Friday’s Technical Analysis on EUR/USD, GBP/USD, USD/JPY
As global economy slow down and big slump on crude oil price, worry has spread the whole market. Analysts from JPMorgan Chase (N:JPM) recently said that a negative interest rate policy may occur in major central banks around the world. As Bank of Japan and European Central Bank has adopted negative interest rate policy, Fed may follow the step as economic decline has become reality in the US. Meanwhile, Deutsche Bank (DE:DBKGn) made a surprising conclusion based on comparison of gold price and crude oil price. They believed that the price ratio between gold and crude oil had hit a high level at 44 times, which may be the prelude of a financial crisis.EUR/USD Even there is still some space for EUR/USD to rebound, a small top-derivation pattern has occurred in the 1-hour chart. We are mainly buyers of put options during the daytime session. Support：1.1283/1.1260 Resistance：1.1434/1.1500
GBP/USD Seen from the 1-hour chart of GBP/USD, the bullish pattern has been destroyed with an obvious bearish trend. With that being the case, put options can be purchased with caution. We need to notice that the price may break through 1.4500, if it happens, put options should be stopped and buy call options. Support：1.4430/1.4400 Resistance：1.4500/1.4566
USD/JPY The USD/JPY generally continues to drop down that we prefer buying put options. Support：111.00/110.46 Resistance：112.77/113.34
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