Tuesday's Technical Report: GBP/USD, USD/CHF, USD/JPY,
ICN.com | Jun 23, 2015 06:55AM ET
GBP/USD
Cable failed to stabilize above 1.5900 and started to move lower once again. The pair is presently trading below moving average 20 as seen on the chart below.
Meanwhile, RSI has breached the momentum support, while ADX showed bearish crossover.
Hence, we believe that, the pair may inch lower but not before breaching 1.5700-1.5645.
Support: 1.5755-1.5700-1.5645
Resistance: 1.5800-1.5860-1.5900
Recommendation: Selling is preferred with targets at 1.5700 followed by 1.5645 and stop loss at 1.5900.
USD/CHF
Despite achieving some inclines, but the pair is currently trading in a very sensitive zone where trader meet the downtrend line as seen on the provided daily chart.
This trend line intersects with SMA20 and SMA50; thus, it may gain some strength.
It is important to wait and see whether the pair will take out this tough resistance to resume uptrend or not.
On the downside, coming below 0.9220 will bring the bearishness back.
Support: 0.9220-0.9180-0.9150.
Resistance: 0.9300-0.9330-0.9350
Recommendation: Stand aside.
USD/JPY
The USD/JPY has moved sharply to the upside after finding support above 122.40 regions.
The pair is presently flirting with very sensitive areas, as it faces SMA20 for the first time since June 17.
RSI14 and ADX has turned into positivity; however, we prefer to stand aside today until the pair proves the ability to take SMA20.
On the downside, coming beneath 122.90 will bring the bearishness back into focus.
Support: 123.45-122.90-122.40
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Resistance: 124.00-124.20- 125.00
Recommendation: Stand aside.
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