Our preference: short positions below 1.1255 with targets @ 1.1175 & 1.1140 in extension.
Alternative scenario: above 1.1255 look for further upside with 1.1290 & 1.1325 as targets.
Comment: as long as the resistance at 1.1255 is not surpassed, the risk of the break below 1.1175 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: the downside prevails.
Pivot: 1.4635
Our preference: short positions below 1.4635 with targets @ 1.4520 & 1.4465 in extension.
Alternative scenario: above 1.4635 look for further upside with 1.4665 & 1.4710 as targets.
Comment: the RSI advocates for further decline.
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: the upside prevails.
Pivot: 0.9860
Our preference: long positions above 0.9860 with targets @ 0.9950 & 0.9980 in extension.
Alternative scenario: below 0.9860 look for further downside with 0.9805 & 0.9775 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/JPY Intraday: further advance.
Pivot: 109.65
Our preference: long positions above 109.65 with targets @ 110.50 & 111.00 in extension.
Alternative scenario: below 109.65 look for further downside with 109.25 & 108.65 as targets.
Comment: the RSI advocates for further advance.
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 20, 2016
