EURUSD Daily Pivots
| R3 | 1.114 |
| R2 | 1.1011 |
| R1 | 1.0913 |
| Pivot | 1.0784 |
| S1 | 1.0687 |
| S2 | 1.0557 |
| S3 | 1.046 |
 
EURUSD managed to stay above the trend line and is currently testing the FOMC highs in the region of 1.089 – 1.0833. We expect a dip to the daily pivot level, which also shows confluence with a previous technical resistance that was broken, now eyeing for turning to support. The 1.07344 will be key as a successful test of support could prepare EURUSD for a possible break above 1.089 levels. Alternatively, should 1.07344 give way, we could expect the trend line to break soon paving way for a decline down to 1.063.
USDJPY Daily Pivots
| R3 | 122.108 |
| R2 | 121.651 |
| R1 | 120.804 |
| Pivot | 120.351 |
| S1 | 119.5 |
| S2 | 119.05 |
| S3 | 118.2 |
USDJPY broke down from the price channel and we expect a minor test up to 120.465 levels. If this resistance holds, USDJPY could potentially look for a dip lower to 118.414 levels. A break above and back into the price channel could however see some bullish sentiment to build up, however, given the various resistance levels near 120.465 through 120.8, we suspect that the upside moves could be limited.
GBPUSD Daily Pivots
| R3 | 1.5267 |
| R2 | 1.5138 |
| R1 | 1.4946 |
| Pivot | 1.4817 |
| S1 | 1.4625 |
| S2 | 1.4493 |
| S3 | 1.4302 |
GBPUSD 4-hour chart shows the break out from the falling price channel indicating a possible move to the upside. Price action is back to the FOMC levels near 1.495 and we could expect a dip down to 1.4821 before testing higher. There is a minor trend line which could come in as resistance in the short term and could cap prices near the 1.503 levels.
In our latest podcast we discuss The Fed and the road ahead – all you need to know
Subscribe to Market Movers on iTunes
