USD/JPY is turning to the downside after failing again to 109.80 zones along with RSI moving to the downside.
But, stability above 108.60 support forces us to stand aside today ahead of the weekly closing.
We are not sure if traders intend to re-test 110.00 and 110.65 or no not, while coming below 108.90 and 108.60 is negative.
In result, we will stand aside today due to the inappropriate risk versus reward ratio.
- Support: 109.00-108.60-108.30
- Resistance: 109.35-109.75-110.00
- Direction: Neutral
USD/CHF has achieved a new daily closing above 23.6% Fibonacci retracement as seen on the provided daily chart.
Moreover, SMA20-green- has intersected with this important Fibonacci support and it was taken out following the reversal days.
Hence, we remain bullish in the USDCHF according to Fibonacci rules, aiming to re-test 0.9725 zones as far as 0.9640 hold.
- Support: 0.9630-0.9570-0.9500
- Resistance: 0.9690-0.9725-0.9800
- Direction: Bullish
EURO trades below 1.1255, which is negative sign and would bring further debasement.
In fact, RSI and ADX are negative and that affirms the negativity with trading below SMA20.
As far as 1.1315 hold, we will be bearish.
- Support: : 1.1200 – 1.1165 – 1.1095
- Resistance: 1.1260 –1.1315 – 1.1375
- Direction: Bearish
GBP/USD traded between 23.6% Fibonacci and 38.2% at 1.4110 and 1.4180.
The negativity persists on technical indicators, but we need a break below 1.4110 to affirm.
We will be neutral now, while a break above 1.4230 will negate any bearish signs appearing on the chart.
- Support: 1.4110 – 1.4065 – 1.4000
- Resistance: 1.4180 – 1.4230 – 1.4285
- Direction: Neutral