Euro/US Dollar Present Price: 1.4433

We got our fracture of support last night (1.4455) and have pushed lower to 161.8% of the first wave (1.4407). Here we look to the RSI where we are slightly oversold.

Just because we have an oversold reading does not mean that we are preparing to go higher. All other indicators are strongly bearish with the MACD opening up (wider lines showing growing trend) and showing no signs of divergence.

A break of 1.4406 should take us down to the trend line support at 1.4300 before we correct higher. A move back up through 1.4464 would negate that view.

Support levels: 1.4406 1.4393 1.4337 1.4300

Resistance levels: 1.4447 1.4472 1.4517

US Dollar/Swiss Franc Broke Over 1.0218 Key Resistance

US Dollar/Swiss franc broke above 1.0218 key resistance and formed a short term cycle bottom at 1.0132 level on 4-hour chart.

climb towards the upper border of the falling price channel is expected later today, and a clear break above the channel resistance will indicate that the downtrend from 1.0507 has completed, then another rise to 1.0800 could be seen.

As long as the channel resistance holds, the price action from 1.0132 is treated as consolidation of downtrend and one more fall below 1.0132 is still possible after consolidation.