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In Swissquote’s Monday short term technical trading report, the research team outlines the major technical levels of popular currency instruments with forecasts, below is the outline for GPB/USD and USD/JPY. To view and download the entire report, click here (PDF).
GBP/USD: Post-Scotland referendum bounce fades
GBP/USD recovery above the 1.6500 handle has faltered. Failure to rally above key resistance at 1.6644 (see also the 200 day moving average) signals a period of sideways trading. Hourly supports can be found at 1.6345 (intraday low) and 1.6247 (18/09/2014 low).
In the longer term, the collapse in prices after having reached 4-year highs has created a strong resistance at 1.7192, which is unlikely to be broken in the coming months. Monitor the recent rebound as it could signal the start of a medium-term consolidation phase. A support lies at 1.6052, while a strong support stands at 1.5855 (12/11/2013 low).
The first objective at 1.6495 of our long strategy has been reached. We have updated our stop-loss.
USD/JPY: Minor bullish pause
Swissquote, a member of LeapRate’s Globally Regulated Broker List has the most advanced technology and sufficient liquidity, and its completely transparent foreign exchange trading pattern is unique, which helps ensure its customers trade with the best prices current at the time of the transaction. Swissquote’s financial and economic expert team provides its customers with high-quality technical analysis and research reports every day.