FX Technicals: JPY, CHF, EUR, GBP
ICN.com | May 13, 2016 06:01AM ET
USD/JPY
The USD/JPY has moved to the downside once again, re-testing SMA20 at 108.55 zones before moving higher again in the last hour.
We will be neutral now to see whether the pair will clear the initial resistance of 109.15-109.30 or not; noting that, technical indicators are in a neutral mode.
Trading between SMA20 and SMA50 is a sign of neutrality.
Support: 108.30-107.90-107.30
Resistance:109.20-109.65-110.00
Direction: Neutral
USD/CHF
The intersection point of moving averages 20 and 50 at 0.9680 has played a big role in sending the USDCHF higher once again to currently attacks 0.9725-0.9730 resistance zone.
With positive signals on ADX and RSI, we will be bullish today, aiming to challenge 0.9805 followed by 0.9835.
Support: 0.9680-0.9630-0.9600
Resistance: 0.9740-0.9780-0.9805
Direction: Bullish
EUR/USD
EURO stabilized below SMA20 at 1.1370 after clearing 88.6% Fibonacci at 1.1385.
The bearish tendencies may continue with a negative crossover on ADX, targeting 1.128, while coming below 78.6% will be more negative.
Support: : 1.1310 – 1.1285 – 1.1225
Resistance: 1.1385 –1.1445 – 1.1500
Direction: Bearish
GBP/USD
GBP/USD declined, touching 50% Fibonacci at 1.4385, while ADX turns into negativity along with RSI edging lower.
The above-mentioned factors are bearish and could send the pair towards 1.4295 where 61.8% Fibonacci exists.
On the upside, coming above 1.4480 will negate.
Support: 1.4385 – 1.4345 – 1.4295
Resistance: 1.4440 – 1.4480 – 1.4525
Direction: Bearish
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