Nothing changed during the previous four trading days, as the range remains very tight.
USD/JPY continues to move above SMA20, while RSI is still moving sideways.
We remain neutral, waiting for a new signal to enter the market, as the USD/JPY should give off a reliable factor to assist us to suggest potential direction.
Support: 124.00-123.80-123.20
Resistance:125.00-125.50-125.80
Direction: Sideways
USD/CHF is still moving sideways between 61.8% Fibonacci and 76.4% Fibonacci, but some kind of bullish tendencies have been witnessed above SMA20.
We will follow bulls once the USD/CHF succeeds in taking out 0.9860, as a breakout above this level will weaken 0.9880 pivotal resistance.
On the other hand, coning below 0.9725 will be a negative signal over short-term basis.
Support: 0.-9765-0.9725-0.9680.
Resistance: 0.9830-0.9880-0.9905
Direction: Neutral
EUR/USD declined, influenced by facing 1.1110, which could bring more negative pressures, but the pair approaches 1.1030 support and 1.10 psychological.
Moving averages offer support to traders despite negativity on RSI and ADX.
Risk versus reward is good and therefore, we suggest potential upside recovery as far as 1.0980 holds.
Support: 1.1030 – 1.1000 – 1.0980
Resistance: 1.1085 – 1.1110 – 1.1185
Direction: Up
Following the CPI data, GBP/USD inclined sharply breaching 1.5630 and that suggest more upside actions. However, we need another breakout above 1.5700 to confirm the current bullish attempt.
Of note, a break above 1.5700 will bring a re-test of 1.5800.
GBP/USD has declined sharply after failing to breach through 1.5700 and the strength of the bearishness increased with a break below 1.5630. Now, the pair is approaching 1.5555.
Trading below moving averages would bring bearish actions, but a breakout below 1.5555 is required to affirm the negativity that will be valid as far as 1.5630 holds.
Support: 1.5555 – 1.5500 – 1.5470
Resistance: 1.5600 – 1.5630 – 1.5680
Direction: Down with confirmation below 1.5555.