Our preference: short positions below 1.1385 with targets @ 1.1310 & 1.1280 in extension.
Alternative scenario: above 1.1385 look for further upside with 1.1415 & 1.1445 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 downside prevails.
Pivot: 1.4465
Our preference: short positions below 1.4465 with targets @ 1.4370 & 1.4320 in extension.
Alternative scenario: above 1.4465 look for further upside with 1.4490 & 1.4530 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
USD/CHF Intraday: intraday support around 0.9680.
Pivot: 0.9680
Our preference: long positions above 0.9680 with targets @ 0.9745 & 0.9765 in extension.
Alternative scenario: below 0.9680 look for further downside with 0.9655 & 0.9620 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
USD/JPY Intraday: bullish bias above 108.20.
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: even though a continuation of the consolidation 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
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 13, 2016
