USD/JPY Free-Fall Action Continues; GBP/USD Inclines
ICN.com | Apr 07, 2016 07:35AM ET
USD/JPY
The free-fall action continues on USD/JPY after breaching 110.70 as we discussed many times earlier.
Although RSI is moving deeper inside oversold territories, but there is no signs of reversal yet, as ADX reflects the strength of the bearish trend.
We hold onto our bearish anticipations; noting that, a break below 108.50 will accelerate the wave.
Support: 108.50-107.80-107.50
Resistance: 109.30-109.65-110.00
Direction: Bearish
USD/CHF
With a daily closing below 0.9575, the USD/CHF continued to ignore the oversold sign on RSI.
Get The News You Want
We will be bearish now, aiming to re-test the full correctional level of 0.9475, as there is no sign of reversal appearing on the charts of different time frames.
ADX remains negative, reinforcing the bearish prospects.
Support: 0.9500-0.9460-0.9375
Resistance: 0.9600-0.9690-0.9720
Direction: Bearish
EUR/USD
EUR/USD inclined in Asian session, stabilizing above 1.1375, which is positive and that assists us to ignore the overbought on RSI.
We do believe that, the pair is on its way to achieve a breakout above 1.1450 and 1.1525.
Only, a break below 1.1310 will negate and we prefer to see the pair above 1.1360.
Support: : 1.1360 – 1.1315 – 1.1255
Resistance: 1.1450 –1.1500 – 1.1525
Direction: Bullish
GBP/USD
GBP/USD inclined above 1.4140, but it needs more confirmations from indicators according to the mild signal on ADX.
RSI trades below 50.00m but it attempts to inch higher and that may extend the bullishness as far as 1.40 hold.
Of note, coming back above 1.4100 is important.
Support: 1.4140 – 1.4100 – 1.4055
Resistance: 1.4210 – 1.4260 – 1.4305
Direction: Bearish
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.