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EUR/USD And GBP/USD Attempt To Move Higher

Published 08/31/2015, 05:14 AM
Updated 07/09/2023, 06:31 AM

GBP/USD

The GBP/USD attempts to incline along with positivity on RSI and ADX, but trading remains weak below the main resistance line, which is a broken support.

GBP/USD 4 Hour Chart

Hence, we may re-sell the pair with upside rallies as far as 1.5510 holds over intraday basis.

Support: 1.5425 – 1.5370 – 1.5315

Resistance: 1.5470 – 1.5510 – 1.5575

Direction: Bearish

EUR/USD

Following the sharp declines seen last week, the EUR/USD attempts to move higher; however, bullish attempts remain weak.

EUR/USD Daily Chart

ADX shows weakness in the bullish recovery, while RSI14 reflects bearish tendencies despite moving above the value of 50.00.

Trading within the triangle structure argues us to use any upside rallies to sell the EUR/USD pair again, targeting its support at 1.0910. However, coming above 1.1360 will turn this outlook into neutrality.

Support: 1.1200 – 1.1170 – 1.1135

Resistance: 1.1300 –1.1360 – 1.1400

Direction: Bearish

USD/CHF

The USD/CHF has achieved all upside targets at 0.9600 and 0.9650 suggested for our subscribers in the second half of last week.

USD/CHF Daily Chart

Now, the pair is trading below moving averages after finding strong resistance at 0.9670 levels, while RSI14 and ADX show signs of pause.

Trading around 50% Fibonacci leaves the door opened for both directions; thus, we will stand aside for now, but we should know that, coming below 0.9520 is negative and above 0.9670 is positive, as it will weaken 61.8% Fibonacci.

Support: 0.9550-0.9475-0.9420

Resistance:0.9670-0.9720-0.9800

Direction: Sideways

USD/JPY

After passing over 120.60 classical resistance- turned into support-, the USD/JPY pair has found a string resistance at 121.70 zone, which caused some kind of pause for the upside correction.

USD/JPY Daily Chart

The aforesaid level resides a few pips below the key level of 121.95, which will define the next move.

RSI14 started to show weakness in the recovery, while ADX remains negative; thus, we want to use these factors to suggest potential pullback.

Shorts should be protected by 121.95 levels, while coming below 120.60 will affirm the downside actions.

Support: 120.60-120.00-119.10

Resistance:121.95-122.50-123.00

Direction: Potential pullback as far as 121.95 holds.

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