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Daily Technical Report : April 29, 2016

Daily Technical Report : April 29, 2016

USD/JPY

All technical targets we suggested have been done as the pair has reached 106.90, which represents a strong purport zone.

USD/JPY

Now, we see contradiction between the negative signal on ADX and the probability of drawing a positive pergence, which remains unconfirmed.

It is better to stand aside now to see whether the pair will hit 106.90 with a daily closing or not.

Support: 106.90-106.30-106.00

Resistance: 107.35-107.80-108.30

Direction: Neutral

USD/CHF

The bearishness has been activated yesterday and the pair has moved to the downside below SMA20, but currently, prices are hovering around Fibonacci 23.6% as seen on the provided graph.

USD/CHF

These levels are very sensitive and the general bearishness appearing over bigger time frames needs a confirmation with a daily closing below the current trading levels.

Risk versus reward ratio is inappropriate now and therefore, we prefer to stand aside.

Support: 0.9580-0.9535-0.9500

Resistance: 0.9680-0.9725-0.9750

Direction: Neutral

EUR/USD

EURO inches higher, trading above 1.1375, which is a positive signal.

EUR/USD

ADX shows increase in bulls’ power, while RSI is also positive and a break above 1.1450 will cause further upside actions towards 1.1525. On the downside, coming below 1.1315 will be a rational reason for concern.

Support: : 1.1370 – 1.1315 – 1.1255

Resistance: 1.1450 –1.1500 – 1.1525

Direction: Bullish

GBP/USD

GBPUSD stabilized above 1.4585 and that caused strong upside actions in Asian session.

More inclines to be witnessed today, supported by the bullishness on ADX although RSI touches the value of 70.00.

We will depend on 1.4515 and the break above 1.4585 to be bullish.

Support: 1 1.4600 – 1.4580 – 1.4515

Resistance: 1.4655 – 1.4700 – 1.4740

Direction: Bullish

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