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: a break below 1.1370 would trigger a drop towards 1.1310.
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: 1.4480
Our preference: short positions below 1.4480 with targets @ 1.4365 & 1.4310 in extension.
Alternative scenario: above 1.4480 look for further upside with 1.4530 & 1.4575 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: 0.9655
Our preference: long positions above 0.9655 with targets @ 0.9735 & 0.9765 in extension.
Alternative scenario: below 0.9655 look for further downside with 0.9620 & 0.9570 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/JPY Intraday: further upside.
Pivot: 107.00
Our preference: long positions above 107.00 with targets @ 108.70 & 109.25 in extension.
Alternative scenario: below 107.00 look for further downside with 106.50 & 106.10 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
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 9, 2016
