Nothing changed, as the USD/JPY is still trading very close to 76.4% Fibonacci retracement at 123.12, while SMA20-colored in green- continued to offer good support for buyers.
Trading range is very tight, while trading in the current trading levels is very risky. Hence, we prefer to stand aside again, waiting for better signals to suggest setup.
Coming back below SMA20 will be very dangerous for buyers.
Support: 122.60-122.25-121.70
Resistance: 123.15-123.65-124.10
Direction: Sideways
USD/CHF has been trading within the same trading range and is still flirting with the same sensitive trading levels of 1.0260 as seen on the provided daily chart.
Of course, RSI and other momentum indicators are in need for a relief, but we can’t depend on this signal alone to suggest potential downside move.
On the upside, coming again above 1.0330 will be a good signal for buyers and may trigger buying interests towards 161.8% Fibonacci at 1.0410 zones.
To summarize this, neutrality remains in favor due to the sensitivity of current trading levels.
Support: 1.0260-1.0200-1.0150
Resistance: 1.0340-1.0375-1.0410
Direction: Sideways
EUR/USD declined mildly in the Asian session and is currently trading between SMA20 and SMA50 along with stability above 88.6% Fibonacci at 1.0605.
We may witness more corrective actions as far as 1.0530 holds and preferable above 1.0570.
A sustained break above 1.0635 will increase the probability of resuming the bullish recovery.
Support: 1.0605 – 1.0570 – 1.0530
Resistance: 1.0660 –1.0700 – 1.0730
Direction: Potential bullish correction
GBP/USD is being influenced by new bearish pressures with stable move below moving averages.
We can’t depend on this factor alone to suggest potential downside movements despite the negativity on ADX and RSI trading below 50.00 levels, as the pair trades above 1.50 psychological.
We will update this report once the pair presents new signal; noting that, a break above 1.5125 will affirm resuming the bullish recovery above 1.50.
Support: 1.5060 – 1.5025 – 1.4985
Resistance: 1.5100 – 1.5145 – 1.5180
Direction: Sideways