GBP Moves In Sideways Range; JPY Soars

GBP/USD

GBP/USD moves within a sideways range between SMA20 and SMA50, while trading near 1.4600 should be breached to prove the bearishness.

GBP/USD Chart

ADX remains negative below 50.00, but it moves within a sideways range.

To recap, we need a breakout below 1.4600 to be bearish.

Support: 1.4600 – 1.4550 – 1.4500

Resistance: 1.4680 – 1.4725 – 1.4775

Direction: Neutral

USD/JPY

USD/JPY has soared, respecting the bullish scenario we suggested during the previous period.

USD/JPY Chart

In the last report on Friday, we said moving averages might overlap positively, and they succeeded in overlapping bullishly for the first time since early November 2015.

ADX is positive along with RSI; hence, we remain bullish over upcoming period, aiming to hit 111.65 resistance followed by 112.40.

Support: 111.05-110.60-110.30

Resistance: 111.65-112.10-112.40

Direction: Bullish

USD/CHF

Clear overbought signs on RSI over daily studies that could prevent the USD/CHF pair from achieving further development.

USD/CHF Chart

Additionally, the pair faces hard obstacles in the 0.9950-0.9960 zones.

We should be patient, since today U.S. market is off and that may cause fluctuation amid lackluster volumes.

We will be on the sidelines now; noting that, a break below 0.9880 will be negative signal.

Support: 0.9905-0.9880-0.9860

Resistance: 0.9980-1.0000-1.0060

Direction: Neutral

EUR/USD

Euro traded below 61.8% Fibonacci at 1.1125, which may extend the bearishness towards 78.6% at 1.0990 according to Fibonacci rules.

EUR/USD Chart

But the support of 1.1060 should be cleared to expose that level; noting that, ADX is negative and also moving averages.

Hence, we are bearish today.

Support: : 1.1100 – 1.1060 – 1.0990

Resistance: 1.1125 –1.1170 – 1.1220

Direction: Bearish

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