INTRADAY TECHNICAL ANALYSIS June 22nd (observation as of 08:00 UTC)
[EURUSD]
Important Levels to Watch for:
- Resistance line of 1.10065
- Support line of 1. 09820
Commentary/ Reason:
1. The price are in a strong uptrend outside the parallel bound but it briefly fell into the upper bound but rebounded.
2. The pair is now trying to either prepare to become short-term downtrend or re-enter uptrend parallel price channel and continue pullback.
3. The EU has no significant news while the US are on news specifically fed chair Jerome Powell testifying that has been the main price movers.
4. The price is expected to trade lower but have a chance of continuing to resistance level before coming down into parallel channel as buyer taking profit.
5. Technical indicator saying buy across the board with some of more sensitive indicator pointing to overbought while most moving average pointed to buy.
[USDCHF]
Important Levels to Watch for:
- Resistance line of 0.89510
- Support line of 0.89195
Commentary/ Reason:
1. The pair were on strong downtrend on expectations that Swiss National Bank increasing rate which they did by 25 bps that can be seen at the candle shooting upward temporarily moving in a wide range before stabilizing.
2. The price is now uncertain but there is some possibility of the price moving higher due to uncertain outlook on SNB monetary policy stance.
3. The interest rate decision is the only significant news from the Swiss, but the US have initial jobless and existing home sales ahead of it.
4. The price is expected to recover to about half from the previous decline before continuing downward.
5. Technical indicators is mixed with some saying sell but most are holding at neutral while moving average for longer term is still holding sell signals while shorter term are at buy.
[USDJPY]
Important Levels to Watch for:
- Resistance line of 141.908
- Support line of 141.614
Commentary/ Reason:
1. The pair were on a steady and strong long-term uptrend on clear monetary policy stance taken by BoJ while the US on a pause from its rate hikes.
2. The price reached the bottom of the uptrend parallel price channel and are expected to continue upward.
3. There was no significant data from the east but initial jobless data and existing home sales are expected from the west.
4. The price is expected to be in a volatile upward trend to break the current resistance before trying to reach the higher resistance level at 142.372.
5. Technical indicators are mostly buy while only the moving average are certain with buy.
[GBPUSD]
Important Levels to Watch for:
- Resistance line of 1.28060
- Support line of 1.27629
Commentary/ Reason:
1. The pair have been moving in a volatile wide range movement with no clear direction.
2. The price however made a upward rally, retracing to 50% of the rally before moving back upward suggesting that it is establishing an uptrend.
3. There was the all-important interest rate decision from Bank of England with expectations of a quarter rate hike while the US expecting fed chair to testifies which could provide hints at next interest rate decision by the federal reserve.
4. The price is expected to continue upward after retracing to 50% level of its previous rally with resistance at 1.27859 which is the previous rally highest point that may prevent its rally. However, a break off above resistance level may push it higher to 168% of Fibonacci retracement level, a trend continuation that would establish a clear uptrend price channel.
5. Technical indicator is blaring with buying signal across the board with some indicators are overbought while moving average are all on buy.
