EURUSDThe pair’s trading between the retested levels at 1.2770 and 61.8% Fibonacci levels at 1.2830 and it found difficulty in breaching due to the negative sings appearing on the four-hour chart momentum indicator.
Volatility is projected that might witness another touch for 1.2770 levels before the pair extend the bullish intraday trend, with targets at 1.2950, which requires a daily closing above 1.2770 – 1.2730. keeping in mind the importance of today’s news from the US regarding unemployment, to be published at 12:30 GMT.
The trading range for today is among the major support at 1.2670 and the major resistance at 1.2950.The short term trend is to the downside as far as 1.3770 is intact with targets at 1.1700.
GBPUSD
The pair continues to trade within the short-term descending channel, where another subsidiary deprecating channel is forming that is keeping the negative pressures on the pair’s trading, which is supported by SMA 50 and the negativity on Stochastic . A bearish intraday direction is projected today with targets at 1.5295 that if breached would pave the path for additional bearishness to target 1.5160 levels, while noting the importance of stability in trading below 1.5555 in order to achieve the suggested scenario.
The trading range for today is among the major support at 1.5160 and the major resistance at 1.5555.The short term trend is to the downside as far as 1.6070 is intact with targets at 1.3800.
USDJPY
The pair is narrow traded yesterday below SMA 50 levels, therefore the suggested scenario in our previous reports is still valid, where a bearish intraday direction is projected, supported by negative signs from Stochastic . Initial targets can be found near 83.00 – 82.70, while the short-term descending trend is dependable on a daily closing below 85.40.
The trading range for today is among the major support at 82.70 and the major resistance at 85.40.The short term trend is to the downside as far as 91.55 is intact with targets at 79.60.
USDCHFTrading remains stable and below 1.0180 levels the holds the key for further bullishness to the descending channel’s resistance levels shown in the above chart. Despite the positive momentum signs appearing on the four-hour chart, a negative pressure forces the pair to depreciate and preventing the ascending scenario, therefore, observing today’s trading is recommended, especially a daily closing below 1.0035 levels, which if obtained, would accelerate the bearish short-term trend.
The trading range for today is among the major support at 0.9915 and the major resistance at 1.0290.The short term trend is to the upside as far as 1.0035 is intact with targets at 1.1120.
USDCAD
The pair attempted to breach the support levels mentioned in yesterday’s report, while currently the pair is rising towards 1.0490 levels, but facing SMA 50 levels as strong resistance that preserves yesterday’s suggested bearish trend, which is supported by negative signs appearing on the stochastic oscillator. These factors force a bearish intraday projection, targeting 1.0395 levels, which requires a clear breach of 1.0490 levels along with stability below 1.0595.
The trading range for today is among the major support at 1.0395 and the major resistance at 1.0670.The short term trend is to the upside as far as 0.9925 is intact with targets at 1.1485.
By: Yasir Mubarak
Senior Technical Analyst
yasir.mubarak@ecpulse.com
www.ecpulse.com