USD/CHF Inches Higher, GBP/USD Stabilizes Above 1.4475
ICN.com | May 17, 2016 06:20AM ET
USD/JPY
The USD/JPY pair has stabilized above SMA20 along with continuous positivity above SMA20 - green - and good signals on RSI and ADX.
We will be bullish, aiming to see the pair above 109.60, which is a critical resistance.
A break above 109.60 will expose 110.00 and 110.80 later.
Support: 109.20-108.60-108.30
Resistance:109.60-110.00-110.50
Direction: Bullish
USD/CHF
USD/CHF has inched higher as expected yesterday, and it is now struggling around the resistance areas of 0.9780.
All eyes should be on this level before following through. The current technical level is sensitive, and we need to see how the pair will deal with it before entering the market.
We will avoid trading USD/CHF although we remain bullish over short-term basis.
Support: 0.9720-0.9680-0.9630
Resistance: 0.9780-0.9805-0.9850
Direction: Bullish, but we will avoid trading.
EUR/USD
Euro failed to stabilize below SMA50 and it stabilized above 38.2% Fibonacci at 1.1310.
Trading between SMA20 and SMA50 prevents us from being bullish as far as 1.1385 holds.
We will be neutral now and we will close all open positions taken yesterday.
Support: : 1.1310 – 1.1285 – 1.1225
Resistance: 1.1385 –1.1445 – 1.1500
Direction: Neutral
GBP/USD
GBP/USD inclined, stabilizing above 1.4475, which is a positive catalyst and could bring additional upside actions.
ADX is positive and so is RSI, so we will depend on them and on trading above 38.2% Fibonacci along with moving averages to be bullish today.
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A break above 1.4590 will extend the wave.
Support: 1.4475 – 1.4420 – 1.4385
Resistance: 1.4590 – 1.4630 – 1.4670
Direction: Bullish
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