The declining trendline as indicated has only been broken once. The pair has been forming lower highs from the 121.80/122 levels in Dec.
To me the pair is running out of steam and a selloff will occur. The pair is also forming a triangle and a break to the downside can open the possibility for a trend reversal.
USDCHF have been trapped in a triangular form as in the chart.
I believe the pair is in for a bounce upward and breaking resistance of 0.9300 could open the way to TP of 0.9700, bottom end of the cloud on the daily chart.
Following my trade of yesterday which resulted in a 100 pip profit, I'm not adding another short. On the 4H chart current price is below the tenkan sen, RSI is going down, along with good USD data and bad german inflation data, going short at 1.1315. SL is at 1.1400 with TP at 111.30
EURUSD has been trapped in a downward trend for a long time.
Currently on the 4H chart its hitting the trendline and also the bottom end of cloud.
My view is to go short @ 1.2470, SL 1.25 and TP 1.2370
USDJPY is in my view still in a bearish trend after hitting major resistance at 110.
Currently USDJPY is fighting the 200EMA & 55 EMA trendline at 108.93 with fibonacci resistance at 109. NFP will be published in 2 hours, which would see some profit taking and push this pair down even lower.
Target point will be ...
A high test bar has formed at strong support (traditional and fibonacci pivot points). RSI shows the currency is overbought and MACD is turning.
Going short, stop loss at 140.25 and TP at 139.50 for 40 pips profit.
EUR/JPY has gained some 200 pips over the past 3 days and in my view the bullish pattern will continue. Looking at the weekly chart, support at the pivot point has held.
Looking at the shorter timeframes 4H (137.68), 1H (137.66) & 30M (137.66) - all these timeframes has the same support give or take a few pips.
XAU/USD has been going sideways for a few days now. Even after Yellen's speech which saw USD/JPY break the 104 barrier, did not have a major effect on XAU/USD.
What does this mean ? XAU/USD found support at 1273 - 1275 which proved to be strong enough to stop the downward spiral.
As can be seen from the D1 ...