The USD/JPY pair has been trading just a few pips below SMA20 and SM50, which is a very sensitive zone for the intraday traders.
RSI14 is near the value of 50.00, while ADX attempts to be positive, but the sensitivity of current trading levels forces us to remain on the sidelines.
On the upside, 120.00 is important and on the downside, 119.20 is the key for intraday bears.
Support: 119.20- 118.60-118.05
Resistance: 120.00-120.60-120.85
Direction: Sideways
Since the opening of this week, the USD/CHF continued its recovery attempts after touching 38.2% Fibonacci retracement level.
Meanwhile, technical indicators are showing signs of hesitation, with RSI14 moving below the value of 50.00 and ADX unclear signals.
We are definitely forced to stand aside over intraday basis and we will update once the USD/CHF gives of any affirmed signals.
Support: 0.9500- 0.9470-0.9400
Resistance: 0.9580-0.9600-0.9630
Direction: Bearish, but we will avoid trading the pair today
Weak movements have been witnessed with moving around 1.1345, while trading below this level is negative due to stability below moving averages.
The bearish actions may extend and a break below 1.1300 is required to achieve a downside move towards 1.1250. On the upside, coming above 1.1405 will weaken the bearish actions.
Support: 1.1345 – 1.1300 – 1.1250
Resistance: 1.1385 –1.1405 – 1.1445
Direction: Bearish
Continuous attempts to breach the resistance of the bearish trend have been seen, but the pair is still stable below 1.5505.
Bearish signs are appearing on RSI14 despite moving above 50.00, while ADX is showing weak signals.
Hence, we prefer to remain on the sidelines as far as trading remains between 1.5505 and 1.5445; noting that a break above 1.5505 will trigger buying entries.
Support: 1.5445 – 1.5400 – 1.5380
Resistance: 1.5505 – 1.5540 – 1.5595
Direction: Neutral