EUR/USD
The Euro versus Dollar pair was able to reach the expected targets yesterday after rebounding from support levels near 1.4705. As we see in the above image, the pair is completing a bullish technical pattern with a neckline at 1.4860, where a breakout will take the pair to the upside on the intraday basis targeting levels above 1.5000. The stochastic indicator is pressuring the pair and may stall inclines, yet the uptrend remains as far as 1.4750 remains intact.
The trading range for today is among the key support at 1.4600 and the key resistance at 1.5035
The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000
Support : 1.4815 1.4750 1.4705 1.4680 1.4650
Resistance : 1.4860 1.4915 1.4970 1.5035 1.5080
Recommendation : Based on the charts and explanations above, our opinion is buying the pair with the breach of 1.4860 to 1.5000 and stop loss below 1.4750 might be appropriate.
GBP/USD
The Cable surged to the upside yesterday to near the key resistance for the downside channel, pressured by positive signs seen on momentum indicators yesterday, which assisted the pair in attempting to breach the resistance levels at 1.6645. Bullish signs are seen on the daily charts – bullish technical pattern – making us believe that the pair is to incline on the intraday basis breaching the scattered resistance levels between 1.6645 and 1.6685 to target 1.7000 initially, as far as 1.6685 remains intact on the four hour charts and 1.6385 on the short term.
The trading range for today is among the key support at 1.6240 and the key resistance at 1.6840
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100.
Support : 1.6505 1.6435 1.6400 1.6335 1.6245
Resistance : 1.6645 1.6685 1.6740 1.6770 1.6800
Recommendation : Based on the charts and explanations above, our opinion is buying the pair from 1.6505 to 1.6645 and stop loss below 1.6435 might be appropriate.
USD/JPY
The USD/JPY pair inclined sharply yesterday in an attempt to return within the previously breached ascending channel, yet as we currently see, the pair was able to breach the key support for the channel once again which still holds the possibility for further declines. The stochastic indicator is showing overbought signs with a bearish crossover making us expect an intraday decline; targeting the 90.25 pivot support and then 88.00. The decline remains as far as 91.50 is intact on the four hour charts.
The trading range for today is among the key support at 88.00 and the key resistance at 92.85
The general trend is to the downside as far as 012.60 remains intact with targets at 84.95 and 82.60
Support : 91.00 90.25 89.65 89.00 88.35
Resistance : 91.25 91.80 92.25 92.85 93.80
Recommendation : Based on the charts and explanations above, our opinion is selling the pair from 91.25 to 90.25 and stop loss above 91.80 might be appropriate.
USD/CHF
The Dollar versus Swissy pair declined in correctional movements after momentum indicators adjusted to the downside where we see a support level at 1.0160 slowly becoming a neckline for a bearish technical pattern, as it proves the strength of the 1.0280 resistance level. The 50 MA is currently limiting any declines supported by the positive signs on the stochastic indicator, yet we believe the pair is to reverse to the downside to target 1.0030 once again. From here we expect the pair to decline as far as 1.0280 remains intact.
The trading range for today is among the key support at 0.9975 and the key resistance at 1.0340
The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600
Support : 1.0160 1.0130 1.0090 1.0030 1.0000
Resistance : 1.0190 1.0240 1.0280 1.0350 1.0390
Recommendation : Based on the charts and explanations above, our opinion is selling the pair with the breach of 1.0160 to 1.0030 and stop loss above 1.0240 might be appropriate.
USD/CAD
The Dollar versus Loonie pair returned to trade below the key resistance for the downside channel as trading was narrow within 1.0655 and 1.0680, as we see in the image above. The consecutive four hour closings below 1.0680 make us expect the pair is to decline on the intraday basis targeting 1.0540 and 1.0475 respectively, after breaching 1.0655 yet the positive signs appearing on the stochastic may result in the further narrow trading until the pair gathers the momentum needed to decline. The decline remains as far as 1.0680 is intact on the four hour charts.
The trading range for today is among the key support at 1.0410 and the key resistance at 1.0965
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000
Support : 1.0655 1.0600 1.0540 1.0475 1.0445
Resistance : 1.0680 1.0735 1.0795 1.0820 1.0880
Recommendation : Based on the charts and explanations above, our opinion is selling the pair with the breach of 1.0655 to 1.0540 and stop loss above 1.0735 might be appropriate.
