After being stopped by 118.85 resistance and finding support above 117.75 earlier, USD/JPY has been trapped between these levels, creating wide sideways range as seen on the provided daily chart.
RSI14 moves in a neutral mode below the value of 50.00, while signal on ADX is unclear.
Hence, we will be on the sidelines between those two important levels and a break of one of them will be a good signal to re-enter the market.
Support: 118.00-117.75-117.30
Resistance: 118.30-118.85-119.10
Direction: Neutral
Despite moving above 1.0130, which becomes a support in addition to moving above moving averages 20 and 50, the USD/CHF didn’t show any clear and confirmed signals on RSI14 or ADX.
We will be on the sideline now, waiting for a confirmation, and this confirmation could be a stable move above 1.0200 psychological.
On the downside, coming beneath 1.0130 and preferably below 1.0110 will actuate traders to short.
Support: 1.0130.00-1.0110.00-1.0065
Resistance: 1.0180-1.0220-1.0250
Direction: Sideways
EUR/USD shows some kind of bullish tendencies, supported by trading above moving averages and above the resistance of the bearish trend, which turned into support.
GBP/USD shows sideways correction following yesterday’s sharp rebound, but stabilizes above 1.4270, which is a positive sign.
Trading above the resistance – turned into support - at 1.4270 and above moving averages support our bullish scenario.
Note that ADX didn’t affirm the positivity, while RSI moves slightly to the downside, but it is still moving above 50.00.
Hence, we need a break above 1.4390; otherwise we may cancel out our positive outlook.
Support: 1.4310 – 1.4270 – 1.4190
Resistance: 1.4390 – 1.4450 – 1.4530
Direction: Bullish above 1.4390