As we wrote yesterday, “A clean break of the 1.5470 opens up the possibility of a run back to 1.5750.” The overnight price action has proven challenging to out bearish view point and a test of 1.5650 may well be next, but unless the takes out 1.5750 level the longer term bearish bias remains in place.
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STRATEGY: Bearish, against 1.5784, target TBD
Charts created using Intellicharts – Prepared by Boris Schlossberg
Yesterday USDJPY decisively broke through the 100.00-100.50 level with 100.00 now becoming critical support. As long as 100.00 holds our longer term 102.00 target remains intact as the pair continues confirm our bullish bias.
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STRATEGY: Bullish against 97.66, target 102
Charts created using Intellicharts – Prepared by Boris Schlossberg
As we wrote yesterday, “we continue to favor GBPUSD shorts to our final target of 1.9540, but the near term picture suggests that cable may have found support at 1.9750 and is likely to consolidate in the 1.9900-1.9750 channel as it works off its oversold condition. A break of the 1.9750 zone indicates further weakness to our ultimate target. However a break of 1.9900 once again sets up a retest of 2.000 and beyond.” Today’s mild price action above 1.9900 suggests that 2.0000 lvel remains a challenge but unless the pair dips back to the lower end of the 1.9750-1.9900 channel, the near term bias is up.
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STRATEGY: Bearish, against 2.0271, target 1.9540
Charts created using Intellicharts – Prepared by Boris Schlossberg
Although still bullish, USDCHF looks to be rapidly running out of momentum. The 1.0070 level now becomes key as near term support. A break there would suggest a distribution top that could cap near term momentum
STRATEGY: Bullish, against .9868, target 1.07
Charts created using Intellicharts – Prepared by Boris Schlossberg
USDCAD continues to hold above the 1.0100 level preserving its upside bias for the time being. The topside remains curbed by the 103.50 double top, but the pair could make another run for that level as long it maintains support above 1.0100. On the other hand a clean break at that barrier would expose the pair to a run all the way to 9880 swing lows set on 3/19/08.
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Charts created using Intellicharts – Prepared by Boris Schlossberg
As we wrote yesterday, “Aussie’s near term appears to have come to an end as the pair finds support at 8950. A bounce back to 38.2 Fib of the recent bear wave of 9450-8950 is a natural target before the move finds some resistance.” With the pair now hovering near 9160 resistance, it will need to generate greater momentum to break through that barrier. A rejection there would setup a double top and a possible return to the lower level of the channel 8950. A break out on the other hand see clear sailing until the recent swing highs at 9350.
Charts created using Intellicharts – Prepared by Boris Schlossberg
Much like the Aussie, the Kiwi is challenging the upper end of its near term range. Our bearish bias remains in place but clearly in danger of being challenged if the 8050 area sees an upside break.
STRATEGY: Bearish, against .8173, target TBD
