08 August chart overview for EURUSD and GBPUSD

EURUSD chart analysis

During the Asian trading session, the euro rose against the US dollar. That growth did not last long because, in the European session, we saw a new withdrawal of the EURUSD. The pair EURUSD is now at 1.01815 at the same level as at the start of trading last night. The bearish pressure is increasing, and we can see a continuation of the bearish trend. We need a pullback to the 1.01500 support zone for a bearish option. After that, we will likely see a break below the support zone. And a continuation of the bearish trend up to the 1.01000 level. Potential lower targets are 1.00500 and 1.00000 levels. For a bullish option, we need a positive consolidation and growth of the euro above the 1.02000 level. After that, we expect a bullish continuation to the 1.02500 level, the previous high from Friday last week. A potential higher target and a larger resistance zone is at the 1.03000 level.

GBPUSD chart analysis

During the Asian trading session, the pound advanced against the dollar. That pound growth was stopped at the 1.21200 level, as a new pullback below the 1.21000 level soon followed. We are again below the MA20 and MA50 moving averages which further weigh on the pound. For a bullish option, we need a negative consolidation and a pullback first to the 1.20500 level. Our main target is the 1.20000 level, last week’s lower low. And if the pressure on the pound continues, we will see a drop below this psychological level. For a bullish option, we need a new positive consolidation and a return above the 1.21000 level. If we manage to hold above, we could see the pound recover. A potential higher target is the 1.21500 level, and our additional resistance is the MA200 moving average at that level. Then the next target is the 1.22000 level.

Market overview

Swiss unemployment rate

Switzerland’s unemployment rate remained flat in July after falling in June, the State Secretariat for Economic Affairs said on Monday. The unemployment rate in July was 2.0%, the same as in the previous month.

Today is a day without major economic news.