Our preference: long positions above 1.1510 with targets @ 1.1630 & 1.1680 in extension.
Alternative scenario: below 1.1510 look for further downside with 1.1480 & 1.1450 as targets.
Comment: The pair is trading within a bullish channel.
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: intraday support around 1.4635.
Pivot: 1.4635
Our preference: long positions above 1.4635 with targets @ 1.4790 & 1.4850 in extension.
Alternative scenario: below 1.4635 look for further downside with 1.4575 & 1.4520 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/CHF Intraday: under pressure.
Pivot: 0.9570
Our preference: short positions below 0.9570 with targets @ 0.9435 & 0.9400 in extension.
Alternative scenario: above 0.9570 look for further upside with 0.9605 & 0.9655 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/JPY Intraday: key resistance at 106.85.
Pivot: 106.85
Our preference: short positions below 106.85 with targets @ 105.50 & 104.70 in extension.
Alternative scenario: above 106.85 look for further upside with 107.85 & 108.75 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
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 3, 2016
