EUR/USD
EUR/USD failed to maintain levels above 1.1035 during the Asian session; however, trading remains stable above moving averages 20 and 50 and above 23.6% Fibonacci at 1.0935.
The bullishness remains available as far as moving averages hold, while stability above 1.1035 is required to prove the bullish direction.
On the downside, coming below 1.0865 will negate the scenario.
Support: 1.0955 – 1.0915 – 1.0855
Resistance: 1.1000 – 1.1050 – 1.1085
Direction: Up
USD/CHF
USD/CHF was resisted again in the 0.9880 regions, marked by 76.4% Fibonacci retracement level as seen on the provided daily chart.
RSI14 reflects the extreme overbought case over daily studies, which may cause some corrective drops.
New key for bears resides at 0.9830, as break below it will weaken 0.9790 support and will bring strong downside actions.
To recap, we are waiting for some kind of correction as far as 0.9900 psychological holds.
Support: 0.9830-0.9790-0.9725
Resistance: 0.9880-0.9920-0.9965
Direction: Neutral with bearish tendencies below 0.9830.
USD/JPY
Despite moving slightly to the upside yesterday, but the USD/JPY remains trapped below 125.00 psychological level as seen on the provided daily chart.
In the interim, SMA20 continued to offer support from the underside, while ADX and RSI are still positive.
However, we can’t depend on these technical catalyst as far as the USD/JPY continues to trade below 125.00 psychological level.
To be prudent we may enter the market once traders succeed in clearing 125.00 decisively with convenient closing or below SMA20 at 124.00 level.
Support: 124.30-124.00-123.80
Resistance:125.00-125.50-125.80
Direction: Neutral
GBP/USD
GBP/USD has declined following the sharp inclines seen yesterday after re-testing the previous broken support, which turned into resistance as seen on the provided graph.
Trading around 1.5555 in addition to stability between moving averages 20 and 50 is a sign of neutrality.
ADX is turning bearish, but 1.5555 and 1.5470 force us to remain on the sidelines until witnessing clearer signs.
Support: 1.5555 – 1.5470 – 1.5405
Resistance: 1.5600 – 1.5630 – 1.5700
Direction: Neutral