USD/JPY has edged lower touching our previous technical target for the recovery at 38.2% Fibonacci as seen on the provided daily chart.
Trading between SMA20-green- and SMA50 –red- makes it hard to be bullish more, while coming below 23.6% Fibonacci will bring the bearishness back into focus, as it will affirm the momentum resistance on RSI.
The levels to watch are 117.65 and 118.90 and a break of one of them will clear the next big move.
Support: 117.90-117.60-117.30
Resistance: 118.90-119.05-119.30
Direction: Sideways
Right now, the USD/CHF pair is trading at 1.0130 resistances where March 2015 highs exist.
This level is very sensitive and we don’t want to be trapped in a false breakout process, as Friday’s closing was achieved above 1.0130.
ADX also remains weak and couldn’t present the signal that we can depend on to follow through.
We will be on the sidelines now until the pair proves a real breakout or offering false break to pinpoint the next move.
Support: 1.0100-1.0050-1.0030
Resistance: 1.0180-1.0220-1.0275
Direction: Sideways
Euro hovers around 1.0800 despite the major negativity seen earlier with trading below 1.0890 and below moving averages, but ADX shows decrease in bears’ power.
We will be on the sidelines to see how the pair will behave around 1.0800 and we need stable move below moving averages along with a four-hour closing below 1.0790 to be bearish.
Support: 1.0800 – 1.0745 – 1.0700
Resistance:1.0890 –1.0935 – 1.0985
Direction: Sideways