EURUSDThe pair since this morning has been trading on a negative slant, although 1.3185 stands as a barrier stopping the pair from moving to the downside; keeping in mind that Stochastic is gradually unloading the negative momentum. Therefore, our morning expectations remain intact.
The trading range for today is among the key support at 1.3075 and the key resistance at 1.3450.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
GBPUSDThe pair managed to achieve the awaited downside move to retest the previously breached resistance level that has currently turned into support at 1.5875, although the MA 50 has pushed the pair to the upside from 1.5890 due to support from positive signs on Stochastic. These factors support the expected bullish intraday direction that targets 1.6010 – 1.6070, where the four hour closing must be above 1.5875 for the expectations to prevail.
The trading range for today is among the key support at 1.5790 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.
USDJPYThe pair is trading within a narrow range since this morning without any evident change on our morning report. We hold onto our expectations as long as a base is built below 86.55.
The trading range for today is among the key support at 84.00 and the key resistance at 86.85.The short term trend is to the downside as far as 91.55 remains intact with targets at 82.60.
USDCHF
The pair is currently attacking the pivotal support that is awaited to be breached at 1.0395, supported by negative momentum on Stochastic; thus, our expectations remain intact as we await for a clear breach of the mentioned support to activate the suggested bearish scenario.
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.
USDCAD
The pair retested 1.0265 and reversed to the downside supported by the bearish direction on Stochastic. The suggested morning scenario will be activated as we await achieving the previously highlighted targets, which require trading to stabilize below 1.0265 to prevail.
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