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Daily Technical Report : July 31, 2015

Daily Technical Report : July 31, 2015

GBP/USD

The GBPUSD pair has failed in maintaining levels above 1.5630 where 50% Fibonacci exists, and this levels become the main resistance for bears.

GBPUSD@H426 (1)

However, we still need a breakout below 1.5555 to prove the bearishness, as without this breakout we may witness sideways actions.

ADX attempts to crossover negatively, while RSI is still below 50.00 levels.

EUR/USD

After touching the first proposed target at 1.0890, the EURUSD has moved mildly upwards, but it is still trading below moving averages 20 and 50, while being locked below resistance of the descending channel.

EURUSD@H426

Meanwhile, ADX is attempting to achieve positive crossover and RSI moves higher, but we prefer to stand aside until witnessing more confirmations.

A break below 1.0890 will re-new bearish pressures.

Support: 1.0950 – 1.0890 – 1.0820

Resistance: 1.1020 – 1.1055 – 1.1085

Direction: Down and confirmation below 1.0950

USD/CHF

After reaching the soft detected target defined with the beginning of this week at 0.9710, the USDCHF pair has bounced mildly yesterday.

usdchf-icn-31-07

Stabilizing above moving averages and 0.9540 is a bullish sign, but we should witness a breakout above 0.9710 to affirm this bullishness.

From here, it is better to stand aside over intraday basis, but we can use buy limit orders above 0.9710 as far as the defensive level of 0.9540 holds.

Support: 0.9645-0.9600-0.9540

Resistance: 0.9710-0.9765-0.9805

Direction: Sideways, but bullish above 0.9710

USD/JPY

The pair has failed to prove a breakout process above the key resistance level of 124.50, but also continued to stabilize above moving averages.

USDJPY-31-07-ICN

RSI14 is positive and that may assist USDJPY to clear the aforementioned levels. Thereby, we will be watching the price behaviors closely and we may change our outlook from neutral to bullish above 124.50.

Support: 123.80-123.60-123.25

Resistance:124.50-125.00-125.50

Direction: Neutral, but bullish above 124.50.

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