False breakout has been witnessed yesterday with moving just a few pips above 76.4% Fibonacci at 123.12 as seen on the provided chart.
During the Asian session, USD/JPY has retraced again below this level to currently hover around SMA20 along with weakness in the positive trend of ADX and neutral RSI.
Risk versus reward ratio remains inappropriate and thus, we will avoid trading until the pair gives of reliable signals to suggest the next big move.
Support: 122.60-122.25-121.70
Resistance: 123.15-123.65-124.10
Direction: Sideways
USD/CHF has bounced from areas above 1.0300 to hover around 113% Fibonacci retracement level as seen on the provided daily.
RSI continues to give off mixed signs despite moving within overbought areas extremely.
Actually, we need to witness a breakout above 1.0330 to cancel out the effect of the overbought signal on momentum indicator.
To be prudent, we will avoid trading today to see how the pair will behave around 113% Fibonacci.
Support: 1.0260-1.0200-1.0150
Resistance: 1.0340-1.0375-1.0410
Direction: Sideways
EUR/USD trades above 1.0605 and above moving averages, which is a positive signal and would bring further upside actions. Stable moves above 1.0605 will trigger bullish correction aiming to test 1.0700 and 1.0730 with a break above 1.0660.
Protection for the scenario resides at 1.0530.
December trading started with bullish attempts on EUR/USD, but still movements are capped by moving averages and below the main resistance.
ADX shows positive signal and also RSI, which contradicts with the stability below moving averages.
We will be neutral until a new signal appears; noting that, a break above 1.0605 and 1.0570 are important levels for intraday trading.
Support: 1.0570 – 1.0520 – 1.0460
Resistance: 1.0605 –1.0660 – 1.0730
Direction: Sideways
GBP/USD inclined, trading around 1.5090, but still capped by moving average 50 as seen on the graph.
Some kind of positivity appears on ADX, which contradicts with moving below SMA50. We can’t say that the bearishness is over and thus, we need to wait until new signals appear to pinpoint the next move.
Support: 1.5060 – 1.5025 – 1.4985
Resistance: 1.5100 – 1.5145 – 1.5180
Direction: Sideways