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  • EUR/USD holding proven support level. Pullback may be over, but hurdles yet to cross. Get your $EURUSD market update from @PaulRobinsonFX here:https://t.co/v06OWd3Vqp https://t.co/acFOm0Jtq9
  • The price of oil pulls back from a fresh monthly high ($66.76) despite a larger-than-expected contraction in US inventories. Get your market update from @DavidJSong here: https://t.co/uxLol8LbDH https://t.co/7pcNZa2kSC
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.61% 🇨🇭CHF: 0.53% 🇪🇺EUR: 0.50% 🇯🇵JPY: 0.12% 🇳🇿NZD: -0.02% 🇬🇧GBP: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/G1tbmnQXlH
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.19% Wall Street: 0.12% France 40: 0.02% Germany 30: -0.16% US 500: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/7TV6gNkFhX
  • The Dollar's drop was not as clean against all of its major counterparts, but the $DXY's trade weighting translated EURUSD's rally into a bearish wedge break here. That said, this still qualifies as an inverse head-and-shoulders pattern https://t.co/FNg92kAOfP
  • IMF says downside risks are materializing in India $USDINR #NIFTY50
  • Dallas Fed's Kaplan: -Fed likely to achieve 'substantial progress' metric faster than expected -There are side effects from bond purchases -Still supports bond purchases but economy has improved faster than anticipated -Fed to reach full jobs, price goals some time in 2022
  • Key break higher for gold this morning as it pushes above $1800 for the first time since February https://t.co/Ih2e5I7ddS
  • Hey traders! Risk trends continue to struggle for clarity of direction. Get your Thursday market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/TYFzIJxlvR
  • This bull flag pattern on $EURUSD played out as the textbooks usually project. The break to the upside is perhaps the path of least resistance - at least until we get back to the 1.2150 high, if we get there https://t.co/h5wOcHftl2
Near-term Setups in GBPJPY, GBPUSD & USDCHF

Near-term Setups in GBPJPY, GBPUSD & USDCHF

Michael Boutros, Strategist

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.

GBPJPY – Highlighted 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

Near-term Setups in GBPJPY, GBPUSD & USDCHF

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

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

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or ClickHere to be added to his email distribution list

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