Our preference: short positions below 1.1445 with targets @ 1.1370 & 1.1310 in extension.
Alternative scenario: above 1.1445 look for further upside with 1.1480 & 1.1510 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
GBP/USD Intraday: under pressure.
Pivot: 1.4530
Our preference: short positions below 1.4530 with targets @ 1.4440 & 1.4400 in extension.
Alternative scenario: above 1.4530 look for further upside with 1.4575 & 1.4620 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
USD/CHF Intraday: the upside prevails.
Pivot: 0.9620
Our preference: long positions above 0.9620 with targets @ 0.9700 & 0.9735 in extension.
Alternative scenario: below 0.9620 look for further downside with 0.9570 & 0.9530 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: intraday support around 106.50.
Pivot: 106.50
Our preference: long positions above 106.50 with targets @ 107.50 & 107.85 in extension.
Alternative scenario: below 106.50 look for further downside with 106.10 & 105.50 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 6, 2016
