1.3290.
USD/CHF (0.90754)
No change to our weekly outlook here. The USD is still trying to get a handle with its recent gains as the USD/CHF pushed below the key support level of 0.91 last week. We had expected this move as the RSI had moved below the signal line, indicative of a pullback.
We see short term support near 0.9055 with a break below that testing 0.9020 then 0.9018 and lower. Should the Dollar lose ground, a push above 0.91, once again sees a minor resistance around 0.9110. A beak from there can move the USD/CHF higher to 0.9190.
GBP/USD (1.66797)
The Sterling has resumed its fall after a small recovery. During trading, overnight, we hit a low of 1.66799. We are bearish, once again to test the support near 1.6690. In fact, looking at the chart below, we are testing this level now.
A decisive break below 1.6690 with a daily close will confirm a larger bear reversal in play. We could then target 1.6250 and lower. We need a break of 1.6845 to indicate a bottom (short term) in place.
