USD/JPY Above 123.15 Zone; EUR/USD Moves Lower
ICN.com | Nov 23, 2015 05:56AM ET
USD/JPY
The USD/JPY has been able to come again above 123.15 zone, which is currently under attack as seen on the provided daily chart.
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RSI stabilizes above the value of 50.00, while ADX remains positive and that should bring further upside actions.
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But we will not recommend new positions now until the pair proves stability above these levels.
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On the downside, 122.60 is the key for intraday bulls, as a break of which will negate any upside scenarios.
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Support: 122.80-122.60-122.10
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Resistance: 123.60-124.15-124.30
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Direction: Bullish, but we will avoid trading until the pair proves the ability to stabilize above 123.15.
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USD/CHF
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USD/CHF moved according to the bullish scenario discussed several times after stabilizing above 1.0125 where 100% Fibonacci exists.
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Actually, RSI14 shows extreme case of overbought, but that will not prevent us from being bullish, as the weekly chart remains bullish along with stability above moving averages.
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Any fluctuation occurs because of RSI signal should be used by bulls and a break above 113% Fibonacci at 1.0260 will accelerate.
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Support: 1.0170-1.0050-0.9990
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Resistance: 1.0260-1.0290-1.0325
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Direction: Bullish
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EUR/USD
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EUR/USD continued to move lower inside the bearish channel appearing on the chart and below moving averages 20 and 50.
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ADX is negative, while RSI moves below 50.00 levels and that would bring further downside actions.
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A stable move below 1.0615w will extend the bearishness, but on the upside, 1.0730 is the ceiling, while 1.0660 is the key for intraday bears.
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Support: 1.0600 – 1.0570 – 1.0500
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Resistance: 1.0660 –1.0700 – 1.0730
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Direction: Bearish below 1.0600
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GBP/USD
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GBP/USD faces 61.8$ Fibonacci at 1.5145 after drawing a bearish crossover on moving averages, while ADX shows negative signals.
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Hence, we suggest potential downside wave resumption; noting that, 1.50 becomes in focus as far as 1.5220 holds.
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Support: 1.5120 – 1.5090 – 1.5060
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Resistance: 1.5180 – 1.5220 – 1.5260
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Direction: Bearish
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