An overview of important support and resistance levels of the four major currency pairs of the ongoing week.
• First key support level of EUR/USD: 0.995937
• Second Key support level of EUR/USD: 0.993128
• Third Key support level of EUR/USD: 0.987835
• First key resistance level of EUR/USD: 0.997911
• Second Key resistance level of EUR/USD: 0.999982
• Third Key resistance level of EUR/USD: 1.003591
• First key support level of USD/CHF: 0.962587
• Second Key support level of USD/CHF: 0.955817
• Third Key support level of USD/CHF: 0.949499
• First key resistance level of USD/CHF: 0.969622
• Second Key resistance level of USD/CHF: 0.976541
• Third Key resistance level of USD/CHF: 0.985886
• First key support level of GBP/USD: 1.135699
• Second Key support level of GBP/USD: 1.132058
• Third Key support level of GBP/USD: 1.12
• First key resistance level of GBP/USD: 1.138809
• Second Key resistance level of GBP/USD: 1.140921
• Third Key resistance level of GBP/USD: 1.145815
• First key support level of USD/JPY: 143.521978
• Second Key support level of USD/JPY: 142.94295
• Third Key support level of USD/JPY: 142.634317
• First key resistance level of USD/JPY: 143.85482
• Second Key resistance level of USD/JPY: 144.534317
• Third Key resistance level of USD/JPY: 144.952086
Bitcoin and emerging challenges.
The Bitcoin chart has been in a steady downtrend since late 2021, and sellers have reached the $18,248 price level thus far. Bitcoin’s strong bearish cycle shows the determination of sellers to push the price down and their uncertainty to remain at high prices. There is no apparent reason for price freezing in the monthly and weekly intervals and under current conditions. If the $18248 support level is lowered, the price could drop further and reach a critical support level of $16,800 to $16,000.
According to various factors affecting the crypto market, Bitcoin is still affected by multiple factors. One of the factors affecting Bitcoin is the US Federal Reserve interest rate. This could still affect Bitcoin according to market-wide expectations and provide a relatively important warning to short-term buyers. Currently, the price has stabilized by reaching the $19,000 support level. The price has formed a lower price floor in the daily interval by creating a hammer/warning candlestick pattern, but it requires an ascending candle to consider this signal. If the mentioned support levels hold, the price will likely increase. In this case, the buyer’s target price is $19,600, and $20,000 for the next step.
