USD/CHF testing major resistance, remain bearish

Price is now testing major resistance at 0.9734 (Fibonacci retracement, horizontal overlap resistance) and we expect a strong reaction from this level to drive price down to at least 0.9675 support (Fibonacci retracement, horizontal swing low support, Fibonacci extension).

RSI (34) has broken below our long term ascending support-turned-resistance line signalling that a change in momentum is about to be seen in price. It is also now on pullback resistance.

Sell below 0.9734. Stop loss at 0.9756. Take profit at 0.9675.


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USD/JPY shooting up nicely, remain bullish for a further rise

Price has started to shoot up nicely after consolidating for the past few days. We remain bullish looking to buy above 111.32 support (Fibonacci retracement, horizontal pullback support) for a further push up to at least 113.06 resistance (Fibonacci extension, Fibonacci retracement, horizontal pullback resistance).

RSI (34) remains above its support at 52% and we remain bullish on price as long as it holds above this level.

Buy above 111.31. Stop loss at 110.45. Take profit at 113.06.


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Technical analysis of GBP/JPY for June 27, 2017


As predicted on Friday, GBP/JPY is moving higher. The pair is trading above the rising 50-period moving average, which plays a support role and maintains the upside bias. The relative strength index is mixed with a bullish bias. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Hence, while the price is above 141.20, look for a further upside movement towards 142.70 and 143 in extension.

Alternatively, if the price moves in the opposite direction as predicted, a short position is recommended below 140.80 with the target at 140.35.

Chart Explanation: the black line shows the pivot point. The price above pivot point indicates the bullish position and when it is below pivot points, it indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: BUY, Stop Loss: 142.15, Take Profit: 143.40.

Resistance levels: 143.40, 144.00, and 144.75

Support levels: 141.65, 141.40, and 140.75

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NZD/USD Intraday technical levels and trading recommendations for June 27, 2017


Daily Outlook

The NZD/USD pair has been trending up within the depicted bullish channel since January 2016.

In November 2016, early signs of bullish weakness were expressed on the chart when the pair failed to record a new high above 0.7400.

A bearish breakout of the lower limit of the channel took place in December 2016.

In February 2017, the depicted short-term downtrend was initiated in the depicted supply zone (0.7310-0.7380).

However, a recent bullish breakout above the downtrend line took place on May 22. Since then, the market has been bullish as depicted on the chart.

The price zone of 0.7150-0.7230 (SUPPLY ZONE in confluence with 61.8% Fibonacci level) stood as a temporary resistance zone until a bullish breakout was expressed above 0.7230.

This resulted in a quick bullish advance towards the next supply zone around 0.7310-0.7380 where evident bearish rejection was expressed on June 14.

Currently, the NZD/USD pair remains trapped between the price levels of 0.7230 - 0.7310 until a breakout occurs in either direction.

Trade recommendations:

Risky traders could have a valid SELL entry at retesting of the price level of 0.7310. S/L should be placed above 0.7400.

Conservative traders can wait for a bearish closure below 0.7230 then 0.7150 (61.8% Fibo level) for a valid SELL position.

S/L should be placed above 0.7250 while T/P levels should be placed at 0.7050, 0.6970, and 0.6850.

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Intraday technical levels and trading recommendations for EUR/USD for June 27, 2017


Daily Outlook

In January 2017, the previous downtrend reversed when the Head and Shoulders pattern was established around 1.0500. Since then, evident bullish momentum has been expressed on the chart.

The next daily supply level for the EUR/USD pair is located between 1.1400-1.1520 where the price action should be watched for possible bearish rejection.

Recently, the price levels around 1.1280-1.1295 stood as an Intraday resistance where recent bearish movement was initiated.

The bearish pullback could have extended towards 1.1110 and 1.1000 provided that the EUR/USD pair could maintain trading below 1.1170 (currently being breached).

Today, a bullish breakout above 1.1285 will be mandatory to pursue a further advance towards 1.1400.


H4 Outlook

On May 30, a significant bullish rejection was expressed around the price level of 1.1170 (lower Limit of the Wedge pattern in confluence with 61.8% Fibonacci Level ).

On June 14, a significant bearish rejection was expressed around the depicted supply level 1.1280-1.1295 (the upper limit of the Wedge pattern).

This was followed by a bearish breakdown of the lower limit of the Wedge pattern as well.

Note that re-closure above 1.1200 (lower limit of the Wedge pattern and 61.8% Fibonacci correction) brought bullish pressure into the market. This allowed a further bullish advance towards 1.1280.

A bullish breakout above 1.1280 will probably liberate a quick bullish movement towards 1.1400.

On the other hand, bearish persistence below 1.1170 (lower limit of the Wedge pattern and 61.8% Fibonacci correction) will be needed to enhance a further decline towards 1.1110, 1.1050 and 1.0950.

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