EUR/USD Channeling Towards 1.3450; Stopped at 1.3525
Resistance 1:  1.3570 (untested); Resistance 2: 1.3670; Resistance 3: 1.3750/60.
Support 1: 1.3525; Support 2: 1.3450; Support 3. 1.3350/1.3335

The EUR/USD broke below 1.3570, and is heading to test the 1.3450 pivot. At the moment the 1.3525 pivot is holding, although price action has been mainly bearish. There is a bullish divergence. However, the market seems to have resolved it, and actually provided a negative reversal signal, suggesting further downswing. Look for the market to re-test 1.3570. If the market treats this area as resistance, it is ready to break lower to 1.3450, and likely towards the 1.3350/1.3335 pivot. It does not always give a pullback, and a strong break below 1.3525 ca suggest a direct move to 1.3450.

GBP/USD Still Remains in Channel; Eyes 1.5750/60
Resistance 1: 1.5970; Resistance 2: 1.6000. Resistance 3: 1.6100
Support 1: 1.5900; Support 2: 1.58400; Support 3: 1.5760.

GBP/USD did not break below 1.59, and now is ranging between 1.59 and 1.5970. A break above suggests going towards 1.61, but I would not be surprised by a limited rally due to the bearish bias of the action to start this week. I would look for the market to top off near 1.60 if there is a bounce from 1.59. A break above that looks at 1.61. However, going with the existing bearish bias, a decline towards 1.5840 then 1.5760 is more likely. But still, the 1.59 level remains an important threshold to break for the a bearish scenario. A break constitutes the 1H chart to close below. The candle is preferably mainly body, and no tail, and at least 1 ATR to ensure the break is strong.

USD/JPY Rejected at 83.75
Resistance; 1: 83.75. Resistance 2: 84.15; Resistance 3 84.70/85.00.
Support 1: 83.35; Support 2: 82.80/83.00;

Not much is going on in the USD/JPY. You can also argue that a lot is going, a lot of noise that is. The market is still stuck below the 83.75 pivot established yesterday. A break above this goes to 84.15 and the 84.70 target is valid after that. The RSI did tag 70, although a break above is more convincing that bullish momentum is bulding. Despite the lack of bullish breakout, lows are rising, causing a congestion. The bias is still bullish, but a break below 83.35 suggests we are still in the zone of noise between 82.80 and 83.75.

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Fan Yang CMT
Chief Technical Strategist
FXTimes

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.