USD/JPY
The USD/JPY couldn’t beat 124.50 levels, which represents a cluster resistance, while SMA20 continued to act as a good support.
Between these levels, we will be neutral, while a break of one of them will trigger strong impetus.
Current trading levels are very sensitive and between 124.50 and 123.80, traders should be patient, as risk versus reward ratio is inappropriate.
Support: 123.80-123.60-123.25
Resistance:124.50-125.00-125.50
Direction: Neutral, but bullish above 124.50 and bearish below 123.70.
USD/CHF
The USD/CHF pair continued to show technical hesitation between 0.9710 and 0.9540 as seen on the provided daily chart.
Although, we will be neutral as far as trading remains in this area, but the trend will be clearer with a break of one of them.
Anyway, the pair could achieve a strong bullish wave once it takes out 0.9710 and the bounce from 0.9540 many times proves the greed of bulls to clear 0.9710.
Support: 0.9645-0.9600-0.9550
Resistance: 0.9710-0.9765-0.9805
Direction: Sideways
EUR/USD
Trading has opened below the main resistance of the descending channel and below moving averages 20&50 with a bearish crossover.
At the same time, a breakout below 1.0950 is required to prove the bearishness, as RSI is weak.
A sustained breakout below 1.0890 will trigger panic sell-off actions, while coming above 1.1055 will change the bearish outlook.
Support: 1.0950 – 1.0890 – 1.0820
Resistance: 1.1000 – 1.1055 – 1.1085
Direction: Neutral but bearish below 1.0950.
GBP/USD
The pair has achieved strong fluctuation, but stabilized above SMA20- green- as seen on the graph.
The sideways signs on RSI couldn’t prevent it from moving above 50.00 despite the weak sign on ADX.
Hence, the most important levels for today reside at 1.5625-1.5630 and stability above them is required to assist prices to breach through 1.5700.
On the downside, coming below 1.5500 will weaken the bullish attempt and will threaten 1.5470.
Support: 1.5600 – 1.5555 – 1.5470
Resistance:1.5630 – 1.5700 – 1.5755
Direction: Bullish above 1.5500