Our preference: short positions below 1.1430 with targets @ 1.1375 & 1.1360 in extension.
Alternative scenario: above 1.1430 look for further upside with 1.1445 & 1.1465 as targets.
Comment: the RSI is mixed to bearish.
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced
GBP/USD Intraday: key resistance at 1.4490.
Pivot: 1.4490
Our preference: short positions below 1.4490 with targets @ 1.4405 & 1.4370 in extension.
Alternative scenario: above 1.4490 look for further upside with 1.4525 & 1.4555 as targets.
Comment: the RSI lacks upward momentum.
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced
USD/CHF Intraday: under pressure.
Pivot: 0.9745
Our preference: short positions below 0.9745 with targets @ 0.9680 & 0.9655 in extension.
Alternative scenario: above 0.9745 look for further upside with 0.9765 & 0.9795 as targets.
Comment: the RSI is badly directed.
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced
USD/JPY Intraday: further upside.
Pivot: 108.20
Our preference: long positions above 108.20 with targets @ 109.40 & 109.90 in extension.
Alternative scenario: below 108.20 look for further downside with 107.40 & 107.00 as targets.
Comment: the RSI is well directed.
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Daily Technical Analysis – May 12, 2016
