USD/JPY Reaches Main Support, GBP/USD Moves Below Main Resistance
ICN.com | Jan 05, 2016 04:26AM ET
USD/JPY
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.
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Nevertheless, the closing was achieved below 38.2% Fibonacci level along with RSI touching oversold areas.
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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.
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A break below 119.00 once again will weaken 118.65 and will re-activate the bearishness strongly.
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Support: 119.00-118.65-118.30
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Resistance:119.60-120.00-120.75
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Direction: Bearish, but we avoid trading the pair until it stabilizes below 119.00 again.
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USD/CHF
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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.
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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.
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Stable moves above 1.0030 will be a good signal for bulls, while 1.0060 will confirm our scenario.
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Support: 1.0000-0.9950-0.9905
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Resistance: 1.0060-1.0125-1.0200
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Direction: Bullish
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EUR/USD
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The bearishness outlook remains available due to stability below 1.0850 and below moving averages, which may extend the downside wave.
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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.
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Only, a break above 1.0935 will negate the bearish scenario, while 1.0850 should cap any bullish attempt over intraday basis.
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Support: 1.0785 – 1.0725 – 1.0630
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Resistance: 1.0850 –1.0935 – 1.0990
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Direction: Bearish
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GBP/USD
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GBP/USD continues to move below moving averages and below the main resistance of the short-term.
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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.
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It is important to witness a breakout below 1.4680 to target 1.4545-1.4550 zones.
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Support: 1.4680 – 1.4600 – 1.4550
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Resistance: 1.4760 – 1.4800 – 1.4850
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Direction: Bearish below 1.4680
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