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USD/JPY Bounces Shaprly; GBP/USD Attempts To Incline

Published 05/04/2016, 06:47 AM
Updated 07/09/2023, 06:31 AM

USD/JPY

USD/JPY has bounced sharply from 105.50 zones, forming a strong bullish candlestick pattern.

USD/JPY Daily Chart

We see chances for resuming the correction, reinforced by the positive divergence formed over RSI daily readings.

All eyes should be on 107.30, as a break of which will expose 108.60 later.

On the downside, 105.55 is the key for short-term and 105.80 for intraday.

Support: 106.50-105.80-105.55

Resistance:107.10-107.30-107.80

Direction: Bullish

USD/CHF

USD/CHF has inclines sharply after testing 0.9450 regions, forming a big bullish candlestick pattern.

USD/CHF Daily Chart

In the interim, the pair has formed a positive divergence over daily basis; hence, we will be bullish today, aiming to touch the areas of SMA20 at 0.9665.

On the downside, coming below 0.9450 will negate.

Support: 0.9550-0.9500-0.9460-0.9430

Resistance: 0.9585-0.9630-0.9665

Direction: Bullish

GBP/USD

GBP/USD attempts to incline, but it is still stable 1.4590, which may cause additional debasement.

GBP/USD 4-Hour Chart

Stability below SMA50 at 1.4540 will increase the bearish possibility although RSI trades above 50.00.

ADX is negative and that is also another bearish signal.

Support: 1.4540 – 1.4475 – 1.4385

Resistance: 1.4590 – 1.4625 – 1.4670

Direction: Bearish correction

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