GBPUSD remains the main focus

GBPUSD

The GBPUSD could not move below the 100 bar MA on the 5-minute chart and extended up to the 200 day MA at 1.4690. The prior resistance was 1.4666. Since breaking the price remains above that level. The buyers remain in control above the trend line and the 100 bar MA (blue line in the chart below at 1.46424 currently). Closer support at 1.4666.

EURUSD

The EURUSD gapped above the ceiling and 38.2% retracement area. The push higher extended to and through the topside trend line, the 50% at 1.13562, the swing high going back to Feb at 1.1375. That should have been good enough for a run to the June highs...but that was not to be.

The price has moved back below those key topside break levels and moved toward filling the gap.

Looking at the hourly chart, the pair has support from prior highs at 1.1295-1.1301. The 200 hour MA come in at 1.1283. The day has seen a gap, a move higher and a completion of the lap from the trading range. That is not the prettiest of trading days. If the area from 1.1295 to 1.1301 can not be filled, that would get shorts turning around. Even still traders looking to hop on the upside will likely lean against the 200 hour MA and the 38.2% retracement at the 1.12855 as a buy point. If you like the sell side, you would need to see that broken (and then the 100 hour MA and 50% retracement. It can go either way but lots of support is approaching that should find buyers on the first look.

USDJPY

The USDJPY on the weekly chart has key resistance at the 115.17 to 54 area (see the weekend video HERE). Today, the move higher did not really approach that area. In fact, the highs could only get to the underside of the broken trend line (see green circles in the chart below). Yes, there were little "hairs" above the line but each look led to sellers entering and pushing back down.

The last look was enough and the price has moved back to unchanged on the day. Overall, the USDJPY is a side show with only 62 pips but the sellers remain more in control. The old trend line today has become more important as a risk defining level. Stay below now and the sellers remain in control.

USDCHF

The pair has approached some tough resistance against the 100 and 200 hour MA at 0.9624-27. The 50% of the move down from the June 16 high comes in at 0.9630. That area should find sellers with stops on a break above.

USDCAD

The USDCAD has retraced 50% of the trading range today at 1.2815. The correction is the largest counter trend move today. The price moved above the 100 bar MA (blue line in the chart below) at 1.2806. But there looms greater resistance against the 200 bar MA on the 5-minute AND the 200 hour MA (overlayed green line in the chart below). They come in at 1.2822 area currently.

Looking at the hourly chart, the fall and move away from the 200 hour MA was also a move away from the 61.8% retracement. Say below keeps the bears in full control.