USD/JPY is presently coming below 120.60 as anticipated yesterday along with signs of weakness on RSI14 and ADX indicators.
USD/JPY Daily Chart
This level is very important and a break below it opens the door up for further debasement. Another break below 120.00 will trigger panic sell-off actions over intraday basis. We remain bearish on the USD/JPY pair as far as 121.95 holds.
- Support: 120.30-120.00-119.10
- Resistance: 121.40-121.95-122.50
- Direction: Bearish
The USD/CHF pair has failed to hi the 61.8% Fibonacci retracement as seen on the provided daily chart.
USD/CHF Daily Chart
The pair is presently trading in a sensitive price zone where it tests SMA50 and 50% Fibonacci. Hence, we will be neutral until it presents an actionable setup to pinpoint the next move. RSI14 and ADX are neutral, as they couldn’t give off any confirmed signs.
- Support: 0.9550-0.9475-0.9420
- Resistance: 0.9670-0.9720-0.9800
EUR/USD has inclined with the opening of the European session, but it couldn’t affirm the positivity despite bullish tendencies on RSI14, which is close to 50.00 and positivity increase on ADX.
EUR/USD Daily Chart
We prefer to remain on the sidelines and we cancel out all taken positions as 1.1245 is important level and we need to witness stability above it to affirm the signs on technical indicators. Finally, risk versus reward is inappropriate.
- Support: 1.1245 – 1.1200 – 1.1170
- Resistance: 1.1300 –1.1360 – 1.1400
- Direction: Sideways
GBP/USD has failed to breach the previous recorded low at 1.5335 – Fibonacci of 38.2% – which is close to 1.5315 support.
GBP/USD Daily Chart
The bounce from there proves that, the bearishness strength has decreased as seen on ADX. The general bearish direction remains valid, but we expect potential upside recovery as far as 1.5315 holds, noting that coming below this level will trigger bearish wave.
- Support: 1.5370 – 1.5335 – 1.5315
- Resistance: 1.5485 – 1.5525 – 1.5575
- Direction: Temporal upside correction