USD/CHF Inclines Sharply, USD/JPY Reaches Key Level
ICN.com | Sep 03, 2015 05:43AM ET
GBP/USD
The GBP/USD has stabilized below 38.2% Fibonacci at 1.5340, and stability below this level is accompanied by strength of the bearish trend according to ADX.
Anyway, we will keep our bearish scenario intact, as trading below moving averages and below 1.5340 is negative.
RSI is close to 30.00 and that may bring a breakout below 1.5190.
Support: 1.5250 – 1.5190 – 1.5100
Resistance: 1.5340 – 1.5370 – 1.5420
Direction: Bearish
EUR/USD
The +D and –D of the ADX are now negative alongside trading below 50% Fibonacci at 1.1250.
Trading below 1.1250 is negative and that should extend the bearishness as far as 1.1335 holds.
We remind traders with the ECB day today, as you know, and that may trigger strong volatility.
Support: 1.1200 – 1.1135 – 1.1080
Resistance: 1.1250 –1.1360 – 1.1400
Direction: Bearish as far as 1.135
USD/CHF
The USD/CHF pair has inclined sharply above moving averages 20 and 50, and is currently retracing from this initial support at 0.9725.
The problem is, this level is 61.8% Fibonacci, while RSI and ADX positive signs are weak somewhat.
Thereby, we need to avoid trading the pair to see how it will behave around 61.8% Fibonacci.
Support: 0.-9625-0.9550-0.9475-0
Resistance:0.9720-0.9800-0.9835
Direction: Sideways
USD/JPY
The USD/JPY pair has reached the key level hinted yesterday at 120.60, where it started to show signs of mild weakness over hourly chart.
Anyway, the current trading levels are very sensitive, while trading range is very tight; thus, we will stand aside for now.
Support: 119.80-119.50-118.70
Resistance:120.60-121.00-121.90
Direction: Sideways
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