After gapping to the downside, USD/JPY has found support again just a few pips above the initial support of 107.60-107.65.
The USD/JPY pair has started to show signs of recovery with RSI inching higher above the value of 30.00.
Despite the negativity on ADX, but the strength of bearishness decreases gradually.
We see chances of achieving some recovery actions to the upside, while 108.60 is the main obstacle for intraday traders and a break of which will accelerate.
Support: 108.00-107.60-107.25
Resistance: 108.60-109.05-109.45
Direction: Potential recovery
The USD/CHF pair continued to move within a narrow range, stabilizing above 23.6% Fibonacci level and above SMA50.
However, RSI has been resisted in the value of 50.00 along with uptrend weakness’ sign on ADX.
Hence, we prefer to stand aside now, waiting for additional confirmation to be bullish.
Still, trading range is narrow and thus, risk versus reward ratio is inappropriate.
Support: 0.9630-0.9570-0.9500
Resistance: 0.9690-0.9725-0.9800
Direction: Neutral
Weak movements on EUR/USD pair with the start of the European session today, but we see how 88.6% Fibonacci has limited the movements, meeting SMA20 at 1.1315.
ADX shows decrease in trend strength, while RSI is weak despite moving above 50.00 levels.
We will be neutral, as we need to affirm stability above 1.1255 with today’s trading or a break above 1.1315.
Support: : 1.1255 – 1.1200 – 1.1165
Resistance: 1.1315 –1.1375 – 1.1450
Direction: Neutral
The four-hour chart shows signs of weakness, as trading remains below moving averages along with negativity on ADX and RSI, but we need a break below 1.4110.
A break below 1.4110 with stability below it will extend the bearishness towards 1.4060-1.4065 as far as 1.4230 hold, while failure to take 1.4110 out will be a sign of neutrality.
Support: 1.4110 – 1.4065 – 1.4000
Resistance: 1.4180 – 1.4230 – 1.4285
Direction: Potential bearish attempt