INTRADAY TECHNICAL ANALYSIS APRIL 19th (observation as of  07:16 UTC)

[EURUSD]

Important Levels to Watch for:

-        Resistance line of 1.09726

-        Support line of 1.09470

Commentary/ Reason:

1.      The price sideways after a strong downtrend and eventual recovery.

2.      The Euro is gaining strength after its recent decline and expected to strengthen further.

3.      No significant macro data is coming out of US but Eurozone is expected to report its CPI data lower than before at 6.9% instead of 8.5% the month before.

4.      The price is expected to trade in narrow range and possibly retest Fibonacci retracement of 50% at support line before continuing on the upside if the price does not break below.

5.      If the price break below support, it is a sign of continuation to the downside from previous downtrend. Technical indicators are unsure of its direction for the time being.

[USDCHF]

Important Levels to Watch for:

-        Resistance line of 0.89964

-        Support line of 0.89593

Commentary/ Reason:

1.      The pair have been in strong move to the upside after rebounded at support 0.8866.

2.      The price went through retracement and continuation before being in sideways position.

3.      There will not be any significant macro data from the Swiss and the US.

4.      The price is expected to move in between the sideway range before breaking out of either side.

5.      Technical indicator is showing a buying opportunity for the time being, but it is unsure when it can reverse as StochRSI is showing selling signal.

[USDJPY]

Important Levels to Watch for:

-        Resistance line of 134.823

-        Support line of 134.561

Commentary/ Reason:

1.      The pair were previously appreciated to a strong uptrend but retraced to a strong buying position before continuing to break its previous resistance.

2.      The price is now expected to move upward as its next resistance level is a month high.

3.      The pair is having no significant macro data incoming for today.

4.      The price is expected to continue to break resistance and possibly move higher to its next resistance at 135.124.

5.      The price could break below support and go lower if macro headwinds suddenly change direction or more sellers came into the market, but it is a low probability.

[GBPUSD]

Important Levels to Watch for:

-        Resistance line of 1.24175

-        Support line of 1.24320

Commentary/ Reason:

1.      The pair have been on strong rise and price channel can be projected whilst needed a second confirmation on its bottom range to ensure its validity.

2.      The price now is retracing back to its bottom range and possibly bouncing around at the channel middle line or support.

3.      There is no significant macro data coming but higher CPI is the reason for recent GBP push to the upside breaking above its reverse consolidation period.

4.      The price is expected to retraced either to the channel middle line or support before continuing to the upside range of the channel.

5.      Technical indicator is signalling buying opportunity as the trend is strong and stable on the upside.