Technical analysis of USD/JPY for July 10, 2015

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USD/JPY is expected to trade with bullish bias. It is underpinned by a rebound in China's stocks on Thursday, the reduced safe-haven appeal of the yen and the yen-funded carry trades as risk sentiment improves after Greece's submission of new reform proposals that appear to be closer to the creditors' demands on VAT and pensions. It raises hopes for positive outcome at Sunday's summit of the European Union members in Brussels. USD/JPY is also supported by the higher US Treasury yields (10-year rose 11.1 bps to 2.317% Thursday) and the Bank of Japan's ultra-loose monetary policy. But USD sentiment is dented by the more-than-expected 297,000 US jobless Claims for the week ended on July 4 (versus forecast 275,000). USD/JPY gains are also tempered by the positions adjustment ahead of the weekend.

Technical comment:

The daily chart is mixed as MACD is bearish, five and 15-day moving averages are declining but stochastics is turning bullish near oversold levels.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 123.30 and the second target at 123.70. In the alternative scenario, short positions are recommended with the first target at 1121.60 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 121.20. The pivot point is at 1122.

Resistance levels: 123.30 123.70 124

Support levels: 121.60 121.20 121

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for July 10, 2015

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USD/CHF is expected to consolidate with bearish tone. It is supported by the franc sales on the buoyant EUR/CHF cross and the threat of the Swiss National Bank to carry out CHF-selling intervention, and the negative Swiss interest rates.

Technical comment:

The daily chart is positive-biased as the MACD and stochastics are bullish, although the latter one is at overbought levels.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9340. A break of that target will move the pair further downwards to 0.9280. The pivot point stands at 0.9425. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to mo ve further to the upside. According to that scenario, long positions are recommended with the first target at 0.475 and the second target at 0.9515.

Resistance levels: 0.9475 0.9515 0.9550

Support levels: 0.9340 0.9280 0.9250

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of NZD/USD for July 10, 2015

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NZD/USD is expected to trade with bearish bias. It is supported by the improved risk sentiment and the kiwi demand on the soft AUD/NZD cross. But NZD/USD gains are tempered by the divergent monetary policy stances of the Reserve Bank of New Zealand and the US Federal Reserve, soft dairy prices, and positions adjustment ahead of the weekend.

Technical comment:

The daily chart is positive-biased as the MACD and stochastics are bullish.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6675. A break of that target will move the pair further downwards to 0.6650. The pivot point stands at 0.6745. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to mo ve further to the upside. According to that scenario, long positions are recommended with the first target at 0.6780 and the second target at 0.6815.

Resistance levels: 0.6780 0.6815 0.6845

Support levels: 0.6675 0.6650 0.6615

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/JPY for July 10, 2015

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GBP/JPY is expected to trade with bullish bias. It is supported by the reduced safe-haven appeal of the yen amid improved risk sentiment. On Thursday, the Bank of England kept its benchmark interest rate at 0.5% as widely anticipated. GBP/JPY is supported by improved risk sentiment. But GBP/JPY gains are tempered by the sterling sales on the buoyant EUR/GBP cross.

Technical comment:

The daily chart is still negative-biased as the MACD and stochastics are bearish, five and 15-day moving averages are declining.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 190.95 and the second target at 191.60. In the alternative scenario, short positions are recommended with the first target at 187.30 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 186.05. The pivot point is at 188.80.

Resistance levels: 190.95 191.60 192.45

Support levels: 187.30 186.05 185.50

The material has been provided by InstaForex Company - www.instaforex.com