EURUSD
The pair continues its bullish movement according to our previous reports, where through the image above, we expect to reach resistance for the main descending channel after its ongoing strong stance for its support. In overall, we expect a bullish trend this week; targeting mainly 1.2910 and requiring the closing to remain above 1.2345 to prevail.
The trading range for today is among the key support at 1.2195 and the key resistance at 1.2910.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
GBPUSD
The pair is trading naturally within the key descending channel shown in the daily chart, where it is heading towards the last bearish wave correction but at the same time is considered to be a natural movement from support from the descending channel towards its resistance. Some possible fluctuation between 23.6% and 38.2% Fibonacci correctional levels is evident in the chart above, but in overall
we expect a bullish trend for this week; key targets is around 1.5000 and could extend towards 1.5200. Keep in mind that the breach of 1.4295 will make the negative pressure on the pair to return in an attempt to resume the main bearish trend without the need of a bullish correction.The trading range for today is among the key support at 1.4230 and the key resistance at 1.5000.The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
USDJPY
The pair is still trading with stability below support for the previously breached ascending channel that has currently turned into resistance at 91.00. Positive signs are appearing on momentum indicators could push it to retest the level before
resuming the bearish direction for this week; targeting 88.00 then attempting to pave the way towards 86.35. MA 200 today will support expectations.The trading range for today is among the key support at 86.35 and the key resistance at 92.25.The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
USDCHF
The pair is fluctuating near resistance for the ascending channel that organizes the bullish short term trend, while signs of a bearish technical pattern appearing point out that the pair is on its way towards achieving some bearish correction, while retesting the previously breached resistance that has become support at 1.1300. From here, we see that
the direction for this week is bearish; targeting mainly 1.1300 and requiring stability below 1.1585.The trading range for today is among the key support at 1.1180 and the key resistance at 1.1865.The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2000.
USDCAD
The pair was not able to breach the first top recorded in the beginning of this month at 1.0740, shown in the image above, while negative signs are appearing through momentum indicators point out that some required bearish correction is needed to rid of this momentum.
We expect a bearish direction this week; targets are mainly at 1.0335 – 50% Fibonacci correction for the last bullish wave – before resuming the bullish short term wave. Note that,MA 100 today is protecting the primary bullish wave.The trading range for today is among the key support at 1.0335 and the key resistance at 1.0925.The short term trend is to the upside as far as 1.9925 remains intact with targets at 1.1485.
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