GBP/CHF Breaks Support At 1.4720/25; Hold Short Positions Trend News

Technical Outlook and Chart Setups:

As depicted here, the single currency breaks below immediate support at the 1.4720/25 levels. Furthermore, the pair is completely out of the falling wedge formation. Minor pullback rallies can be expected, but they will be well capped below the 1.4830/40 levels. It is recommended to sell intraday rallies towards 1.4830/40 and also hold short positions taken earlier. Fibonacci support levels are at 1.4600 and lower, while resistance starts from the 1.4830/40 levels through the 1.5050 and 1.5150 levels respectively. Looking lower from here on.

Trading Recommendations:

Hold on to short positions taken earlier and sell further intraday rallies. Stop is at 1.5000, target is at 1.4600.

Good Luck!

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EUR/JPY Remains Bullish; Retracements Should Be Bought Trend News

Technical Outlook and Chart Setups:

As depicted here, the structure remains fairly unchanged since the last 3 trading sessions. In fact, the currency pair seems to be bouncing back from the 111.00/110.50 region which is past resistance turned support now. A push through recent highs around 112.00 region will take it further up to 114.00 and higher. Intermediary support is at the 110.50/60, while resistance is through the 114.00 range. If prices fall back below the 110.50 levels, it remains quite possible that 109.50 would be in focus. Look to buy on dips.

Trading Recommendations:

Look to go long around 109.50, 110.00 region, or on a break above 112.00, target would be 114.00.

Good Luck !

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