EURUSDThe pair extended its rise within the short-term ascending channel while finding difficulties in surpassing 1.3190 levels affected by the negative sings from the momentum indicator, slight downside correction might take the pair to 1.3105 before rising once more and achieve its intraday bullish direction in order to test the pivotal resistance levels of 1.3250; where breaching those levels would pave the way for additional short-term bullish movements.
The trading range for today is among the key support at 1.3030 and the key resistance at 1.3450.The short term trend is to the downside as far as 1.1700 remains intact with targets at 1.3770.
GBPUSDThe pair has been able to breach the resistance for the main ascending channel to quicken up the bullish short term wave, although resistance for the bullish channel appearing through the image below stops this ascend. The pair is expected to bearishly correct to retest the broken resistance at 1.5845. In overall, the expected short term trend is bullish, but we recommend caution in trading.
The trading range for today is among the key support at 1.5705 and the key resistance at 1.6070.The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.
USDJPY
Level 86.85 has formed a roof over the pair yesterday, where we expect the resistance for today to also show support for the negative direction appearing through the stochastic. Meanwhile, due to stability below SMA 50 we can expect a bearish intraday direction that targets 85.95 then 85.00. keep in mind the importance of stability below 87.25 to maintain chances of achieving the bearish trend for today.
The trading range for today is among the key support at 85.00 and the key resistance at 87.65.The short term trend is to the downside as far as 91.55 remains intact with targets at 82.60.
USDCHF
The pair stabilized below pivotal support 1.0395 shown yesterday; therefore, the bearish trend scenario could be activated. From here, we can expect a bearish intraday trend due to support from trading below SMA 50, where targets start at 1.0280 then 1.0200. We point to the breach of 1.0470 could postpone the bearish trend for today.
The trading range for today is among the key support at 1.0200 and the key resistance at 1.0560.The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
USDCADThe pair stabilized below pivotal support 1.0265 – the previously breached 76.4% Fibonacci – that meets with SMA 50; thus; making us expect a bearish intraday trend due to negative signs appearing on Stochastic, where technical targets start at 1.0135 then 1.0040. Keep in mind that this scenario will prevail if we do not witness a daily closing above 1.0265.
The trading range for today is among the key support at 1.0040 and the key resistance at 1.0340.The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
By: Yasir Mubarak
Senior Technical Analyst
yasir.mubarak@ecpulse.com
www.ecpulse.com