Daily FX Elliot Wave Outlook Report (EURUSD, GBPUSD, USDCHF & USDJPY)
EURUSD
The recovery from 1.3305 may be a wave [b] (Potential H&S may be forming in daily chart). Focus is now on testing the tough 1.3460/1.3520 resistance where bears would attempt to renew. A break below 1.3380/1.3300 would resume the corrective bear trend for 1.3250/1.3170 next. A move above 1.3520 however targets 1.3560/1.3600 next.
GBPUSD
GBPUSD is on multiday down trend to test the 1.5390/1.5230 support and it may be in a wave [iii] of a wave 5. A break below 1.5415 would target 1.5400/1.5390 next. Immediate term resistance is at 1.5505. A reversal above 1.5550/1.5575 is needed for a meaningful recovery.
USDCHF
The pair may have completed a wave [a] at 0.9260 and it is now in a wave [b] pullback. . A move below 0.9200 would test the 0.9170/0.9150 support before attempting to stabilise. A break below would deepen the pullback. A reversal above 0.9260 targets 0.9295 ahead of 0.9325/0.9340.
USDJPY
The pair may be in a complex wave 4 correction (Flat or Triangle) within a wide range of 94.45/92.20. Immediate term pressure remains on 93.30. A break below confirms the range trade and refocuses on 92.20. A break below would deepen the correction. A close above 94.45 however would signal a wave 5 and target psychological resistance 95.00 initially.
