INTRADAY TECHNICAL ANALYSIS June 28th (observation as of  06:00 UTC)

[EURUSD]

Important Levels to Watch for:

-        Resistance line of 1.09762

-        Support line of 1. 09432

Commentary/ Reason:

1.      The price was in a strong uptrend before crashing down and breaking below bound but still in a uptrend after the crash.

2.      The pair is now consolidating into a triangle with a strong support that may be a continuation on the upside.

3.      The EU has ECB president Lagarde speech while the US have Fed Chair Powell giving speech today.

4.      The price is expected to trade lower but have a chance of continuing to the upside if it gains any ground on any possible catalyst especially hawkish ECB.

5.      Technical indicator are mixed with some indicators are at overbought and sell but most are buy while moving averages are mostly buy.

[USDCHF]

Important Levels to Watch for:

-        Resistance line of 0.89484

-        Support line of 0.89375

Commentary/ Reason:

1.      The pair were on a long-term downtrend but the price may be consolidating with lower highs forming on the upper price channel indicating possible price trend reversal.

2.      The price is now forming lower highs and higher lows. Consolidating into a flag pattern that may be a cause for uncertainty.

3.      There is no upcoming data from the Swiss but fed chair Powell speech and goods trade balance from the US.

4.      The price is uncertain since the Swiss National Bank raised their rates but the compared to the USD, it is more stable.

5.      Technical indicators is mixed with most holding at sell while moving average is also mixed between short term and medium term with longer term averages are at a sell.

[USDJPY]

Important Levels to Watch for:

-        Resistance line of 144.144

-        Support line of 143.864

Commentary/ Reason:

1.      The pair were on a steady and strong long-term uptrend on clear monetary policy stance taken by BoJ while the USD weaken on positive economic indicator.

2.      The price are still playing above the upper price channel on yen weakness due to BoJ stimulus package.

3.      There was upcoming retail sales from Japan while the US have Fed Chair Powell speech coming to give hints on future fiscal policy.

4.      The price is expected to be push lower on USD weakness if the price breaks out of consolidation and support at 143.864 and 143.653 although unlikely as it has been on a strong uptrend streak.

5.      Technical indicators are mostly either buy or neutral while only the moving average are certain with buy across the board.

[GBPUSD]

Important Levels to Watch for:

-        Resistance line of 1.27365

-        Support line of 1.27244

Commentary/ Reason:

1.      The pair have been moving in a volatile wide range movement in its pullback phase with a strong support after a strong long-term uptrend.

2.      The price in the medium term have been making higher highs and higher lows indicating possible momentum upward.

3.      There was no significant economic indicator from the UK while there is a speech from Fed Chair Powell.

4.      The price is expected to continue upward after retracing to support level either at 1.27244 or 1.27127 or the double bottom formed could be strong enough catalyst to break above resistance at 1.27365.

5.      Technical indicator is mostly sell with more sensitive indicator are at buy while moving average are all on sell.