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Near-term Setups in GBPJPY, GBPUSD & USDCHF

Near-term Setups in GBPJPY, GBPUSD & USDCHF

Michael Boutros,

Post-Brexit setups are in focus as we get a flurry of UK economic data this week. Here are the trades I’ll be following into the releases and setup’s we’re currently tracking on SB Trade Desk.

GBPJPYHighlighted this setup in today’s scalp report- Heading into tomorrow’s UK employment read the pair remains at risk for further losses here after the pair failed to hold above up-trend slope resistance. (also note that daily momentum failed to mount-50). This suggests that the immediate risk is weighted to the downside with a near-term Fibonacci support confluence eyed at 137.64/92.

GBPUSD 60min

GBPUSD- Sterling broke below slope support on continued USD strength and the pair remains at risk for further losses near-term while below confluence resistance at 1.3165/82 (also the weekly open). Now testing interim support at 1.3090/99 with a break lower targeting 1.3055, 1.2999 & the 100% extension of the decline off the monthly high, at 1.2965. Review Latest GBPUSD Update

USDCHF- Swissy has traded back up into the 9863/80 Fibonacci resistance zone highlighted last week. This level remains our near-term bearish invalidation mark and a breach higher is needed to keep the long-bias in play targeting 9906, the May high-day close at 9921 & 9946. Bottom line: the pair is vulnerable while below this level with interim support seen at the weekly open. A break below the April high at 9797 needed to suggests a more meaningful correction is underway. Review Latest USDCHF Update

Continue tracking all these setup and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount !

Looking for more trade ideas? Review DailyFX’s 2016 3Q Projections

---Written by Michael Boutros, Currency Strategist with DailyFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.