EURUSDThe pair inclined sharply, breaching the pivotal resistance of 1.2330 but couldn’t stabilize above it fro long time. The resistance line of the major descending channel is currently valued at 1.2435 represent the technical objective of the present inclining actions.
The upper line of the minor bearish channel was breached and the pair is presently re-testing this broken resistance while SMA 50 is carrying the movements from below. Thereby, potential upside movements could be seen over intraday basis, targeting the aforesaid resistance. After that we should observe the price behavior carefully to pinpoint the upcoming direction. Note that, areas of 1.2240 should hold to protect this awaited scenario as it might cause a panic sell-off action after topping at 1.2385 yesterday.
The trading range for today is among the key support at 1.2170 and the key resistance at 1.2470.
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The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
GBPUSD
The Cable revisited the lower line of the short term bullish channel at 1.4910. These declines assisted Stochastic to be relieved. Not only that, but it is attempting to crossover positively and this action adds further strength to the aforesaid support level. Henceforth,
more inclines could be witnessed over intraday basis, initially targeting 1.5040 and it might extend further towards 1.5200 areas. Areas of 1.4850 should protect this suggested scenario.
The trading range for today is among the key support at 1.4850 and the key resistance at 1.5200.
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The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
USDJPY
The pair has closely neared touching the pivotal support for the short term trend at 89.15, where it continues trading within the minor bearish channel shown above. Momentum indicators are showing clear oversold signs, thus making us expect a bullish rebound on the mentioned level; thus, we see that the
expected direction is bullish over an intraday basis; targeting first 91.60. Keep in mind that the daily closing below 89.15 will pave the way to achieve a short term direction and targets 84.00 mainly.
The trading range for today is among the key support at 88.00 and the key resistance at 91.00.
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The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
USDCHF
The pair is still trading around resistance for the bearish trend shown in our previous report, where it has gradually descended around 1.1015. This fluctuation pushed Stochastic from oversold areas to near overbought areas, thus continuously supporting the bearish direction. Therefore,
the bearish direction is expected for today targeting mainly 1.0925. it is vital that stability is achieved below 1.1115 will maintain chances of achieving these expectations intact.
The trading range for today is among the key support at 1.0835 and the key resistance at 1.1115.
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The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
USDCAD
The pair returned to retest 61.8% Fibonacci correction at 1.0470 once again yesterday; therefore remaining intact in front of the pair’s ascend. This stance alongside overbought signs appearing through momentum indicators are factors that encourage us to
expect a bearish intraday direction; targeting first 1.0330 and requires the four-hour candlestick closing stability below 1.0470.
The trading range for today is among the key support at 1.0270 and the key resistance at 1.0550.
.The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
