EURUSD
The pair managed to breach the neckline shown in our reports yesterday at 1.2430, while pushing towards the upside to closely near the main key target at 1.2570. This confirms natural trading within the descending channel will continue; therefore, we expect to target resistance levels at 1.2950.
Some bearish correction is expected due to negativity from momentum indicators, but in overall a bullish intraday trend is expected; targeting 1.2785 initially and requires 1.2470 to remain intact.The trading range for today is among the key support at 1.2470 and the key resistance at 1.2785.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
GBPUSD
The pair was very close to achieving yesterday’s awaited target at 1.4200, where it rebounded to the upside to complete the bullish technical pattern shown yesterday. The neckline for the suggested pattern is currently at 1.4445, where a breach is expected to pave the way for the bullish intraday trend as its targets start at 1.4600 then 1.4685. Keep in mind the importance of achieving stability above 1.4365 to maintain chances of this scenario prevailing.The trading range for today is among the key support at 1.4315 and the key resistance at 1.4685.The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
USDJPY
The pair succeeded in moving according to yesterday’s scenario and surpassing awaited targets after the sharp bearish wave witnessed yesterday, where it managed to achieve its lowest at 88.95. We await a retest of broken support that has currently turned into resistance at 91.05, followed by resuming the bearish trend for today; key targets are 89.65 then 88.40. The daily closing must be below 91.05 fo chances of the expected bearish scenario to continue.The trading range for today is among the key support at 88.40 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
After the pair managed to achieve the required scenario from yesterday, the top recorded on last Friday Wednesday around 1.1585 once again in front of the pair’s attempts to ascend. This second top recorded yesterday, encouraged us to expect a bearish correction over an intraday basis, which will start with the breach of 1.1460 and head towards the first target in order to retest 1.1340. A break of the mentioned peak could pave the way to resume the bullish short term trend without the required correction.The trading range for today is among the key support at 1.1340 and the key resistance at 1.1735.The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2000.
USDCAD
The pair pushed to the upside yesterday towards levels 1.0700 but was not able to stabilize above it towards the start of the last bullish wave correction at 23.6% Fibonacci at 1.0595. The hourly chart is showing a bearish technical pattern that encourages us to expect more bearish correction that may initially reach 1.0500. Therefore, a bearish intraday direction first requires the breach of 1.0595 in addition to the four hour closing below 1.0685.The trading range for today is among the key support at 1.0425 and the key resistance at 1.0770.The short term trend is to the downside as far as 1.9925 remains intact with targets at 1.1485.
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