The market had some good moves today. I was a bit surprised by the market taking out certain resistance levels, especially with regards to European countries Vs. Jpy crosses. Having said that lets look at some of my favorite pairs.
Eur.Usd & Usd.Chf
Eur.Usd had a nice rally today and broke through resistance levels, made a new high and is back above the upwards trendline—Good news for the bulls. At the moment this pair is retracing and Is looking to find support around 1.3200 area, if support holds look for a continuation towards the north. It is also quite possible to see some sideways movement with a small retracement instead, either way as long as that support level holds expect further moves north. The bulls are currently after 1.3331 with a fib target of 1.3382. Usd.Chf shows the opposite picture with the bears taking out support levels. At the moment this pair is rallying to meet its left tip around 0.9150 and if this level of resistance holds look for a u-turn towards the south. The bears are after 0.9042 with a fib target of 0.9000.
Eur.Jpy & Chf.Jpy
Both pairs broke through resistance levels with almost no struggle at all. Eur.Jpy did manage to make a new high and the bulls are currently after 109.93. Chf.Jpy shows a similar picture with the pair currently going sideways taking a small break from the impressive rally today. The bulls in this pair are after 91.19.
By: Elias Osman