EURUSD
The EURUSD had another indecisive movement yesterday. The bias remains neutral in nearest term. Price has been moving sideways between 1.0635 – 1.0700 range area as you can see on my H1 chart below suggests a consolidation phase. That said, price is still in a bearish short-term trend after formed a ‘shooting star’ formation on daily chart last week and broke below the trend line support as you can see on my H1 chart below, targeting 1.0600 region. Immediate resistance is seen around 1.0700. A clear break above that area could trigger further bullish pressure but only a clear break and daily close above 1.0750 would end the current bearish short-term bias. Fundamental focus will be on the US NFP on Friday. Overall I remain neutral.
GBPUSD
The GBPUSD failed to continue its bearish momentum yesterday topped at 1.2497 and hit 1.2501 earlier today in Asian session. The bias is neutral in nearest term. As you can see on my H1 chart below, price is moving inside a triangle formation suggests a consolidation phase after a bullish run from 1.2108 on March 14. Price needs to break above the triangle (1.2525) to continue this bullish run retesting 1.2615 region. On the downside, the lower line of the triangle located around 1.2425 and 1.2375 are key supports at this phase. Fundamental focus will be on the US NFP on Friday. Overall I remain neutral.
USDJPY
The USDJPY attempted to push higher yesterday but whipsawed to the downside and closed lower at 110.67 after a rejection to break above 111.30 key resistance. The bias is bearish in nearest term but note that we need a clear break and daily close below 110.10 key support to establish a new and longer bearish trend with nearest target seen around 108.50 area. On the upside, a clear break and daily close back above 111.30 would expose 112.00 or higher. Fundamental focus will be on the US NFP on Friday.
USDCHF
The USDCHF had a bullish momentum yesterday topped at 1.0076 but closed lower at 1.0049 and hit 1.0026 earlier today in Asian session. For me this is a false breakout above 1.0060 resistance. The bias is bearish in nearest term testing 0.9990. On the upside, any sustained movement above 1.0060 would expose 1.0120 or higher. Fundamental focus will be on the US NFP on Friday. Overall I remain neutral.
