A technical review/preview for the major currency pairs vs USD for the week of March 18
EUR/USD
The EUR/USD pair has been trading in a range between 1.1200 and 1.1300 for the past few weeks. The pair is currently testing the lower end of this range and a break below 1.1200 could lead to further downside towards 1.1150 and 1.1100. On the upside, a break above 1.1300 could lead to a retest of the recent high near 1.1400.
GBP/USD
The GBP/USD pair has been trading in a range between 1.3000 and 1.3200 for the past few weeks. The pair is currently testing the lower end of this range and a break below 1.3000 could lead to further downside towards 1.2900 and 1.2800. On the upside, a break above 1.3200 could lead to a retest of the recent high near 1.3300.
USD/JPY
The USD/JPY pair has been trading in a range between 111.00 and 112.00 for the past few weeks. The pair is currently testing the upper end of this range and a break above 112.00 could lead to further upside towards 113.00 and 114.00. On the downside, a break below 111.00 could lead to a retest of the recent low near 110.00.
USD/CHF
The USD/CHF pair has been trading in a range between 0.9900 and 1.0000 for the past few weeks. The pair is currently testing the upper end of this range and a break above 1.0000 could lead to further upside towards 1.0100 and 1.0200. On the downside, a break below 0.9900 could lead to a retest of the recent low near 0.9800.
Overall, the major currency pairs are trading in ranges and a break above or below these ranges could lead to further directional moves. Traders should keep an eye on key support and resistance levels for potential trading opportunities.