Respecting the bearish scenario discussed with the opening of the week, the USD/JPY pair has reached the main support of short-term trading at 119.65 before bouncing to the upside.
Nevertheless, the closing was achieved below 38.2% Fibonacci level along with RSI touching oversold areas.
There is no signal for reversal to the upside yet, but we will avoid trading due to the strength of the bounce from 118.65.
A break below 119.00 once again will weaken 118.65 and will re-activate the bearishness strongly.
Support: 119.00-118.65-118.30
Resistance:119.60-120.00-120.75
Direction: Bearish, but we avoid trading the pair until it stabilizes below 119.00 again.
USD/CHF struggles around 23.6% Fibonacci, which intersects with SMA50-red- along with positivity on RSI after passing the value of 50.00 yesterday.
Although ADX doesn’t offer the signal that we can depend on until now, but we will be bullish today, supported by the sharp bounce from 0.9920 zone above SMA20.
Stable moves above 1.0030 will be a good signal for bulls, while 1.0060 will confirm our scenario.
Support: 1.0000-0.9950-0.9905
Resistance: 1.0060-1.0125-1.0200
Direction: Bullish
The bearishness outlook remains available due to stability below 1.0850 and below moving averages, which may extend the downside wave.
On the downside, a break below 1.0785 is required to confirm the outlook; noting that, RSI is close to oversold regions alongside ADX offering weaker bearish sign.
Only, a break above 1.0935 will negate the bearish scenario, while 1.0850 should cap any bullish attempt over intraday basis.
Support: 1.0785 – 1.0725 – 1.0630
Resistance: 1.0850 –1.0935 – 1.0990
Direction: Bearish
GBP/USD continues to move below moving averages and below the main resistance of the short-term.
Trading below 1.4800 keeps the negativity in focus, while coming below 1.4680 will affirm the outlook, reinforced by the signals on ADX although the strength of the downtrend decreased.
It is important to witness a breakout below 1.4680 to target 1.4545-1.4550 zones.
Support: 1.4680 – 1.4600 – 1.4550
Resistance: 1.4760 – 1.4800 – 1.4850
Direction: Bearish below 1.4680