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Technical Update - EURCHF , EURGBP, EURJPY and EURUSD
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: Will EURCHF drop to par ? EURGBP uptrend with strong resistance. EURJPY uptrend resumes. EURUSD range bound
EURCHF closed below the rising trend AND key support at 1.0230. RSI below 40 indicating lower levels are to be expected. A break below 1.0090 EURCHF and is likely to test 1.01
EURGBP broke bullish out of triangle like pattern only to be hammered back down from resistance at 0.8720. Bouncing off lower rising trend line EURCHF might have another go at the resistance.
The weekly chart confirms the pair to be in an uptrend with strong overhead resistance. Weekly RSI has not yet confirmed the bullish scenario. It needs to close the week above 60
EURJPY seems to be trading in a wide rising channel picking up the trend after last weeks correction. A test of 145 is likely. A break below 137.80 will demolish the bullish scenario
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