Axis Tactics 15th April, 2025 - Technical Analysis Levels for Major FX Crosses, USD & ZAR FX Crosses

Major FX Technicals : Major FX Crosses, USD & ZAR FX Crosses

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Key Support and Resistance levels for Major Currencies

(Data and Levels compiled from Axis IM systems and Street Sources)

GBP/USD — Completes U-turn and hits fresh six-month high as support from the 55-DMA showed pound remains a buy-on-dips; daily fear-greed at highest since late 2022 as weekly Ichimoku shows topside risks prevail. The Daily pattern, based on our proprietary analyses, also seems to maintain an upside bias, at least for the time being.

• Spot: 1.3203

• Intraday support: 1.3164, session low; Weekly support: 1.2959, 21-DMA

• Intraday resistance: 1.3264 pivot; Weekly resistance: 1.3434, Sept. 26 high

EUR/USD — Monthly price action completed a basing pattern, based on our own analysis, in February and a Bullish Harami on the quarterly chart as the euro trades above a 17 year-old descending trendline; oscillators are in overbought territory and a pullback cannot be excluded but the long-term outlook remains constructive for gains

• Spot: 1.1358

• Intraday support: 1.1280, April 14 low; Weekly support: 1.1144, April 3 high

• Intraday resistance: 1.1425, April 14 high; Weekly resistance: 1.1495, Oct. 2022 high

USD/JPY — First attempt to establish a short-term bottom proved futile and weekly outlook points to further losses. Our proprietary basing pattern models still appear incomplete which also supports the case for further downside continuance.

• Spot: 143.06

• Intraday support: 142.07, April 11 low low; Weekly support: 141.65, Sept. 30 low

• Intraday resistance: 144.31, April 14 high; Weekly resistance: 147.90, 21-DMA

BBDXY — Extends declines to satisfy a weekly Bearish Engulfing Line as fear-greed on the tenor shows bears in control of the price action by the most since 2016; on the daily, the gauge shows fear at its highest since late 2022

• Spot: 1,229.18

• Intraday support: 1,227.25, April 14 low; Weekly support: 1,216.49, Sept. 27 low

• Intraday resistance: 1,237.55 pivot; Weekly resistance: 1,262.23, 21-DMA

EUR/CHF — An Inverted Hammer was completed on the daily yet failure to stay near Monday highs suggest downside risks remain intact

• Spot: 0.9271

• Intraday support: 0.9222, April 11 low; Weekly support: 0.9206, Nov. 22 low

• Intraday resistance: 0.9354, April 14 high; Weekly resistance: 0.9456, 21-DMA

EUR/ZAR - EUR/ZAR Technicals available upon request.

(From Street Sources) Credit Agricole issued a recommendation to buy ZAR versus EUR tactically; selling EUR/ZAR at 21.44, targeting 20.00, with a stop loss at 22.16,

We parse their reasons as being:-

• Recent talks between African National Congress and Democratic Alliance supportive of ZAR gains, shows parties’ willingness to stick to current coalition

• Pause on reciprocal tariffs by Trump administration means duties applied to South Africa fall to 10% from 30%, provides respite for ZAR “which we believe can be played tactically”

• From fundamental point of view, ZAR offers decent carry; in EMEA region, it has restored its status as a relative high-yielder, particularly versus EUR

• Country runs “decent” external position, while economic growth benefits from improved energy production capacities

USD/ZAR - USD/ZAR Technicals available upon request.

(From Street Sources) Nedbank have a “low 18.00s” target for USD/ZAR while Investec have a ~18.60 target for USD/ZAR.

On all the above - For current & precise entry/exit levels and intra-day position updates in real-time, please reach out to your Axis IM directly.

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