Thursday's Technical Report: EUR/USD, GBP/USD, USD/CHF, USD/JPY
ICN.com | Jun 18, 2015 08:31AM ET
EURUSD
EUR/USD is trading near important resistance where a previous resistance exists at 1.1385, which should be breached to affirm the bullish direction.
The pair may extend the upside direction as far as 1.1250 holds in addition to stability above moving averages.
ADX and RSI shows the probability of achieving some kind of fluctuation but the bullishness may continue.
Support: 1.1300-1.1250-1.1170
Resistance: 1.1385-1.1420-1.1485
Recommendation: Buying is preferable with targets at 1.1385 followed by 1.1485 and stop loss at 1.1240.
GBP/USD
The GBP/USD pair succeeded in taking out the previous recorded high at 1.5814, suggesting extension in the bullish wave.
Targets resides in the 113% and 127.2% Fibonacci projection at 1.5*900 and 1.5990 respectively.
RSI 14 moves within overbought territories, while ADX remains positive; however, clearing 1.5900 is a condition to witness more upside moves.
Support: 1.5800-1.5740-1.5675
Resistance: 1.5900-1.5990-1.6060
Recommendation: Buying is preferable with targets at 1.5900 followed by 1.5990 and stop loss below 1.5740.
USD/CHF
The USD/CHF pair has collapsed yesterday, while the negative effects of moving averages coverage becomes stronger.
RSI14 and ADX are turning into bearish due to yesterday’s long black candlestick.
The interim support resides in the 0.9060 levels and breaching it will be a very negative sign for the USDCHF pair.
Anyway, we will be bearish today as far as 0.9330 resistance holds.
Support: 0.9150-0.9135-0.9060.
Resistance: 0.9220-0.9265-0.9330
Recommendation: Sell around 0.9220 with potential target at 0.9060 and stop loss at 0.9330.
USD/JPY
With a long upper shadow, the USD/JPY pair has ended yesterday’s trading bearishly after FOMC decision and Yellen conference. The pair is on its way to re-test the short-term low recorded in the 122.40 regions.
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Meanwhile, ADX and RSI are turning into negativity and that affirms the strength of the negative pressures.
Ultimately, a break below 122.40 may trigger panic sell-off actions.
Support: 122.40-122.00-121.50
Resistance: 123.15-123.60-124.00
Recommendation: Selling is favored with potential target at 121.50 and stop loss at 123.90.
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