There were already indications last week that risk sentiment was turning. The Dollar-Index (DXY) short term support zone at 102.50 has not held and Dollar is trading weaker again amid missing risk-off bids at the beginning of this week. Next smaller level of support comes in at 101.00 but the dynamics tend to point to a major correction for now.
EURUSD -- 1.0762
The Euro starts the week above its 50 ema (1.0740) against the Dollar. If the currency pair is able to hold that level into the close, it could continue to rise the next sessions. Regarding a possible major DXY correction, a rally to the descending red downtrend line (1.0960 ish) would be a suitable equivalent.
GBPUSD -- 1.2645
Sterling runs slowly but surely into the next big resistance zone around 1.2675 and 1.2724 (50 ema and mid Bollinger band) in the daily chart. It could also go as far as 1.2750/1.2800 with a larger green candle. With respect to the weekly chart, I would look to fade the recovery there at the latest. Below 1.2600 I am cautious about longs.
(daily)
(weekly)
USDCHF -- 0.9577
The Swiss franc has already recovered well against the Dollar. There is still some room to the downside with targets around 0.9500 (big figure) and 0.9460 (former resistance). But I am not very greedy to hold shorts at current levels. Above the 50 ema (0.9612) Dollar could swiftly rise to 0.9700 again.
AUDUSD -- 0.7188
The Aussie benefits in particular from risk-on and reclaimed the 50 ema (0.7169) this morning. A test of the 200 day line (0.7259) now looks immanent. Together with the recent highs (0.7266) the target zone for longs is well defined for now. As with the other Dollar crosses, the 50 ema remains decisive. If the Aussie breaks below this support again, I would be wary of longs.
Good luck,
Sebbo