Tuesday's Technical Report: EUR/USD, GBP/USD, USD/JPY, USD/CHF
ICN.com | Mar 31, 2015 07:40AM ET
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The EUR/USD has resumed its fall after failing to clear 1.1040 resistance and is currently flirting with the key support level of 1.0765 detected in our yesterday’s report. The bearishness remains favored over intraday basis, reinforced by the negativity on technical indicators aiming to challenge 1.0685 followed by 1.0580 respectively. On the upside, 1.0960 becomes the new shot term ceiling.
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The GBP/USD pair has declined as expected breaching through the key support level at 1.4830, which turned into intraday resistance. MACD and RSI14 remain bearish, reinforcing the downside move anticipated today. A break below 1.4750-yesterday’s low- will affirm and accelerate.
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The USD/JPY pair rose, and currently retesting the main uptrend line that was breached previously. Trading below 120.55 may force the pair to descend again to the downside, However, breaching 119.65 is needed now to confirm bearishness.
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From the upside, breaching up 120.55 resistance could cause another up wave. Therefore, we prefer staying aside until the pair breach up 120.55 or breach down 119.65 level.
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The USD/CHF pair rose as expected earlier affected by trading above 23.6% Fibonacci level. Although linear regression indicators still negative on the daily chart, we can notice the positivity on RSI14 and MACD indicators. More bullishness is expected as long as the pair trade above 0.9590, however, trading above 0.9640 is needed today to keep the bullish momentum valid over the intra-day trading.
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The USD/CAD pair continues trading bullishly achieving more upside movement. Trading above 1.2660 presented by linear regression indicator 34 will keep the upside wave valid, targeting 1.2840 resistance level. On the other hand, risk/reward ratio is not suitable for as in this trading levels, therefore we will be neutral, but keeping our previous long positions.
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