On the daily chart, GBP/USD keeps correcting to the long-term uptrend. Bulls tried to return the pair inside the previous consolidation range of 1.3455-1.3615.
EUR/JPY: bears pull back, but don’t give up
BUY 131.80 SL 131.25 TP 132.80
SELL 130.50 SL 131.05 TP1 129.50 TP2 128.90
On the daily chart of EUR/JPY, the pair’s exit from the descending channel will create grounds for the “Shark” pattern. The necessary condition for further decline is the successful test of support at 130.50.
On H1, EUR/JPY keeps forming “Wolfe waves” pattern. Bulls are also trying to trigger the junior “Shark” pattern. If they succeed, the odds of advance to its 113% target and then to 78.6% and 88.6% targets of the senior “Shark” pattern will increase.
USD/CHF is correcting to the long-term bullish trend. To break the trend, the pair has to get out of the uptrend channel and form a “Spike and reversal with acceleration”.
Expanding bearish Ichimoku Cloud with falling Senkou Span A; a new cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the market tested Kijuns’s resistance and returned to Monday’s lows.
Narrow bearish Ichimoku Cloud, horizontal Senkou Span A and B; a new weak golden cross of Tenkan-sen and Kijun-sen; the prices are three way bounced from the SSB’s resistance.
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