Technical Update - EURUSD, USDJPY, USDCHF, AUDUSD and GBPUSD. Key support and resistance levels to observe Technical Update - EURUSD, USDJPY, USDCHF, AUDUSD and GBPUSD. Key support and resistance levels to observe Technical Update - EURUSD, USDJPY, USDCHF, AUDUSD and GBPUSD. Key support and resistance levels to observe

Technical Update - EURUSD, USDJPY, USDCHF, AUDUSD and GBPUSD. Key support and resistance levels to observe

Forex 4 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  EURUSD likely to test key support at 1.0730
USDJPY testing key resistance, potential to +150
USDCHF breaking bullish above falling trendline, potential to 0.8820
AUDUSD below key support could drop to 0.64-0.63
GBPUSD testing support trying to break range bound trading, could sell-off to 1.25

EURUSD couldn’t even test the 55 DMA before sellers regained control. EURUSD now back below 200 and 100 DMA’s seems set for a test of the key strong support at around 1.0730.
Negative RSI sentiment is supporting that scenario.

A close below 1.0730 could very well send EURUSD lower towards the 0.786 retracement at around 1.06
A close above 1.09 is needed to demolish the bearish picture

Source all charts and data: Saxo Group
USDJPY is testing key resistance at around 148.80. A close above is likely leading to levels in the 150’s. Resistance at around 149.75 and the 2022 peak just a few cents below 152.
RSI is in positive sentiment indicating USDJPY will break higher.

A close below 145.85 is likely to send USDJPY to 144.52 but could drop to 143.52.
The 55 DMA add to the support likely limiting the downside potential.

USDCHF has broken and closed above its upper falling trendline currently testing the 0.786 retracement at 0.8690.
RSI is in positive sentiment supporting the current bullish move that is likely to take USDCHF to the strong resistance at around 0.8820.
Minor resistance at 0.8728.

A close below 0.8550 will demolish the bullish picture and likely send USDCHF back down to 0.8455

AUDUSD closed Friday below key strong support at around 0.6520.
That support is also  the Neckline in the Shoulder-Head-Shoulder like pattern with down side potential to the Consolidation area 0.64-0.63.
Negative sentiment on RSI is supporting the bearish scenario

A close above 0.6625 will demolish the SHS top and reversal scenario

GBPUSD is at the time of writing below support at around 1.2610. If closing below and if RSI is closing below 40 threshold GBPUSD is likely to initiate a sell-off down to around 1.25

If failing to close below 1.2610 GBPUSD is likely to stay range bound between 1.2610 and 1.2775



The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
- Notification on Non-Independent Investment Research (
- Full disclaimer (
- Full disclaimer (

Boulevard Plaza, Tower 1, 30th floor, office 3002
Downtown, P.O. Box 33641 Dubai, UAE

Contact Saxo

Select region


Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

Saxo Bank A/S is licensed by the Danish Financial Supervisory Authority and operates in the UAE under a representative office license issued by the Central bank of the UAE.

The content and material made available on this website and the linked sites are provided by Saxo Bank A/S. It is the sole responsibility of the recipient to ascertain the terms of and comply with any local laws or regulation to which they are subject.

The UAE Representative Office of Saxo Bank A/S markets the Saxo Bank A/S trading platform and the products offered by Saxo Bank A/S.