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A very odd menu of breakout threats on our radar today, as USDCHF suffered very ugly losses intraday and challenged 19-day lows before bouncing while USDJPY remains fairly buoyant and is looking at an upside break as of this writing and as we discuss below.
Elsewhere, USDTHB is challenging interesting levels to the upside, perhaps showing signs of a double bottom setup. The supermajors are a hopeless mess of range trading, with EURUSD locally higher but fully embedded in the range and USDJPY changing direction daily.
SEK got a strong, data-inspired boost today, but as the krona was recently challenging new lows, it will take considerable further strength to shift the outlook to upside breaks. Breakout signal tracker
We add a EURGBP short signal today in the hopes that the pair can achieve further downside after breaking the well-established lows this week. Headline risks abound, but the technical situation is rather straightforward. We place the stop 1.1 ATR above entry and will hold up to eight days depending on developments. Today’s FX Breakout monitor
: EURJPY has yet again poked to a new high and USDJPY is looking at doing the same after a strong US Q4 GDP print. Note the EURAUD threat of a new break higher we discuss below.