Insights from the Market Desk by FenzoFx.com

[FxNews]

GBPUSD Trading Range, Awaiting a Breakout




FenzoFx—GBP/USD is trading within a range after nearing the $1.301 mark. At the time of writing, the pair is approximately $1.293, awaiting either a bullish or bearish breakout.

The primary trend remains bullish as long as the price stays above the $1.2865 support level. However, for the uptrend to resume, bulls need to achieve a close above $1.2945 and establish stability at this level. If successful, the uptrend is likely to continue, targeting the $1.301 resistance.

Conversely, if GBP/USD drops below the immediate support at $1.2915, the consolidation phase may extend towards the next support level at $1.2865.

[FxNews]

GBP/USD Tests $1.295 Resistance: Key Fibonacci Levels



FenzoFx—GBP/USD trades in a wedge pattern, testing the $1.295 immediate resistance. From a technical perspective, the uptrend from $1.291 could extend to the 61.8% Fibonacci retracement level, followed by the 78.6% Fibonacci retracement level, if the bullish push resumes.

A close below the immediate support at $1.2931 can trigger a downtrend in the U.S. trading session. On the other hand, a close above $1.295 should invalidate the bearish outlook.

[FxNews]

Ripple Faces Resistance: Key Levels and Potential Bearish Scenarios





FenzoFx—XRP/USD tested the 61.8% Fibonacci retracement level at $2.3588 amid overbought signals indicated by the Stochastic Oscillator. This resistance area is further supported by the Fair Value Gap, suggesting that the market structure is accumulating sell orders.

The immediate support is at $2.208. A new bearish leg is likely to form if bears close below the immediate support. In this scenario, Ripple could potentially decline toward the psychological level of $2.0.

[FxNews]

EUR/USD Consolidates Amid Stochastic and RSI Signals





FenzoFx—EUR/USD began consolidating from $1.0943 (higher high) and broke below the $1.089 immediate support. This decline was anticipated due to the overbought signal indicated by the Stochastic Oscillator and the bearish divergence signal from the RSI 14.


The price is likely to test the $1.0766 level to establish a higher low. Traders should watch for bullish signals at this level, such as specific candlestick patterns. Nevertheless, the market outlook remains bullish as long as EUR/USD stays above the critical support at $1.0766.

[FxNews]

EUR/JPY Outlook: Will the Uptrend Continue?





FenzoFx—EUR/JPY slipped below 161.2 as the Stochastic Oscillator indicated overbought conditions. However, the pair remains above the ascending trendline, signaling a continuation of the bullish primary trend.

From a technical standpoint, the uptrend is likely to persist as long as EUR/JPY stays above the trendline. Conversely, if bears manage to push the price below this level, the consolidation phase from 162.3 could extend down to 158.3.

[FxNews]

Litecoin's Next Move



FenzoFx—Litecoin failed to surpass $93.0, resulting in a 2.3% decline in its value today. Immediate support lies at $86.0. If this level holds, LTC could regain a bullish trend.

However, a close below $86.0 could trigger a downtrend, with targets at $81.0 and $75.0.

[FxNews]

Bullish Wicks Point to LTC Consolidation




FenzoFx—Litecoin struggles with the descending trendline. Meanwhile, the 4-hour chart formed a long wick bullish candlestick pattern and the Awesome Oscillator signals divergence. This indicates a consolidation phase toward higher resistance levels on the horizon.

The immediate resistance is at $93.0. From a technical perspective, the current uptick in momentum could extend to $100.0 if bulls close and stabilize above it.

[FxNews]

Bitcoin’s Bullish Double-Bottom Pattern at Key Fibonacci Level




FenzoFx—Bitcoin formed a double-bottom pattern near the 50% Fibonacci support level on the daily chart. The Awesome Oscillator signals divergence, suggesting a rise toward $95,350 is expected.

The bullish outlook should be invalidated if the crypto falls below the 50.0% Fibonacci support level.

[FxNews]

Ripple’s Turning Point: $2.208 in Focus





FenzoFx—XRP faces resistance at $2.208, with the stochastic indicator nearing an overbought signal. The primary trend remains bearish below $2.213, which is likely to continue if the price dips below $2.10. In such a case, the next bearish target could be $1.90.

Conversely, if Ripple closes and stabilizes above the immediate resistance at $2.208, the bearish outlook would be invalidated. Should this scenario unfold, XRP/USD could aim for $2.40, followed by $2.544.

[FxNews]

USD/CHF: Resistance Met, Downtrend Looms




FenzoFx—USD/CHF rose to the 0.8914 CHF resistance as expected, due to the Stochastic Oscillator being in oversold territory. At the time of writing, the currency pair is trading slightly below this resistance, with the Stochastic signaling overbought. This suggests that the USD/CHF downtrend could potentially be triggered from this point.


Immediate support is at 0.880. A dip below this level could trigger the downtrend, targeting 0.8739. However, please note that the bearish outlook would be invalidated if USD/CHF breaks above the 0.8914 resistance.