Monday's Technical Report : EUR/USD Trades Below 1.0605
ICN.com | Nov 30, 2015 04:29AM ET
USD/JPY
The solid support zones of 122.30-122.25 have been able to push the USD/JPY mildly to the upside on Friday.
However, there is no confirmation that, the pair will continue to inch higher since traders are currently experiencing SMA20 and 123.15 –Fibonacci of 76.4- still acts as a strong ceiling.
Negative technical sign on ADX becomes weaker; thus, we will be neutral today, waiting for convenient signals to suggest the next move, as risk versus reward ratio is inappropriate.
Support: 122.60-122.25-121.70
Resistance: 123.15-123.65-124.10
Direction: Neutral
EUR/USD
EUR/USD trades below 1.0605, which is negative factor and could bring further debasement with stability below moving averages.
ADX is also negative despite the neutrality on RSI; thus, we should witness a breakout below 1.0530-1.0520 to prove the bearishness.
Support: 1.0570 – 1.0520 – 1.0460
Resistance: 1.0605 –1.0660 – 1.0730
Direction: Bearish
GBP/USD
GBP/USD faced difficulties to stabilize below 1.5026-previous low- as this level to close to 1.50 psychological, while RSI14 attempts to inch higher.
However, the pair trades below moving averages and ADX shows signs of resuming the bearishness.
In result, we remain bearish on GBP/USD and we will be waiting for a better area to enter the market.
Support: 1.0525 – 1.0500 – 1.4985
Resistance: 1.5090 – 1.5145 – 1.5180
Direction: Bearish
USD/CHF
In line with our bullish scenario suggested for short-term basis, USD/CHF has finally succeeded in clearing 113% Fibonacci as seen on the provided daily chart.
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The daily closing seen on Friday should trigger additional upside actions towards 127% Fibonacci at 1.0410.
We can notice that, RSI14 is showing extreme overbought sign, but ADX remains positive strongly along with positivity on bigger intervals.
We believe that, USD/CHF may test 113% once again before resuming the bullishness once again.
Support: 1.0260-1.0200-1.0150
Resistance: 1.0340-1.0375-1.0410
Direction: Bullish
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