As expected, we did see a meaningful correction on the pair last friday but the market has found some good support on top of 1,09 following the bad US GDP release.
The pair is carving out a material base on top of 0,94 by validating a double bottom on the 4-hour chart (break above 0,9530).
After a consolidation above the psychologival 0,80 support, the pair has confirmed its bearish trend with a new fresh low at 0,7850 on friday.
The pair has accelerated its decline on friday after the dismal US GDP figure. The market is likely to test its 2011 low at 76,30.
The Cable is evolving in a weekly range between roughly 1,59 and 1,66. A few weeks ago, the pair has bounced on top of the bottom of this range.
Last week, we did see the EUR/USD testing its descending trendline for the 4th time since the beginning of May.
The Euro/Usd trends (short/medium/long) are still strongly bullish, as well as the seasonal conditions. However, a move above 1.4638 is necessary to target 1.4698, 1.48 and eventually 1.50, provide the price does not fall back below 1.4470.
USDCAD is in downtrend from 0.9912, the bounce from 0.9406 is treated as consolidation of downtrend. Range trading between 0.9406 and 0.9650 is possible next week. Support is now at 0.9406, a breakdown below this level could...
USDCHF continued its downward move from 0.9774, and the fall extended to as low as 0.7850. Resistance is at the downtrend line on daily chart, as long as the trend line resistance holds, downtrend could be expected...
USDJPY is facing 76.40 previous low support, a breakdown below this level will indicate that the long term downtrend from 124.16 (2007 high) has resumed, then another fall towards 70.00 could be seen. Resistance is at 78.00,...