USD/JPY Moves To The Upside, Reaches Target
ICN.com | Jun 07, 2016 07:36AM ET
USD/JPY
Respecting the bullish scenario we suggested yesterday, the USD/JPY pair has moved to the upside, reaching one of the suggested technical targets at 107.60.
Actually, we see how RSI is approaching the key levels of 50.00, while ADX reflects the hesitation around the current solid areas.
Hence, we prefer to stand aside now; noting that, a break above 108.30 will be a new good buying signal.
Support: 107.40-107.20-106.80
Resistance: 107.90-108.30-108.65
Direction: Bullish, but we will avoid trading the pair.
USD/CHF
The bearishness continues on USD/CHF following the stable move below SMA50, and the acceleration was seen after breaching the horizontal support seen on the daily graph at 0.9780.
We can easily notice the negative signal on ADX and RSI; therefore, we hold onto our bearish scenario as far as 0.9780 holds.
On the downside, a break below 0.9630 will accelerate.
Support: 0.9650-0.9630-0.9585
Resistance: 0.9725-0.9760-0.9780
Direction: Bearish
EUR/USD
Some fluctuations have been witnessed but within a tight range. The technical factors remain unchanged, while RSI remains stable above 50.00 levels, while ADX shows increase in bulls’ power.
We hold onto our bullish scenario as far as 1.1295 holds, and a break above 1.1420 will affirm and accelerate.
Support: : 1.1295 – 1.1260 – 1.1215
Resistance:1.1355 –1.1420 – 1.1505
Direction: Bullish
GBP/USD
Strong fluctuation has been witnessed during the European session along with trading above 1.4535. Some kind of positivity appeared on ADX and RSI.
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Hence, we remain bullish as far as 78.6% at 1.4415 holds. On the upside, coming above 1.4585 will support the outlook.
Support: 1.4485 – 1.4415 – 1.4375
Resistance:1.4535 – 1.4585 – 1.4685
Direction: Bullish attempt
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