EUR/JPY: 123.70 awaits
EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
GBP/CHF is testing the downside
Information is not investment advice
Last week GBP/CHF topped at 1.2475 as it met the previous support and now resistance line connecting the 2016 and 2018 lows. The pair formed a bearish “shooting star” pattern on the W1. This week the pair has slipped below the declining 100-day MA at 1.2320. The decline below 1.2165 (the 38.2% Fibonacci retracement of the August-September advance) will open the way down to 1.2100 (200-period MA on H4) and 1.2075 (the 50% Fibo and 50-day MA). The outlook will remain negative as long as GBP/CHF is staying below 1.2280 (Thursday’s high).
Elizabeth Belugina
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