EUR/USD
The support level for the ascending channel showed resilience in front of the pair's continuous attempts at moving to the downside, after the daily close above support levels – presently at 1.4875 – the bullish short term direction will remain intact; whereas yesterday's descend was merely a bearish correction set to gain positive momentum. From here we expect a bullish intraday move for today which will activated if the four-hour closing is above 1.4930 targeting initially 1.5050 and then 1.5200. It is vital that the daily close is above 1.4875 to maintain the expected bullish direction.
The trading range for today is among the key support at 1.4650 and the key resistance at 1.5140.
The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000.
Support 1.4875 1.4820 1.4755 1.4700 1.4615
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Resistance 1.4930 1.4995 1.5050 1.5100 1.5140
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Recommendation Based on the charts and explanations above our opinion is buying the pair with the breach of 1.4930 targeting 1.5050 and stop loss below 1.4875, might be appropriate
GBP/USD
The cable returned to trade and stabilize above the main 61.8% Fibonacci correction, where yesterday's close was above it as well; thus, maintaining chances of resuming the bullish short term direction. The last bearish correction was to gather enough bullish momentum to push the pair to the upside, with additional power coming from the bullish technical pattern, shown in the side image, while we await a clear breach for its neckline at 1.6670. Therefore, the expected direction for today remains bullish and targets 1.6875, requiring the four-hour closing to constantly remain above 1.6655.
The trading range for today is among the key support at 1.6515 and the key resistance at 1.6875.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.
Support 1.6600 1.6515 1.6460 1.6400 1.6310
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Resistance 1.6670 1.6740 1.6790 1.6850 1.6875
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Recommendation Based on the charts and explanations above our opinion is buying the pair with the breach of 1.6670 targeting 1.6790 and stop loss below 1.6600, might be appropriate
USD/JPY
The dollar versus the yen continued its narrow trading while constantly fluctuating around the previously breached minor support that had turned into resistance at 89.05. We are still waiting for the bearish wave previously mentioned, thus we expect a bearish intraday move for today, where its main targets are around 87.25 and requires trading to remain below 89.85 to prevail.
The trading range for today is among the key support at 87.25 and the key resistance at 90.60.
The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60.
Support 88.40 88.00 87.25 86.65 86.20
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Resistance 89.05 89.85 90.60 91.30 91.80
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Recommendation Based on the charts and explanations above our opinion is selling the pair from 89.05 target 88.00 and stop loss above 89.85, might be appropriate
USD/CHF
The 50% correction halted the pair's upside move, where the daily closing was below main resistance currently at 1.0135 – the candle shown in the side image -; thus, the bullish correction has been completed and now it will resume the bearish short term direction. The obstacles facing the pair's downside move start from the minor support at 1.0085; in addition to positive signs on Stochastic. In general, we expect a bearish direction for today, where its main targets start at 1.0030 and requires te daily closing to remain below 1.0135.
The trading range for today is among the key support at 0.9950 and the key resistance at 1.0335.
The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600.
Support 1.0085 1.0030 1.0000 0.9950 0.9900
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Resistance 1.0135 1.0185 1.0220 1.0265 1.0310
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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0135 targeting 1.0030 and stop loss above 1.0220, might be appropriate
USD/CAD
The dollar versus loonie stopped ascending yesterday at 61.8% Fibonacci correction for the last bearish wave, where the loss of bullish momentum will cause the pair to start reversing to the downside. We see that the possible bearish short term wave could start today, where in its role could complete a bearish technical pattern, shown in the image above, targeting the breach of main support at 1.0425, to open the way to reverse to the bearish direction steadily. Momentum indicators support our bearish expectations, while keeping in mind the importance of the daily closing to remain below 1.0695 for the downside expectations to prevail.
The trading range for today is among the key support at 1.0425 and the key resistance at 1.0760.
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.
Support 1.0610 1.0535 1.0425 1.0360 1.0325
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Resistance 1.0695 1.0715 1.0760 1.0835 1.0870
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Recommendation Based on the charts and explanations above our opinion is selling the pair with the breach of 1.0610 targeting 1.0425 and stop loss above 1.0695, might be appropriate
