Thursday’s Technical Report: USD/JPY, USD/CHF, EUR/USD, GBP/USD

USD/JPY

The pair has moved positively after finding support above moving averages and is currently approaching the key resistance level of 124.50.

USD/JPY Daily Chart

This level is sensitive, but trading above it will open the door up towards 125.00 and 125.45.

Therefore, we will avoid trading until the USD/JPY pair takes out the aforesaid resistance to make sure that, the bullish trend is string enough.

On the downside, coming below moving averages for any reason could be a negative sign.

Support: 123.80-123.60-123.25

Resistance:124.50-125.00-125.50

Direction: Neutral, but bullish above 124.50.

USD/CHF

The USD/CHF pair is now very close to the target of 0.9710, as we chased the bull trend after bouncing off 0.9540 as seen on the provided daily chart.

USD/CHF Daily Chart

The problem now is that, RSI 14 is moving within overbought area and that would bring some kind of fluctuation.

Accordingly, we will watch out the price behaviors very closely until the USD/CHF takes out the aforementioned hard rock.

Support: 0.9675-0.9645-0.9600

Resistance: 0.9710-0.9765-0.9805

Direction: Sideways

EUR/USD

EUR/USD has moved bearishly after failing to stabilize above 1.1085 and is presently trading below the main resistance line of the descending channel.

EUR/USD 4-Hour Chart

RSI14 moves below 50.00, while ADX is negative and that would extend the bearish wave. A break below 1.0950 will affirm as far as 1.1085 holds.

Of note, stability below 1.1020 is very negative also.

Support: 1.0950 – 1.0890 – 1.0820

Resistance: 1.1020 – 1.1055 – 1.1085

Direction: Down and confirmation below 1.0950

GBP/USD

GBP/USD has retraced bearishly after approaching 1.5700 at 61.8% Fibonacci, but the decline is still limited above 38.2% at 1.5555 and above moving averages, which overlapped positively.

GBP/USD 4-Hour Chart

RSI14 is bearish, stabilizing below 50.00 and ADX shows strong bearish action.

Therefore, we need a negative catalyst that we can depend on and we need a breakout below 1.5555 to expose 1.5470.

Support: 1.5555 – 1.5470 – 1.5400

Resistance:1.5600 – 1.5650 – 1.5755

Direction: Bullish above 1.5650 and bearish below 1.5470

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