The EURUSD attempted to push lower yesterday. Price slipped below the minor bullish channel, bottomed at 1.3537 but closed higher at 1.3600 and now back inside the minor bullish channel. This fact should keep the bullish correction intact and potential false breakdown scenario which could trigger upside momentum testing 1.3735/50 area. The bias remains neutral in both nearest and medium term as price still consolidation but the major trend should remain bearish as long as price move inside the major bearish channel. Note that only a clear break below the triple bottom formation at 1.3450/35 area could be seen as the end of the bullish correction scenario. Immediate support at 1.3530 area.

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The USDCHF was indecisive yesterday, leave us in range area of 1.0888 – 1.0640 area. We have no significant technical movement so far and price still consolidating but still in the context of bullish major scenario. I think the best strategy remains to short around 1.0888 or long around 1.0640 with tight stop loss. Break above 1.0888 – 1.0900 area should continue the bullish scenario targeting 1.1000 while a break below 1.0640 should trigger further bearish correction towards 1.0507 area.

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The USDJPY failed to maintain its bullish momentum yesterday, bottomed at 90.13 and closed at 90.29. The bias is neutral in nearest term, but the failure to stay above 90.50 area could produce a false breakout scenario which could trigger bearish momentum testing 89.50 area. The bullish correction scenario remains intact but we need a consistent move above 90.50 area to continue bullish momentum targeting 91.50 region.

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The GBPUSD failed to continue its bullish momentum yesterday, bottomed at 1.5030 and closed at 1.5064. The bias is neutral in both nearest and medium term but remains bearish in long term view. The fact that price so far still able to move above 1.5000 – 1.4950 support area indicating the bullish correction scenario after bottomed at 1.4779 on March 01 remains intact with technical target around 1.5250 area. Clear break below 1.5000 – 1.4950 area could trigger further bearish momentum re-testing 1.4779 and might put the bullish corrective phase to its end.

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The EURUSD attempted to push higher yesterday, topped at 1.3703 but closed lower at 1.3632. The bias is neutral both in nearest and medium term as price still consolidating. The bullish correction scenario after rejection from 1.3450/30 (triple bottom) remains intact as price still move inside the minor bullish channel with 1.3750 – 1.3850 as corrective target but still in a major bearish scenario. Immediate support at 1.3580 area. Break below that area could trigger further bearish momentum re-testing 1.3450/35 area but only clear break below 1.3450/35 area can be seen as bearish continuation confirmation targeting 1.3100 area.

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As you can see on my h4 chart below, the USDCHF still trapped in range area of 1.0888 – 1.0640 area indicating consolidation but still in the context of major bullish scenario. The bias is neutral in nearest term and I think the best strategy is to short around 1.0888 or long around 1.0640 with tight stop loss. Break above 1.0888 – 1.0900 area should continue the bullish scenario targeting 1.1000 while a break below 1.0640 should trigger further bearish correction towards 1.0507 area.

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