Our preference: long positions above 1.1375 with targets @ 1.1465 & 1.1485 in extension.
Alternative scenario: below 1.1375 look for further downside with 1.1360 & 1.1335 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
GBP/USD Intraday: further upside.
Pivot: 1.4205
Our preference: long positions above 1.4205 with targets @ 1.4370 & 1.4425 in extension.
Alternative scenario: below 1.4205 look for further downside with 1.4170 & 1.4145 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
USD/CHF Intraday: key resistance at 0.9580.
Pivot: 0.9580
Our preference: short positions below 0.9580 with targets @ 0.9500 & 0.9480 in extension.
Alternative scenario: above 0.9580 look for further upside with 0.9620 & 0.9650 as targets.
Comment: even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
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: key resistance at 108.50.
Pivot: 108.50
Our preference: short positions below 108.50 with targets @ 107.60 & 107.00 in extension.
Alternative scenario: above 108.50 look for further upside with 109.15 & 109.95 as targets.
Comment: as long as 108.50 is resistance, expect a return to 107.60.
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 – April 12, 2016
