The sentiment for major currencies is mixed. The US data releases will be crucial for determining the direction of EUR and GBP. JPY is likely to weaken further, while CAD may struggle due to weak economic data. Bitcoin and Ethereum are under bearish pressure.

EUR/USD

GBP/USD

• Recent Performance: Pound remained flat despite initial gains.
• Technical Analysis: Resistance is at 1.2558 and 1.2590, and support is at 1.2532 and 1.2486.
• Forecast: Similar to EUR, GBP’s upside is capped by the Fed meeting and overall lack of direction.

USD/JPY:

• Recent Performance: Yen stabilized after a volatile few days, likely due to a lack of intervention from the Bank of Japan.
• Technical Analysis: Resistance is at 157.30, and support is at 156.30 and 156.12.
• Forecast: JPY’s outlook depends on the US data and potential intervention by the Bank of Japan. If the US data is weak and there’s no intervention, JPY might strengthen.

CAD/USD:

• Recent Performance: Canadian dollar fell sharply due to weaker-than-expected Canadian GDP data.
• Technical Analysis: Resistance is at 1.3805, and support is at 1.3686 and 1.3618.
• Forecast: The BoC’s rate-cut decision in June will depend on upcoming inflation data. A weak inflation report could lead to a CAD decline.

Bitcoin:

• Recent Performance: Bitcoin is under strong bearish pressure, trading within a downtrend channel.
• Technical Analysis: Resistance is at the top of the downtrend channel around 64,700. Support levels are at 58,500, 54,200, and 51,944.
• Forecast: BTC’s outlook is negative in the short term. A break below the downtrend channel could lead to further declines.

Ethereum:

• Recent Performance: Ethereum is also under bearish pressure, trading within a downtrend channel.
• Technical Analysis: Resistance is at 3,281, and support levels are at 2,812, 2,754 (200 EM, and 3,000.
• Forecast: Similar to BTC, ETH’s outlook is negative in the short term. A break below the downtrend channel could lead to further declines.