USD/JPY Retraces From 110.65 Zone, Euro Declines Mildly
ICN.com | Mar 18, 2016 06:47AM ET
USD/JPY
USD/JPY has retraced slightly from 110.65 zones, while our technical target for yesterday was at 110.80.
Actually, the bearishness remains favored after breaching the corrective trend line, but we will avoid trading the pair today due to continuous rumors about the BOJ interventions, which are not affirmed.
Any breaks below 110.65 will argue bears to resume their bearish trip.
Support: 111.60-111.05-110.80
Resistance: 112.00-112.40-113.00
Direction: Bearish, but we will avoid trading the pair today.
USD/CHF
USD/CHF has respected the bearish scenario we explained since the opening of the week, reaching the technical objective of our setup at 0.9670 and it is currently trading just a few pips above it.
We see RSI touching oversold territories and that may cause fluctuation ahead of the weekly closing.
In result, we will be neutral today despite the negativity over bigger time frames, as risk is very high.
Support: 0.9670-0.9600-0.9500
Resistance: 0.9760-0.9800-0.9840
Direction: Neutral
EUR/USD
Following the huge inclines seen this week, EURO declined mildly after coming below 1.1310-1.1315.
RSI shows signs of overbought, while ADX is still in a positive mode; hence, we see the current price behaviors as a correction and we will be waiting for new entries.
Trading above 1.1315 will bring the bullishness back into focus as far as 1.1160 holds.
Support: : 1.1255 – 1.1200 – 1.1160
Resistance: 1 1.1315 –1.1375 – 1.1445
Direction: Neutral
GBP/USD
The resistance of 1.4485-1.4490 has stopped the bullishness where the pair started to correct.
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Some kind of negativity appears on RSI and ADX is on the way to overlap negatively. Hence we see chances for downside correction, but moving averages are still protecting the pair from the underside inside bullish channel. A break below 1.4345 will be negative, while coming above 1.4485 will be bullish.
Support: 1.4400 – 1.4345 – 1.4300
Resistance: 1.4490 – 1.4520 – 1.4570
Direction: Neutral
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