FX Daily Technical Report: October 07, 2015
ICN.com | Oct 07, 2015 04:52AM ET
Sharp pullbacks again have been witnessed from 120.60, taking the pair below SMA20 - colored in green - as seen on the provided daily chart.
However, the USD/JPY still stable above 119.60 and that makes the situation unclear again inside the triangle pattern. We need a break above 120.60 to long or below 119.60 to short and therefore, we will be on the side lines for now; noting that, the signs on ADX and RSI are unclear also.
- Support: 119-60-119.35-118.80
- Resistance: 120.60-121.05-121.30
- Direction: Sideways
USD/CHF is presently trading below moving averages after coming below 61.8% Fibonacci retracement level and that would bring further debasement.
Now, a break below 0.9640-0.9630 is required to affirm the bearish tendencies appearing over daily studies. On the upside, coming above 0.9780-0.9785 would negate the current bearishness.
- Support: 0.9630-0.9590-0.9630
- Resistance: 0.-9725- 0.9760-0.9785
- Direction: Bearish
EUR/USD trades below 1.1285 along with small-body candles and long upper shadows. These formations have accompanied with weakness in ADX, while moving averages continued to carry the movements from the underside.
RSI trades sideways, but it is stabilizing above 50.00 levels, therefore, we will stand aside until actionable setups present themselves to us.
- Support: 1.1285 –1.1325 – 1.1385
- Resistance: 1.1285 –1.1325 – 1.1385
- Direction: Sideways
The pair is facing 1.5270 at 78.6% Fibonacci as seen on the provided graph and a break above it is required to extend the bullishness.
The bullishness may occur, as moving averages are nearing, while ADX and RSI14 are positive. Any trading above 1.5165 will keep the bullish prospects available today, while more bullishness is seen above 1.5220.
- Support: 1.5220 – 1.5165 – 1.5100
- Resistance: 1.5270 – 1.5355 – 1.5410
- Direction: Bullish above 1.5270
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