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GBPUSD bounced up from the previous bottom.

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EURUSD Technical AnalysisEURUSDH4Down Trend
Primary ScenarioEURUSD has proceeded into fresh lows. If the pair manages to extend its downtrend, it will breach the support level at 1.0972, with immediate target the next support at 1.0917.
Alternative ScenarioAn upward momentum will bring the pair within a correction course towards the daily pivot (1.1042) and then higher at 1.1098. RSI oscillator is trading within an oversold zone.



GBPUSD Technical AnalysisGBPUSDH4Up Trend
Primary ScenarioThe pair bounced up from the previous bottom and is now trading slightly above the daily pivot at 1.5240. Further increase of the rate will lead the exchange rate to target the resistance levels at 1.5266 and 1.5294.
Alternative ScenarioA plunge of GBPUSD will push prices below the daily pivot and further down to 1.5211. RSI oscillator supports this scenario.



USDCHF Technical AnalysisUSDCHFH4Up Trend
Primary ScenarioUSDCHF has penetrated the daily pivot, after a strong movement upwards. If the pair manages to withstand the sellers’ pressure, it will climb towards the resistance level at 0.9779 and then higher at 0.9824.
Alternative ScenarioA reversal back will push the pair to violate the daily pivot (0.9703) and further down to 0.9658. RSI has entered an overbought territory.



USDJPY Technical AnalysisUSDJPYH4Up Trend
Primary ScenarioThe pair is now testing the barrier at 120.07. A successful attempt to exceed this level will lift USDJPY towards the resistance level at 120.82.
Alternative ScenarioShould the pair manage to breach the support at 119.88, the next support level is seen at 119.67.



AUDUSD Technical AnalysiAUDUSDH4Up Trend
Primary ScenarioAUDUSD has been trapped between the support level at 0.7742 and the resistance level at 0.7877. A higher thrust of the market will most likely trigger the market to penetrate the hurdle at 0.7828. If that happens, the next resistance is seen at 0.7877.
Alternative ScenarioA drop of the currency pair below the daily pivot at 0.7791, will open the way down to 0.7742.



The post GBPUSD bounced up from the previous bottom. appeared first on Forex Circles.

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