Monday's Technical Report: GBP/USD, USD/CHF, USD/JPY, EUR/USD
ICN.com | Jun 29, 2015 06:09AM ET
GBP/USD
GBP/USD has stabilized below SMA20 and SMA50, while RSI14 traded below 50.00. Therefore, more bearishness awaited.
Of note, moving below 1.5780 will keep chances for the bearishness and breaching 1.5700 will accelerate.
Support: 1.5700-1.5650-1.5590
Resistance: 1.5780-1.5815-1.5880
Recommendation: Bearish below 1.5780 and risk limit at 1.5880.
USD/CHF
Finally, USD/CHF succeeded in breaching the main resistance line that dominated the short-term market trend as seen on the provided graph.
Stability above moving averages in addition to the above-mentioned factor could trigger more upside actions over upcoming sessions.
The path will be cleared towards 0.9540 once the USD/CHF breaches through 0.9405.
Support: 0.9350-0.9300-0.9260
Resistance: 0.9405-0.9450-0.9500
Recommendation: Positive above 0.9350 with risk limit at 0.9245
USD/JPY
Respecting our Friday’s scenario, the USD/JPY has plunged touching technical target zones at 122.40.
Negative signs are still appearing on the four-hour graph an d bigger time frames.
A clear break below 122.40 will accelerate the bearish wave, which we expect for this week.
Support: 121.90-121.50-120.60
Resistance: 122.90-123.75-124.00
Recommendation: Negative below 122.75 with risk limit at 123.85
EUR/USD
EUR/USD has failed again to stabilize above SMA20 and is currently trading below 38.2% at 1.1200.
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Trading below 1.1290 is a negative signal, while coming below 1.1200 will affirm the bearish scenario.
Support” 1.1170-1.1125-1.1055
Resistance: 1.1200-1.1260-1.1290
Recommendation: Selling is preferable with targets at 1.1125 and 1.1055. Stop loos at 1.1300.
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