GBPUSD gaining strength

Despite the weakening of other currencies, GBPUSD is holding itself
strong and gained today. If we look into daily and weekly charts, we
can see a series of resistances above 1.6600 levels, which will try to
hold GBPUSD below 1.6700 level.

It seems that GBPUSD might take a few small dips before gradually
breaking above 1.6700 level and once it manages to do that, then we
might see a quick rise by GBPUSD towards 1.7000 level. To capitalize
on this upward trend, buying GBPUSD for anything below 1.6500 seems
good option.

USDJPY taking retracement

USDJPY took a retracement dip today after rising above 92.00 level.
After dropping to 91.50 - 91.60 level, it might look to rise again for
a 92.50 level and if it manages to break above that level, then we
will see 93.30 a next target for USDJPY. If we look into weekly
charts, strong upward trend is quite clear and it looked to stay
upwards and we might see USDJPY touching 93.50 level during this week
.

If we look into downward move, break of 91.50 will setup USDJPY for a
move towards 90.50 and we might find good number of traders looking to
enter USDJPY on this break. RSI is just above 58 and currently seems
to play no role in USDJPY movement.

EURUSD still looking good for buying

EURUSD is moving in a very nice upward trend and although the week
closed on lower side but still the trend looks really nice one for
buying both in daily and weekly charts.

A very good support is present around 1.4970 level and a good buy is
seen around that level as EURUSD will be expected to make another move
towards 1.5050 and then extend its move to 1.5100 level.

On the lower side, if EURUSD manages to break below 1.2970 level,
reversal in positions might come into play as EURUSD will be targeting
1.4800 level.

EURUSD looking to gain further strength

Technically EURUSD is moving in a very nice upward channel and anybody
able to chart the upward channel will find very good buying entries
again and again. Today's movement was a classical example of that.

EURUSD took a good rise after taking a dip just below 1.4900 level,
which seemed a very good entry level. It managed to break above 1.5000
level and currently looking to consolidate above that important level.
But it seems that before taking another rise, it might just take a dip
to 1.4930 level and buying around 1.4950 level might be a good idea.

RSI, in daily charts, is a bit on on the higher side at 69. But still
it seems that it will have more than enough space for another
comfortable rise above 1.5100 level.

USDCAD looking to break below 1.0200

USDCAD is getting stronger and we might see it breaking below 1.0000
level which will mean that Canadian Dollar will become stronger than
US Dollar. In the current scenario it is heading towards 1.0200 level.

USDCAD seems to have completed its retracement and has settled back
into a nice downward trend. Aggressive entries can be seen just around
1.0320 level but more reasonable selling level can be seen around
1.0370 level.

RSI is a bit on the lower side around 34 but after its retracement, it
has opened up sufficiently to create enough space for itself to take a
dip towards 1.0200 level and even break towards 1.0000 level.

GBPUSD in an important zone

GBPUSD has broken above a very important level 1.6320 and it seems that its downward trend has now changed to upward trend. Currently 1.6320 will be acting as a strong support, both in daily and weekly charts.

The 1.6320 level is still important as if GBPUSD manages to break below it, then we will see GBPUSD taking a sharp dip towards 1.6100 level and resuming its downward trend. If GBPUSD manages to stay above 1.6320 level, then the upward trend will stay.

On the upper side, 1.6480 seems the first current resistance and after that 1.6590 and then 1.6720 are important resistances. The best thing to do in current situation would be to hold back trades for a while to allow GBPUSD settle its trend. Aggressive trades can be entered but use of stop level is highly recommended.

Swiss Frank looking to get stronger than US Dollar

USDCHF is moving a very nice downward trend and well set cross an important 1.000 level mark, below which Swiss Frank will get stronger than US Dollar. It happened last time in January 2008 but this time, it seems to stay below that level for longer than last time.

It is getting a bit difficult at the moment to figure out at which level to look for selling USDCHF. The main difficulty is that USDCHF is being traded in that zone where it has been very rarely before and also not too many support or resistances present.

The levels to sell USDCHF can mainly be calculations based on 'fabonacci retracement' levels. Every trader might have his own preferred retracement entry levels. Other thing that traders will look into will be the average daily move by USDCHF over the last few days to figure out how much profit target they should set to exit on Daily trades.

GBPUSD easing up for another test of 1.5700 level

GBPUSD

The selling trend continues this week for GBPUSD and now it seems to be taking some due retracement. If we look into intra-day prospective, we will find that few good selling levels will be available for us as soon as GBPUSD completes its current retracement. The first such level can be seen around 1.5970 level, which also has acted as a good resistance previously as well.

In case GBPUSD extends its move towards 1.6100 level, the second selling level can be seen around 1.6100 level. Once GBPUSD breaks above 1.6100 level, then the trend will confirm itself in buying and both positions should be exited and even reversed by aggressive traders.

Once GBPUSD completes its retracement and resumes its downward trend, we will see it heading towards 1.5800 level and break of that will test 1.5700 level. RSI is a bit on lower side but with current retracement, it will open up more than enough space to take a dip to 1.5700 level.

EURUSD & GBPUSD closing on each other.

EURUSD

EURUSD closed at a very interesting level last week and currently intra-day trend for EURUSD seems to stay in buying. Friday's movement was expected retracement and now we should look for levels to buy EURUSD. Considering daily movement, 1.4675 level currently seems to provide a good entry. Considering the weekly charts, EURUSD should stay above 1.4600 level and we might see lows above that level.

If EURUSD manages to break below 1.4600 level, then its initial target will be around 1.4450 and further break will set 1.4200 as next target. Therefore in case EURUSD breaks below 1.4600 level, reversal of trend will be indicated.

On the upper side, 1.4850 level is current target and break of that will set an important 1.5000 level as next target. Generally it can be said that current buying trend is still there for EURUSD.


GBPUSD

The selling pressure for GBPUSD continues this week as well. Although it was not able to break high or low in weekly chart but still strong selling seems to continue. The first important level is at 1.6000 and the second at 1.6100, both acting as very good resistances. The more aggressive trader might look to currently sell around 1.5950 level.

But there is one thing about GBPUSD so far is that it has not managed to break below 1.5780 level and once again we might see it testing it out. Even in weekly charts we can see that there is a good support present between 1.5780 and 1.5750 level.