Originally published by AxiTrader
EUR/JPY is under pressure after posting a short-term top at 116.20. It has been able to find decent support at 113.90/114 so far, but the area is looking increasingly fragile and is likely to get retested this week. A break below would signal an extension of the down move, towards the lower 112s.
EUR/USD had a daily close below 1.10, which is quite bearish itself, but decent support is expected at 1.0950/55 and 1.0900/05. A clear break below the aforementioned support area would pave the way for a move back towards 1.07. However, the hourly chart suggests EUR/USD is slightly oversold, so traders who are looking to establish a short position could keep an eye on the 1.1050/55, which is likely to act as decent resistance area.
USD/CHF - while it looks slightly stretched in the short-term, expect decent support at the former resistance level at 0.9840.
USD/JPY - bullish momentum remains strong and it is likely to retest 104.65 resistance soon. A break above would pave the way for a 105.50 test, with the next significant resistance level then at 107.50. The RSI is still not in overbought territory on the Daily.
USD/MXN - weekend gaps usually get filled within the same week, but this was not the case in USD/MXN. However, the probability that the gap will be closed in the near-term is quite high, and if that happens, 19.29/30 looks like an attractive area to establish a short position or add to existing short positions.
AUD/USD remains resilient, and broke back above 0.76 after bouncing off ahead of the 0.75 level. For now, further consolidation seems likely, as there is a lack of downside momentum and it faces heavy resistance in the 0.7710-50 area.
