GBPUSD Failed to Break 1.5916, USDJPY Rising Again in Forex Trade

November 11, 2014

The EURUSD Failed Storm of 1.2500

Yesterday the EURUSD pair tried to continue the recovery started on Friday, but, as it should be expected, the resistance around the 25th figure managed to keep the pressure of bulls, and the located here offers returned the pair to the support around 1.2418. Nevertheless, it is still not necessary to talk about the resumption of the downtrend, in any case, until the euro is traded above the 24th figure. It keeps the chances for the testing resumption of the 25th figure, and its breakout will allow bulls to test the resistance around 1.2533-1.2577. The loss of the 24th figure will jeopardize the lows at the level of 1.2358.

The GBPUSD Failed to Break 1.5916

Yesterday the GBPUSD tested the resistance around 1.5916. The pair failed to break it and the kept interest for sales returned the pair to the support around 1.5835. The inability of the pound to overcome the resistance of 1.5916, and loss of the support around of 1.5873 should be considered as a negative technical factor, giving a reason to think about testing of the support in the 58th figure in the short-term. In turn, the growth above 1.5873 will allow bulls to test 1.5916 again, the breakout of which will open the way to the psychological level of 1.6000.

The USDCHF Above 0.9666 Again

Yesterday the downward correction of the USDCHF did not have the resumption, as on the drop to 0.9615 the dollar was bought again and it returned above the resistance around 0.9666, having tested the mark of 0.9688 at this moment. The decline to 0.9666 are continuing to attract the interest for buying, that allows to suppose testing of the resistance around 0.9740 in the short term. The fall below 0.9666 will put the ability of the dollar to resume the growth into question.

The USDJPY Rising Again

The correction of the USDJPY also has not received its continuation. Having found the support around 113.85, the dollar managed to return above 114.17. Moreover, yesterday it rose to 114.90, and today to 115.80, having broken the previous high. Thus, in the short term the dollar will test the 116-th figure, and in the long run we should expect the growth in the direction to 120.00. The fall below 113.85 will signal about the resumption of the downward correction.