The euro versus the dollar continued its downside pressures upon 1.4725 support, with a downside breach attempt; nevertheless, the pair instantly returned to trade around this level, in an attempt to return to its expected upside direction. However, we still hold onto our morning expectations of an intraday upside direction, where expectations are supported by Stochastic's oversold signs. It is critical that trading remain above 1.4470 to maintain the expected ascend for the remainder of today's trading.
The trading range for today is among the key support at 1.4470 and the key resistance at 1.4970.
The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000.
Support : 1.4725 1.4690 1.4650 1.4595 1.4515
Resistance : 1.4770 1.4845 1.4875 1.4900 1.4970
Recommendation : Our morning expectations remain valid
GBP/USD
Cable was forced by the resistance level at 1.6120, forcing it to decline and breach 1.6020 while barely reaching the key support at 1.5935; where the pair managed to return to the upside again and stabilize trading above the later level. However, we still see the pair is to move to the upside over intraday and short term basis, while noticing it trading between both ends of the ascending triangle with its resistance level at 1.6120. Consequently, we expect the pair to head towards breaching it to open the way to complete the bullish short term direction. It is vital that trading remain above 1.5800 to maintain the expected upside move.
The trading range for today is among the key support at 1.5550 and the key resistance at 1.6300.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100.
Support : 1.5935 1.5870 1.5800 1.5770 1.5700
Resistance : 1.6035 1.6085 1.6120 1.6200 1.6265
Recommendation : Based on the charts and explanations above our opinion is buying the pair with the breach of 1.6120 targeting 1.6035 and stop below 1.5955, might be appropriate
USD/JPY
The 50 MA pressured the dollar versus the yen to move to the downside, where we expect it to be a bearish correction for the last ascending wave, which started yesterday. However, we see that today's expected downside movement is still intact, while we await its rebound after building its base on the 61.8% correction at 88.60 and then head towards 90.10. It is important that trading remains above 88.00 to maintain the bullish direction intact.
The trading range for today is among the key support at 86.75 and the key resistance at 93.65.
The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60.
Support : 88.60 88.00 87.50 87.15 86.75
Resistance : 89.40 89.70 90.10 90.95 91.35
Recommendation : Based on the charts and explanations above our opinion is buying the pair at 88.60 To target 90.15 and stop loss below 88.00, might be appropriate
USD/CHF
The dollar versus swissy neared the awaited resistance level at 1.0330 (achieving its highest at 1.0320). For today, we expect it to start its intraday descend, supported by negative signs on stochastic, shown on the chart above. From here, we believe that the direction mentioned in our morning report will prevail, while we await a clear breach of the minor support level at 1.0285 opening the way for the desired downside move. It is important that trading remains below 1.0370 to maintain the expected downside direction.
The trading range for today is among the key support at 1.0000 and the key resistance at 1.0550.
The general trend is to the downside (so far) as far as 1.1225 remains intact with targets at 0.9600.
Support : 1.0285 1.0245 1.0185 1.0110 1.0080
Resistance : 1.0325 1.0370 1.0465 1.0500 1.0550
Recommendation : Based on the charts and explanations above our opinion is selling the pair with the breach of 1.0285 and targeting 1.0185 and stop loss above 1.0370, might be appropriate
USD/CAD
The dollar versus loonie failed in reaching the awaited resistance level at 1.0575, where it sharply descended, specifically after the Canadian unemployment fundamentals were released, breaching the minor support at 1.0500; heading towards its first target at 1.0400. We still await more bearish moves over intraday basis, supported by the short downside direction; where its next target is at 1.0300 and then 1.0000. Notice that there are some mixed fluctuations and upside moves that are to retest the breached support at 1.0500; bullish positive signs are appearing on momentum indicators that could impede the pair's descend. However, the overall direction remains bearish and requires trading to remain below 1.0705.
The trading range for today is among the key support at 1.0305 and the key resistance at 1.0820.
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.
Support : 1.0400 1.0350 1.0315 1.0285 1.0245
Resistance : 1.0500 1.0575 1.0630 1.0680 1.0720
Recommendation : Based on the charts and explanations above our opinion is selling the pair at 1.0500 and targeting 1.0350 and stop loss above 1.0575, might be appropriate
