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

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

USD/JPY

The technical situation remains unchanged from our last report, as the USD/JPY is still struggling within the same trading levels due to approaching critical resistance.

USD/JPY Daily Chart

Despite all positive signs on technical indicators, but the pair has been trapped within a very tight range; therefore, we will be neutral, waiting for convenient breakout above 124.40 to enter the market, while coming below 123.60 will be a sign of pause.

Support:123.60-123.35- 123.10

Resistance: 124.40-125.00-125.30

Stand aside

USD/CHF

According to our last week’s analysis, the USD/CHF pair has moved upwards above 0.9600 regions as seen on the provided daily chart.

USD/CHF Daily Chart

With RSI14 approaching momentum resistance, the pair has showed signs of slight correction; however, the breakout above 0.9540 argues us to remain bullish on the pair aiming to re-experience .9710-0.9720 zones.

Of note, ADX remains positive, while SMA20 and SMA50 are quite far away enough to suggest bullish movements.

Support: 0.9540-0.9500-0.9470

Resistance:0.9635-0.9670-0.9720

Direction: Up

EUR/USD

EUR/USD is slightly moving to the upside after touching 61.8% Fibonacci at 1.0845; however, the correction remains limited below SMA20 and SMA50.

EUR/USD 4-Hour Chart

Moving below 50% at 1.0965 is a negative factor, but we need stability below 1.0845.

Anyway, the bearishness is in favor, as we classify the upside actions as a correction.

Support: 1.0845 – 1.0800 – 1.0735

Resistance: 1.0900 – 1.0865 – 1.1000

Direction: Down

GBP/USD

Classically speaking, GBP/USD is trading within a very critical level between 38.2% and 50% Fibonacci levels at 1.5650 and 1.5560 respectively, also trading between SMA20 and SMA50.

GBP/USD 4-Hour Chart

In result, we prefer to be neutral between these levels until it clears one of them to enter the market, as risk versus reward ratio is inappropriate.

Support: 1.5600 – 1.5555 – 1.5470

Resistance:1.5645 – 1.5700 – 1.5755

Direction:Sideways

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