Our preference: long positions above 1.1415 with targets @ 1.1535 & 1.1590 in extension.
Alternative scenario: below 1.1415 look for further downside with 1.1365 & 1.1310 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
GBP/USD Intraday: key resistance at 1.4670.
Pivot: 1.4670
Our preference: short positions below 1.4670 with targets @ 1.4575 & 1.4520 in extension.
Alternative scenario: above 1.4670 look for further upside with 1.4700 & 1.4730 as targets.
Comment: a break below 1.4575 would trigger a drop towards 1.4520.
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: 0.9655
Our preference: short positions below 0.9655 with targets @ 0.9560 & 0.9530 in extension.
Alternative scenario: above 0.9655 look for further upside with 0.9700 & 0.9730 as targets.
Comment: as long as 0.9655 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: under pressure.
Pivot: 107.85
Our preference: short positions below 107.85 with targets @ 105.50 & 104.70 in extension.
Alternative scenario: above 107.85 look for further upside with 108.75 & 109.90 as targets.
Comment: the RSI lacks upward 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 2, 2016
