The strong fluctuation continued yesterday, and the pair is still moving below the initial resistance of 120.60, despite slight correction.
The RSI14 shows extreme oversold signs, despite the weakness in downtrend on ADX.
It is better to enter the market using sell limits order, as we do believe that the bearishness will continue.
The above seen yellow area contains the recommendation for our subscribers.
Support: 119.00-118.30-117.60
Resistance:120.60-121.50-122.10
Direction: Bearish
The USD/CHF pair remains trapped between 38.2% and 23.6% Fibonacci levels despite continuous attempts to achieve bullish recovery for the sharp collapse from 0.9900 zones.
Still, moving averages are covering the movements, but RSI has bounced off of oversold areas.
We will stand aside until the USD/CHF pair penetrates one of those levels to enter the market.
A break below 0.9320 will cause another leg lower, which could be stronger than the previous one.
Support: 0.9325-0.9225-0.90800
Resistance: 0.9500-0.9630-0.9720
Direction: Sideways
EUR/USD failed to stabilize above 1.1520 during the Asian session, and the pair has moved to the downside once again. RSI14 is negative, while ADX also shows bull trend weakness.
Thus, we will be bearish over intraday basis, aiming to re-test 1.1400 and 1.1360.
On the upside, coming above 1.1520 will end the weakness and will bring more upside actions.
Support: 1.1435 – 1.1400 – 1.1360
Resistance: 1.1520 –1.1580 – 1.1615
Direction: Bearish correction
GBP/USD moves near the uptrend line of the bullish trend and above SMA20, but trading stabilizes below 1.5700.
The pair couldn’t achieve any four-hour closing above this level at 61.8% Fibonacci during the Asian session.
RSI moves below 50.00, while the uptrend is now weak due to ADX readings.
Therefore, we will be neutral until witnessing a confirmed sign above 1.5700 or below 1.5670 to enter the market.
Support: 1.5675 – 1.5630 – 1.5600
Resistance: 1.5700 – 1.5760 – 1.5800
Direction: Bullish above 1.5700 and bearish below 1.5670.