Our preference: short positions below 1.1255 with targets @ 1.1195 & 1.1170 in extension.
Alternative scenario: above 1.1255 look for further upside with 1.1290 & 1.1325 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: the upside prevails.
Pivot: 1.4560
Our preference: long positions above 1.4560 with targets @ 1.4665 & 1.4710 in extension.
Alternative scenario: below 1.4560 look for further downside with 1.4520 & 1.4465 as targets.
Comment: the RSI is mixed to bullish.
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: further advance.
Pivot: 0.9840
Our preference: long positions above 0.9840 with targets @ 0.9920 & 0.9950 in extension.
Alternative scenario: below 0.9840 look for further downside with 0.9805 & 0.9775 as targets.
Comment: the RSI shows upside 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/JPY Intraday: intraday support around 109.25.
Pivot: 109.25
Our preference: long positions above 109.25 with targets @ 110.50 & 111.00 in extension.
Alternative scenario: below 109.25 look for further downside with 108.65 & 108.20 as targets.
Comment: the RSI lacks downward 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
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 19, 2016
