Our preference: long positions above 1.1065 with targets @ 1.1155 & 1.1220 in extension.
Alternative scenario: below 1.1065 look for further downside with 1.1030 & 1.0985 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: the upside prevails.
Pivot: 1.4240
Our preference: long positions above 1.4240 with targets @ 1.4335 & 1.4390 in extension.
Alternative scenario: below 1.4240 look for further downside with 1.4170 & 1.4130 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: under pressure.
Pivot: 0.9895
Our preference: short positions below 0.9895 with targets @ 0.9790 & 0.9750 in extension.
Alternative scenario: above 0.9895 look for further upside with 0.9960 & 0.9995 as targets.
Comment: as long as 0.9895 is resistance, look for choppy price action with a bearish bias.
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: the upside prevails.
Pivot: 113.05
Our preference: long positions above 113.05 with targets @ 114.25 & 114.55 in extension.
Alternative scenario: below 113.05 look for further downside with 112.70 & 112.20 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 – March 11, 2016
