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The next couple of days are key for AUD/USD from a cyclical perspective. USD/CHF nears key support while USD/JPY remains in consolidation mode.

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Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

• USD/JPY encountered strong resistance late last week at the 5th square root progression of the year’s high in the 98.65 area

• However, while over 96.60 our near-term trend bias will remain higher in the exchange rate

• A Fibonacci cluster near 97.60 is interim resistance, but strength over 98.60 is really needed to set up a more important move higher

• A minor cycle turn window is seen on Tuesday

• Weakness below Gann support at 96.60 would undermine the positive structure in the rate and turn us negative

USD/JPY Strategy: Like the long side while over 96.60

Price & Time Analysis: USD/CHF

Charts Created using Marketscope – Prepared by Kristian Kerr

• USD/CHF has come under renewed downside pressure to re-test the 1x2 Gann angle line of the year’s high in the .9180 area

• Weakness below .9240 has shifted our near-term trend bias to negative in the rate

• Key support resides at the 7th sqare root progression of the year’s high in the .9145 area with weakness below this level required to signal a broader shift in trend

• A minor turn window is seen on Wednesday

• Only over .9340 alleviates the immediate downside pressure and turns us positive on the rate

USD/CHF Strategy: Like selling the rate on strength while below 9340.

Price & Time Analysis: EUR/GBP

Charts Created using Marketscope – Prepared by Kristian Kerr

• EUR/GBP traded to its lowest level in almost a month and a half last week before finding support at the 4x1 Gann angle line of the year’s high in the .8500 area

• Our near-term trend bias remains lower in the cross and will continue to do so while below the 38% retracement of the month-to-date range in the .8605 area

• A key convergence of Gann levels between .8600 and .8585 is key support with a clear breach of this area needed to force a more aggressive decline

• The latter part of the week looks like a clear medium-term cycle turn window

• A close back over .8605 would alter the negative technical outlook and turn us positive on the cross