DXY: The DXY (US Dollar Index) chart currently displays a bullish overall momentum, suggesting the potential scenario of a bullish continuation towards the 1st resistance level. The 1st support at 106.03 is considered significant as it aligns with an overlap support and coincides with the 61.80% Fibonacci Retracement level, providing a strong potential foundation of support. Additionally, the 2nd support at 105.56 is identified as a multi-swing low support, further reinforcing potential price support. On the resistance side, the 1st resistance at 106.80 is characterized as a swing high resistance level, and beyond this, the 2nd resistance at 107.36 is identified as a swing high resistance. Intermediate support at 106.40 also adds to the complexity of the technical levels, suggesting potential price interactions.
EUR/USD: The EUR/USD chart currently demonstrates a bearish overall momentum, indicating the potential scenario of a bearish reaction off the 1st resistance level with a subsequent drop towards the 1st support. The 1st support at 1.0493 is deemed significant as it aligns with an overlap support and coincides with the 78.60% Fibonacci Retracement level, providing a robust potential foundation of support. Additionally, the 2nd support at 1.0450 is identified as a swing low support, further reinforcing potential price support. On the resistance side, the 1st resistance at 1.0590 is characterized as an overlap resistance and aligns with the 61.80% Fibonacci Retracement level. Beyond this, the 2nd resistance at 1.0631 is also identified as an overlap resistance. Intermediate support at 1.0525 adds an additional layer to the technical levels, indicating potential price interactions.
EUR/JPY: The instrument we are examining is EUR/JPY, and the overall momentum of the chart indicates a bearish trend. There is a possibility that the price may continue in a bearish direction, potentially reaching the first support level. The first support level is at 157.63, and it’s considered strong because it represents an overlap of support and aligns with a 61.80% Fibonacci Retracement and a 61.80% Fibonacci Projection, indicating a Fibonacci confluence. The second support level is at 157.17, and it’s also significant as it marks a swing low support and corresponds to a 100% Fibonacci Projection. On the resistance side, the first resistance level is at 158.53, and it’s noteworthy because it represents a multi-swing high resistance.
EUR/GBP: The instrument under analysis is EUR/GBP, and the overall momentum of the chart indicates a bullish trend. There is a possibility that the price may continue in a bullish direction, potentially reaching the first resistance level. The first support level is at 0.8669, and it’s considered strong because it represents an overlap of support. The second support level is at 0.8642, and it’s also significant as it marks another overlap of support. On the resistance side, the first resistance level is at 0.8691, and it’s noteworthy because it represents a multi-swing high resistance. The second resistance level is at 0.8700, and it’s significant as well, as it also functions as a multi-swing high resistance.
GBP/USD: The GBP/USD chart is currently in a neutral state, suggesting the potential for price to fluctuate between the 1st resistance and 1st support levels. The 1st support at 1.2122 is considered significant as it aligns with a multi-swing low support level and coincides with the 78.60% Fibonacci Retracement level, providing a strong potential support zone. Additionally, the 2nd support at 1.2063 is identified as a multi-swing low support, adding another layer of potential price support. On the resistance side, the 1st resistance at 1.2217 is characterized as a multi-swing high resistance level, and beyond this, the 2nd resistance at 1.2271 is identified as an overlap resistance.
GBP/JPY: The instrument being analyzed is GBP/JPY, and the overall momentum of the chart indicates a bearish trend. There is a possibility that the price may continue in a bearish direction, potentially reaching the first support level. The first support level is at 181.19, and it’s considered strong because it represents an overlap of support and aligns with a 50% Fibonacci Retracement. The second support level is at 179.87, and it’s also significant as it marks a swing low support and corresponds to a 61.80% Fibonacci Retracement. On the resistance side, the first resistance level is at 182.84, and it’s noteworthy because it represents a multi-swing high resistance. The second resistance level is at 183.81, and it’s significant as well, as it represents a swing high resistance.
USD/CHF: The USD/CHF chart currently indicates a bullish momentum, with the potential scenario of a bullish bounce off the 1st support level towards the 1st resistance. The 1st support at 0.8983 is considered significant as it aligns with an overlap support level. Additionally, the 2nd support at 0.8934 is identified as an overlap support, reinforcing the strength of potential support. On the resistance side, the 1st resistance at 0.9033 is characterized as a multi-swing high resistance level, and beyond this, the 2nd resistance at 0.9088 is identified as an overlap resistance. In addition, the Relative Strength Index (RSI) is displaying bullish divergence versus price, indicating the likelihood of a rapid increase in price. This divergence adds further weight to the potential for a bullish move.
USD/JPY: The USD/JPY chart currently shows a bearish momentum, with the potential scenario of a bearish continuation towards the 1st support level. The 1st support at 149.39 is considered significant as it aligns with an overlap support level. Additionally, the 2nd support at 148.93 is identified as an overlap support and coincides with the 50% Fibonacci Retracement level, providing a strong foundation of potential support. On the resistance side, the 1st resistance at 149.92 is characterized as a multi-swing high resistance level, and beyond this, the 2nd resistance at 150.15 is identified as a swing high resistance.
USD/CAD: The USD/CAD chart currently exhibits a bullish momentum, suggesting a potential scenario for price to make a bullish continuation towards the 1st resistance level. The 1st resistance level at 1.3784 is identified as a swing-high resistance. Higher up, the 2nd resistance level at 1.3846 is noted as a resistance level that aligns with the 127.20% Fibonacci extension levelSource Link
Technical Analysis and Review – Action Forex: A Fascinating Look into the Market Trends
