Good morning. Euro holds onto gains after yesterday’s recovery from $1.2185 – level reached after the fast plunge of 1 big figure in one hour.
Today’s important events: UK MPC Meeting Minutes, Bernanke’s Testimony, BoC Monetary Policy Report

EURUSD

Recovery is likely to continue, at least that’s what the 4hrs and daily charts suggest

Market sentiment: intraday – bullish, short-term – bearish

Potential trade strategy: to sell into rallies towards 1.2380-1.2400, targeting 1.2200 and below. Another plan is to buy on strength above current top side around $1.2310

eurusd hourly

Recovery continuation patterns are seen on both 4hrs and daily charts:

eurusd 4hrs

daily chart:

eurusd daily

USDCHF

Support at .9680 is still on the radar screen as yesterday’s rally was sold, so the intraday charts are rather bearish at time of writing.

Market sentiment: intraday – bearish, short-term – slightly bearish

Potential trade strategy: to buy dips around .9680/00 or sell on weakness below .9750/60
usdchf 4hrs

GBPUSD

Yesterday’s recovery from 1.5555 suggests that buyers are in control and a potential breakout above the trendline resistance is likely.

Market sentiment: intraday – bullish, short-term – neutral

Potential trade strategy: to buy on break above 1.5665/70, targeting 1.5800
gbpusd 4hrs

AUDUSD

Aussie dollar keeps climbing above 1.0250 and it seems it’s time to reach fresh monthly highs.

Market sentiment: intraday – bullish, short-term – bullish

Potential trade strategy: to buy dips or hold long while 1.0250 is intact, target at 1.0450

audusd daily

hourly chart:
audusd hourly

AUDCAD

Resistance at 1.0450 is under pressure, so this could be a good breakout trading opportunity.

Market sentiment: intraday – bullish, short-term – bullish

Potential trade strategy: to buy on break above 1.0450 with a target at 1.0600
audcad daily
have a great day!