Our preference: short positions below 1.1365 with targets @ 1.1280 & 1.1245 in extension.
Alternative scenario: above 1.1365 look for further upside with 1.1390 & 1.1415 as targets.
Comment: as long as the resistance at 1.1365 is not surpassed, the risk of the break below 1.1280 remains high.
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: under pressure.
Pivot: 1.4425
Our preference: short positions below 1.4425 with targets @ 1.4320 & 1.4285 in extension.
Alternative scenario: above 1.4425 look for further upside with 1.4465 & 1.4490 as targets.
Comment: as long as 1.4425 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/CHF Intraday: bullish bias above 0.9700.
Pivot: 0.9700
Our preference: long positions above 0.9700 with targets @ 0.9795 & 0.9850 in extension.
Alternative scenario: below 0.9700 look for further downside with 0.9660 & 0.9625 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/JPY Intraday: intraday support around 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: 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
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 16, 2016
