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Near-term Setups in GBPJPY, GBPUSD & USDCHF

Near-term Setups in GBPJPY, GBPUSD & USDCHF

Michael Boutros, Strategist

Post-Brexit setups are in focus as we get a flurry of UK economic data this week. Here are the trades I’ll be following into the releases and setup’s we’re currently tracking on SB Trade Desk.

GBPJPY – Highlighted this setup in today’s scalp report- Heading into tomorrow’s UK employment read the pair remains at risk for further losses here after the pair failed to hold above up-trend slope resistance. (also note that daily momentum failed to mount-50). This suggests that the immediate risk is weighted to the downside with a near-term Fibonacci support confluence eyed at 137.64/92.

GBPUSD 60min

Near-term Setups in GBPJPY, GBPUSD & USDCHF

GBPUSD- Sterling broke below slope support on continued USD strength and the pair remains at risk for further losses near-term while below confluence resistance at 1.3165/82 (also the weekly open). Now testing interim support at 1.3090/99 with a break lower targeting 1.3055, 1.2999 & the 100% extension of the decline off the monthly high, at 1.2965. Review Latest GBPUSD Update

USDCHF- Swissy has traded back up into the 9863/80 Fibonacci resistance zone highlighted last week. This level remains our near-term bearish invalidation mark and a breach higher is needed to keep the long-bias in play targeting 9906, the May high-day close at 9921 & 9946. Bottom line: the pair is vulnerable while below this level with interim support seen at the weekly open. A break below the April high at 9797 needed to suggests a more meaningful correction is underway. Review Latest USDCHF Update

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Looking for more trade ideas? Review DailyFX’s 2016 3Q Projections

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or ClickHere to be added to his email distribution list

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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