USD/JPY
USD/JPY resumed the high volatile actions and is currently approaching the key resistance of 120.60 as seen on the provided daily chart.
This level is sensitive enough to prevent us from depend on it, and we should see whether the pair will take it out or not.
To recap, staying aside is preferable today, as we recommend closing all opened positions taken yesterday until the chart offers a reliable signal to re-enter the market.
- Support: 119.55-119.00-118.30
- Resistance:120.60-121.50-122.10
- Direction: Sideways and we will stand aside
USD/CHF
The USD/CHF pair has moved strongly to the upside, breaching through 38.2% Fibonacci level as seen on the provided daily chart.
Despite the contrarian between technical signs, but we will depend on this breakout to long the pair aiming to challenge 50% levels.
On the downside, coming below 0.9475 will weaken chances for resuming the recovery.
- Support: 0.9475-0.9420-0.9325
- Resistance: 0.9600-0.9670-0.9720
- Direction: Upside correction
EUR/USD
After touching the suggested entry point of 1.1335, the pair has moved slightly upwards and then collapsed as expected, reaching the first target at 1.1300. More downside pressures to be seen, aiming to reach the second target and we may see the pair at 1.1250 followed by 1.1200. Areas of 1.1350 should hold to protect the bearish scenario.
EUR/USD attempted to incline during the Asian session, but it is still limited below the resistance of the triangle shape seen on the graph.
Trading below 1.1360 should extend the bearish correction, as we remain bearish on the pair as far as 1.1495 holds.
Over intraday basis, 1.1360 is the key and it should to protect bears.
- Support: 1.1300 – 1.1250 – 1.1200
- Resistance: 1.1360 –1.1400 – 1.1495
- Direction: Bearish
GBP/USD
After attempting to correct, the GBP/USD moved to the downside, influenced by meeting 78.6% Fibonacci during the Asian session.
Stability below 1.5510 keeps chances for resuming the downside wave, targeting 1.5425 followed by 1.5370.
Of note, a break below 1.5370 will ease the path towards 1.5310.
- Support: 1.5465 – 1.5425 – 1.5370
- Resistance: 1.5510 – 1.5575 – 1.5620
- Direction: Bearish