Fresh strength probes again through 110 but risk of stall exists
The pair regains traction after bulls paused in past two days, as US-China trade deal reduces uncertainty and reduces demand for safe-haven yen.
Fresh bid attacks again cracked 110 barrier after bulls spiked to 110.21 but failed to close above 110 pivot.
Despite improved sentiment, bulls are still fragile as daily stochastic turns south, on track to reverse from overbought territory and bullish momentum is fading.
Strong demand for safe-haven Swiss franc also warns.
Firm break above 110 barrier is needed for initial bullish signal and attempt towards next pivot at 110.52 (Fibo 76.4% of 112.40/104.44).
Conversely, repeated failure to close above 110 barrier would soften near-term tone and risk bulls’ stall and possible pullback.
Res: 110.21; 110.52; 110.67; 111.00
Sup: 109.79; 109.70; 109.49; 109.28