Intraday bias remains on the upside as MACD, Stochastic, RSI and 21/55 EMA’s on the 1hour, 4hours and daily charts are all signaling the continuation of the current bullish trend is still intact. Price is expected to get to the 1.38000 psychological zones.
Intraday bias slightly remains on the down side as further decline is expected in the pair as oscillators are pointing towards the downside on the 1hours time-frame. However caution is advised for selling off as the 4hours charts remains neutral while the daily trend still remains up. I suggest a clear downward cross of the 21 and 55 EMA’s on the 1hour time-frame before taking short positions. Furthermore, a key economic indicator that will determine whether more weakness would be seen in the GBP currency is the Employment statistics and Official bank rate votes scheduled tomorrow.
Intraday bias remains neutral after the pair found resistance at 0.97084 after its Monetary Policy meetings was held today and also made support at 0.90008(the weekly cpp) before pulling back again to the upside. However the medium and long term trend remains on the upside as and a break of the 0.97084 resistance would resume its current bullish trend.
Intraday bias remains on the downside as the pair was able to clearly penetrate 0.83351(weekly cpp) with fresh crosses of the 21 and 55EMA on the 1hour time-frame. Also MACD, RSI and stochastic oscillators are also signaling more selling is expected. A worsen retail sales figure in the NZD economy also fueled the bearish trend. However the larger picture on the daily time-frame remains on the upside so caution is advised. Also the 4hours time frame remains on a neutral as price is still consolidating on the 55EMA.
The CHF saw strength against all its major counterparts during today’s trading session. Intraday bias in the pair remains strongly on the downside as 1hour, 4hours and daily time-frame are all signaling a strong bearish trend with oscillators and EMA’s in full support. However the pair found support at 0.88691(weekly S1) and a break of it would resume further decline to 0.88193.
Intraday bias remains on the upside for the pair after its Monetary Policy rate statement weakened the JPY currency against its counterparts. More buying is expected with a fresh cross of the 21 and 55 EMA seen on the 1hour charts. A clear break of the 102.75 resistance would resume the current uptrend as 4hours and daily time frame remains strongly on the upside.
N.B: The FEDS are expected to hold its monetary policy meetings tomorrow at late U.S trading session; this might cause a lot of volatility in the markets and might disrupt current analysis as we don’t know what the outcome of the meeting would be. However, this will provide great trading opportunity in the coming day trading session as profitable trading opportunity will be open.