EURUSD
The pair started its gradual descend naturally within the upside intraday channel shown yesterday, in an attempt to build a base on its support level around 1.2160 currently.
Stochastic is gradually losing negative momentum and nearing oversold areas; therefore, we think that
the expected direction for today is bullish, supported by the bullish technical pattern that is currently being formed where its suggested neckline is at 1.2295. Targets have started attacking the mentioned neckline and then head towards 1.2430. It is vital to maintain chances of achieving the awaited ascend for today.
The trading range for today is among the key support at 1.2085 and the key resistance at 1.2430.
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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 pair pushed to the upside in an attempt to insure the breach of the neckline shown yesterday for the suggested bullish technical pattern at 1.4770, where the volatile resistance led the pair to descend. This level is represented in the retest level for the bearish technical pattern over an intraday short term basis that has previously been breached, shown in the following image (
click here for the image). Momentum indicators are supporting the strength of this resistance and therefore we will witness some fluctuation and some minor bullish correctional slant before heading towards
resuming the bullish intraday direction, which has started with a clear breach of resistance between 1.4770 – 1.4795. It points out that stability above 1.4585 is vital to achieve the awaited technical targets for today that start at 1.4850 then 1.4960.
The trading range for today is among the key support at 1.4635 and the key resistance at 1.4960.
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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 continues fluctuating near support for the minor ascending channel around 91.20, while SMA 50 continue ascending as strong resistance in front of the pair’s attempts to ascend. The suggested scenario yesterday will prevail, where we still see that the direction for today is bullish due to support from the bullish signs of Stochastic. The awaited targets start at 93.30, which require the four hour candlestick closing to remain intact above 90.60 to prevail.
The trading range for today is among the key support at 90.60 and the key resistance at 93.30.
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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 trading according to yesterday’s suggested scenario flawlessly as it retests the breached pivotal support yesterday around 1.1425, while trading continues within the bearish correctional channel shown below. It is vital that stability is built below the mentioned level, which encourages us to
expect a bearish intraday trend; targeting first 1.1245. Keep in mind the importance of building a base below 1.1480 to maintain chances of achieving the suggested scenario.
The trading range for today is among the key support at 1.1245 and the key resistance at 1.1545.
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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 is fluctuating around the retest level shown yesterday at 1.0335; whereas the pair is gradually losing positive momentum and stochastic is nearing overbought areas. These factors encourage us to
expect a bearish intraday direction; targeting 1.0130, then attempting to revisit 1.0000 once more. Keep in mind that these expectations require stability below 1.0425 to maintain chances of achieving targets.
The trading range for today is among the key support at 1.0130 and the key resistance at 1.0425.
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