EUR/USD
The euro versus the dollar was able to achieve the intraday bearish targets, mentioned in Friday's midday report, at 1.4800 and moved to the upside to near strong scattered resistance levels at 1.4960. We think that the pair will attempt a minor bearish correction, where it will gain bullish momentum that will make the pair rebound towards the bullish direction throughout the clear breach of 1.4960. Thus, we expect a bullish intraday direction for today that targets 1.5100 and requires trading to remain above 1.04855 to prevail.
The trading range for today is among the key support at 1.4800 and the key resistance at 1.5100.
The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000.
Support 1.4890 1.4855 1.4800 1.4755 1.4700
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Resistance 1.4960 1.5000 1.5050 1.5100 1.5140
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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.4890 targeting 1.5000 and stop loss below 1.4800, might be appropriate
GBP/USD
Cable touched the support level for the minor bearish channel that represents the bearish short term wave. Last week's close was below 1.6530, where it insured the bearish short term direction. Meanwhile, we can expect some fluctuations within the minor bearish channel and then reverse for a bearish trend over an intraday basis; where its targets start at 1.6405 and require the four-hour closing to remain below 1.6580.
The trading range for today is among the key support at 1.6350 and the key resistance at 1.6735.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.
Support 1.6495 1.6460 1.6405 1.6310 1.6245
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Resistance 1.6580 1.6665 1.6740 1.6790 1.6850
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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.6580 targeting 1.6405 and stop loss above 1.6665, might be appropriate
USD/JPY
The dollar versus Japanese yen continued its sideway trading below the previously broken pivotal support, which is presently at 89.15. We still that the pair has more possible bearish movement for today, where it's main targets start at 87.15 but needs to gain enough bearish momentum to support the expected bearish direction; thus, keeping the sideway fluctuation persistent for a while. The expected bearish direction will prevail if 89.75 is not breached.
The trading range for today is among the key support at 87.15 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 88.75 88.00 87.15 86.65 86.20
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Resistance 89.15 89.75 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 89.15 target 88.00 and stop loss above 89.75, might be appropriate.
USD/CHF
The dollar versus swissy halted it's ascend at resistance level for the minor bullish channel, which organizes the pair's trading since the middle of the current month almost, while the pair nears support at 1.0085. The structured trading within this channel makes us expect a bullish intraday direction for today, which will build its base on the mentioned support level and target 1.0240. Keep in mind the importance of trading remaining above 1.0085 to maintain chances of continuing the expected bullish direction.
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 1.0185 1.0240 1.0265 1.0310 1.0335
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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.0085 targeting 0.0185 and stop loss below 1.0030, might be appropriate.
USD/CAD
The dollar versus loonie halted it's ascend at 61.8% Fibonacci correction level and reversed to the downside; meanwhile, we expect it to form a bearish technical pattern over an intraday basis. The expected scenario, shown in the side image, where we await a minor bullish correction to build its base on 1.0665 and then start the bearish intraday that will help the suggested bearish trend to begin. From here we await a possible bearish intraday for today which targets 1.0520 and requires trading to remain below 1.0700 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 1.0620 1.0585 1.0520 1.0475 1.0425
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Resistance 1.0700 1.0760 1.0835 1.0870 1.0960
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Recommendation Based on the charts and explanations above our opinion is selling the pair with the breach of 1.0625 targeting 1.0520 and stop loss above 1.0520, might be appropriate.
