EUR/USD rallied up heavily through the 200 day MA after earlier in the week price broke through a major trendline then sold off and used the previous resistance as strong support. If the rally continues, the next potential resistance is 1.3762 and 1.3813 as fib targets

projected from the most recent major price swings from late last week.  IF price reverses and sells off, 1.3500 and 1.3454 are the next major fib retracements from the previously mentioned swings for potential support.

 

GBP/USD also rallied up strongly making new 10 day and monthly highs as a weak USD helped to change propel price directions on most of the major USD based pairs.  IF price continues with the rally, watch for potential resistance at 1.5362 and 1.5433 from last Thursday’s low to Friday’s high.  IF price sells off, the 50/62% retracements from the previously mentioned swing that may be potential support are 1.5094 and 1.5058.

 

USD/JPY double topped at the weekly highs and sold off to test for support at the 20/50 and 200 day MA’s which are currently very close to each other and are offering strong support.  IF price breaks through this level, this may lead to a breakout down trending day.  The next possible support are the next major fib retracements of 97.68 and 97.19. IF price holds at this level and rallies, watch for possible resistance next at 99.58 (weekly highs) and the 100.00 level (strong whole number.)

 

USD/CAD also broke through the 200 day MA last week and continued with the strong downtrend which will likely continue on Monday and possibly the beginning of the week. Possible support may be found at (1.1382-1.1359) (Fib targets and weekly pivot.)  The next fib target is also near a monthly pivot around 1.1323.  IF price retraces, the current fib retracement levels for possible resistance and a chance to reenter the downtrend are (1.1632-1.1657)  (Fib retracement cluster and monthly pivot.)

 

USD/CHF ripped through major support and had a huge sell off late Friday afternoon.  Obviously the momentum is still short but watch for possible light support at the fib target and weekly pivot at 1.0929 and the next fib target cluster beginning at 1.0883.  IF price retraces and rallies, 1.1176-1.1188 is a fib retracement and pivot cluster for a chance to potentially enter the strong downtrend.