Yen Corrects, Euro Declines
ICN.com | Apr 14, 2016 07:07AM ET
USD/JPY
USD/JPY has moved to the upside as expected since the opening of this week, reaching the critical zones of 109.60 where it slightly corrected.
Some kind of weakness started to appear on RSI and ADX. Thus, we need to be patient and wait until the pair hits that level to be bullish again.
On the downside, coming below 108.75 may bring the bearishness back.
Anyway, risk versus is inappropriate now; thus, we will avoid trading the pair at least during the European session.
Support: 109.00-108.60-108.30
Resistance: 109.35-109.75-110.00
Direction: Neutral
USD/CHF
As planned for this week’s trading, the USD/CHF has moved to the upside, breaching through 23.6% Fibonacci level along with daily closing above it, as seen on the graph.
Additionally, SMA20 - green - has been taken out, and that would assist bulls to take the pair to the upside more.
A break above 0.9725 will accelerate the bullishness as far as far as 0.9590 holds.
The positivity is supported by ADX signals and RSI passing over 50.00 levels.
Support: 0.9630-0.9570-0.9500
Resistance: 0.9690-0.9725-0.9800
Direction: Bullish
EUR/USD
Euro declined below 1.1255-1.1260, which is a negative signal and would extend the bearishness below SMA20.
Areas of 1.1165-1.1160 are exposed, as they meet 61.8% Fibonacci, while the bearishness is supported by ADX and RSI negativity.
Support: : 1.1200 – 1.1165 – 1.1095
Resistance: 1.1260 –1.1315 – 1.1375
Direction: Bearish
GBP/USD
GBP/USD declined strongly along with negative crossover on moving averages. ADX shows negative sign along with RSI bearish attempts.
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We will be bearish today, but a break below 1.4000 is required to affirm. Trading below 1.4285 is negative and stability below 1.4180 is the key for the downtrend over intraday basis.
Support: 1.4065 – 1.4000 – 1.3960
Resistance: 1.4180 – 1.4230 – 1.4285
Direction: Bearish
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