The USD/JPY is moving below the technical target we defined in December 2015 at 119.60 as seen on the provided daily chart.
The pair may resume its downside journey below 38.2% Fibonacci, supported by the bigger time frames, while RSI of the daily basis may cause some kind of fluctuating, but we don’t think it can change the direction.
Another break below 118.65 will be a very negative signal for short-term traders.
Support: 119.00-118.65-118.30
Resistance:119.60-120.00-120.75
Direction: Bearish
Euro bounced during the Asian session after failing to achieve four-hour closing below 1.0850.
Still, trading below SMA20 and SMA50 is a negative factor, although ADX is showing bearish tendencies.
The bearishness remains available, but we will be on the sidelines until the pair clears 1.0850, while breaching 1.0935 will extend the recovery towards 1.0990.
Support: 1.0850 – 1.0785 – 1.0725
Resistance: 1.0935 –1.0990 – 1.1030
Direction: Bearish below 1.0850
USD/CHF has been resisted in the 1.0030 regions where it touched 23.6% Fibonacci as seen on the provided daily chart.
However, the candlestick formation drawn in the last day of 2015 in addition to the strength of the support of 0.9850 prevents us from depending on the pullback from 1.0030.
Trading between SMA20-green- and SMA50-red- forces us to be neutral, while ADX’s bearish attempt contradicts with RSI stability above 50.00.
Anyway, it is better to be neutral now waiting for a reliable signal to pinpoint the next big move.
Support: 0.9905-0.9880.-0.9850
Resistance: 0.9975-1.0000-1.0025
Direction: Sideways
GBP/USD trades bearishly within a tight range, influenced by RSI trading inside oversold regions.
However, moving averages and ADX are negative, supporting the bearish tendencies, while a break below 1.4800 keeps the outlook valid.
A break below 1.4680 will affirm and accelerate and failure to breach will force us to close any opened positions.
Support: 1.4680 – 1.4600 – 1.4550
Resistance: 1.4760 – 1.4800 – 1.4850
Direction: Bearish