JPY Trades Bullishly, EUR/USD Trades Bearishly At 1.1095
ICN.com | Mar 16, 2016 06:02AM ET
USD/JPY
In the U.S. session report yesterday, we said that USD/JPY might have found support at the corrective uptrend line seen on the chart.
The pair has moved upwards after failing to reach 112.40 and the daily closing was achieved above SMA20 at 113.25.
We are bullish now; noting that a new breakout above 113.60-113.70 will expose 114.00 and 114.60 respectively.
Also, this awaited break may fix the neutral signs on RSI.
Support: 113.00-112.40-112.00
Resistance: 114.00-114.60-115.00
Direction: Bullish
USD/CHF
Between 61.8% Fibonacci from the underside at 0.9797 and 50% Fibonacci from the topside at 0.9898, the USD/CHF continued to consolidate.
The coverage from SMA20 and SMA50 is seen as a negative catalyst, but finding support above 61.8% makes risk versus reward ratio inappropriate today.
We will be neutral, but coming below 0.9840 may expose 0.9797 later, while sellers should be protected by 0.9940-0.9950 zones.
Support: 0.9840-0.9800-0.9760
Resistance: 0.9900-0.9925-0.9950
Direction: Neutral
GBP/USD
GBP/USD stabilized below 1.4150 –Fibonacci of 38.2%- along with bearish signals on RSI and ADX, while RSI is close to 30.00 levels, but it continued to move lower.
Trading below 1.4150 will extend the negative actions towards 1.4030 and maybe 1.4000 followed by 1.3940.
Support: 1.4060 – 1.4030 – 1.3940
Resistance: 1.4150 – 1.4200 – 1.4250
Direction: Bearish
EUR/USD
Euro traded bearishly below 50% Fibonacci at 1.1095-1.1100 along with negativity on ADX and RSI moving below 50.00.
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Hence, we will be bearish, but there are two obstacles at 1.1050 and 38.2% Fibonacci at 1.1030.
Failure to breach those levels will make us close any open positions and be neutral again.
On the upside, a break above 1.1125 will weaken the bearishness.
Support: : 1.1050 – 1.1030 – 1.0950
Resistance: 1.1125 –1.1165 – 1.1200
Direction: Bearish
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