Wednesday's Daily Technical Report: GBP/USD, USD/JPY, USD/CHF
ICN.com | Mar 25, 2015 07:49AM ET
h2 GBP/USD - Technical Report/h2
The GBP/USD recovery was stopped by the key resistance level at 1.4985 below the upper line of Linear Regression, while yesterday’s candlestick could be a signal that, the downside actions may continue over intraday basis. A break below yesterday’s low will ease the path towards resuming the major downtrend. Only a break back above 1.50 psychological will argue traders to take Cable higher.
The pair still trading below the main uptrend line as the image above shows. Some kind of positive signs appears on MACD indicator and RSI14, however, trading below 120. 20 will keep the bearishness. On the other hand, breaching 119.30 is needed to confirm bearish wave extension.
From the upside, breaching up 120.85 will weaken the bearish expectation.
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USD/CHF pair is trading bearishly just below 23.6% Fibonacci correction shown in the image above. Trading below 0.9595 will keep the bearish expectation valid, targeting 38.2% Fibonacci correction located at 0.9265. MACD indicator is negative, and linear regression indicators too. Breaching up 0.9690 is the only thing that could force us to reconsider our expectations.
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