EURUSDThe pair stabilized above 61.8% Fibonacci to descend from 1.3332 to 1.2585, in addition to the bullish technical pattern continuing its affect by completing its formation last week at 1.2915. Therefore, we expect an overall bullish trend today that initially targets 1.3330 to pave the way towards achieving more upside movement towards 1.3685, although the negativity of momentum indicators is forcing the pair to resume some minor bearish movement before heading towards achieving the suggested scenario. These expectations require the daily closing to remain above 1.2915 to prevail.
The trading range for today is among the key support at 1.2850 and the key resistance at 1.3495.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
GBPUSDThe pair was able to build a base above the breached pivotal resistance level at 1.5560 pointing to a way towards continuing the bullish trend for the upcoming period. The next targets is heading towards 61.8% Fibonacci correction at 1.5875, supporting this bullish wave is the MA 100 today and thereby pushing the pair to descend. From here, the expected direction for today is bullish as long as the closing is above 1.5560, where targets are heading towards 1.6000.
The trading range for today is among the key support at 1.5425 and the key resistance at 1.6000.The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.
USDJPYThe pair is moving within a narrow range after the ascend it achieved last week appearing through the image above, where this fluctuation is considered to be an attempt to rid of the negative momentum appearing through the daily time frame. Thus, we minor bearish correction is expected for the pair that my build a base on 85.20 – 23.6% Fibonacci from the mentioned sharp ascend – before heading towards resuming the expected bullish trend for this week, which start initially with the breach of pivotal resistance of 86.25. Pointing towards the expected upside built on the breach of resistance of the bearish channel that has currently turned into support at 84.40. Thereby, stabilizing above this level is a vital factor in continuing the aforesaid ascend.
The trading range for today is among the key support at 84.00 and the key resistance at 88.50.The short term trend is to the downside as far as 91.55 remains intact with targets at 79.60.
USDCHF
The pair continues naturally trading within the bearish channel appearing through the chart above, where it currently is nearing resistance at 1.0180. The stochastic is showing positive signs that we expect will touch the mentioned resistance level, followed by a bearish reversal that the pair will resume the aforesaid bearish weekly direction that initially targets 0.9850 that we need to pay attention to expectations that require a closing below 1.0180 to continue.
The trading range for today is among the key support at 0.9850 and the key resistance at 1.0275.The short term trend is to the upside as far as 0.9905 remains intact with targets at 1.1120.
USDCADThe pair is trading in a sideway manner between 1.0345 and 1.0245, while trading near resistance for this sideway range. Momentum indicators are entering overbought areas and thereby making us expect a weekly bearish overall direction, where it will start its key targets at 1.0200 then 1.0105. Note that these expectations will continue if we do not witness a closing above 1.0405.
The trading range for today is among the key support at 1.0000 and the key resistance at 1.0455.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