The GBPUSD failed to continue its bearish momentum yesterday. Once again, 1.5560/30 area proved it self as a strong support at this phase. It has been tested in five days in a row and still hold so far. The bias is neutral in nearest term but the bearish scenario should remains intact. On h4 chart below we can see price is ready to test the upper line of the bearish channel.  A violation to the bearish channel should trigger further bullish correction testing 1.5800 area. On the downside, a clear break below 1.5560/30 area should trigger further bearish scenario towards 1.5375 – 1.5250 area.

The USDJPY bullish momentum was paused yesterday as price retreat lower after attempted to move closer to the upper line of the bearish channel. The bias is neutral in nearest term but as long as the bearish channel valid, the bearish scenario should remains intact. Only a clear break above the bearish channel and 90.20 area could be seen as bearish failure and lead the pair higher towards 91.25 area. Immediate support at 89.00 followed by 88.50 area.

The USDCHF break above 1.0700 following temporary Euro weakness as a reaction of the lack of detail on EU rescue plan for Greek, topped at 1.0782 but closed lower at 1.0703. The bias is neutral in nearest term since I think we do not have a clear direction so far and I prefer to stay away for now. Expected (new) range at 1.0790 – 1.0600. Break on either side will give a clearer direction towards 1.0850 – 1.0900 or towards 1.0507 area.