USD/JPY
USD/JPY has reached one of our previous suggested technical targets at 125.00 where it met a psychological level.
The mild retrace from this level makes us neutral over intraday basis despite stability above 124.50 support.
The RSI14 is also approaching overbought levels and that makes us very cautious about trading today.
A break above 125.00 will renew the buying interests with targets at 125.50 and we will update in the proper time.
Support: 124.40-123.80-123.60
Resistance:125.00-125.50-125.80
Direction: Neutral, but bullish above 125.00.
USD/CHF
Yesterday, we highlighted the importance of 0.9830 and the pair has moved to the upside approaching this minor resistance.
The USD/CHF remains stable above moving averages and above the key support levels at 0.9710; however, facing the aforesaid obstacle along with high volatility awaited due to overbought on RSI prevents us from being bullish today.
We will be waiting for a new entry point, as risk versus reward is inappropriate.
Support: 0.9780-0.9750-0.9710
Resistance: 0.9825-0.9860-0.9920
Direction: Sideways
EUR/USD
The EUR/USD pair has inclined to areas around 1.0915 , marked by 61.8% Fibonacci. Meanwhile, no confirmation for breaching the bearish channel detected, while moving averages are still negative.
ADX shows some kind of positivity and that contradicts with trading inside the channel; thereby, we will be neutral today due to inappropriate risk versus reward ratio.
Support: 1.0890 – 1.0820 – 1.0780
Resistance: 1.0955 – 1.1000 – 1.1050
Direction: Sideways
GBP/USD
The GBP/USD pair failed to maintain levels below 1.5555 and moved upwards to trade above moving averages, while ADX are turning bullish.
We need a sustained breakout above the 1.5700 resistance to affirm the bullishness, while coming below 1.5555 is a negative sign.
We will join traders above 1.5700 or below 1.5555, and between these levels we will watch out the market.
Support: 1.5600 – 1.5555 – 1.5500
Resistance: 1.5680 – 1.5700 – 1.5750
Direction: Sideways, but bullish above 1.5700 and bearish below 1.5550.