EUR/USD
The pair continues the bearish pressure upon the downside channel's support and till now the pair recorded a single breach attempt for that level. Momentum indicators support the expected bullish correction for today; thus, we await it to touch 1.4500 before resuming the bearish short term overall direction. If the four-hour closing was set below 1.4350, it will cancel the expected bullish direction and accelerate the downside move.
The trading range for today is among the key support at 1.4200 and the key resistance at 1.4585.
The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000.
Support 1.4350 1.4300 1.4250 1.4200 1.4170
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Resistance 1.4400 1.4450 1.4500 1.4585 1.4645
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Recommendation Our morning expectations remain valid
GBP/USD
The cable sharply moved to the downside after activating the bearish technical scenario, mentioned this morning, where it neared the awaited main target at 1.6050. Momentum indicators have started showing positive signs that might pressure the pair into a bullish correction, but our overall expectations are for further bearish moves for today. It is vital that 1.6230 remains intact for the bearish expectations to prevail, preventing the entery into a sideways range again.
The trading range for today is among the key support at 1.6050 and the key resistance at 1.6445.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.
Support 1.6050 1.6000 1.5960 1.5870 1.5800
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Resistance 1.6185 1.6230 1.6285 1.6335 1.6405
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Recommendation Our morning expectations remain valid
USD/JPY
The dollar versus the yen reversed to the downside without the need to touch the resistance level for the descending channel, and now heads towards completing the bearish scenario, shown in our morning report. From here, we await the activation of the bearish intraday direction expected today with a clear breach to 89.35 opening the way to targets at 88.45 and then 87.35. The bearish move remains valid as far as 90.95 remains intact.
The trading range for today is among the key support at 88.45 and the key resistance at 90.95.
The general trend is to the downside as far as 102.60 remains intact with targets at 82.60.
Support 89.35 88.95 88.45 87.75 87.35
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Resistance 89.90 90.75 91.70 92.15 92.85
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Recommendation Based on the charts and explanations above our opinion is selling the pair with the breach of 89.35 target 88.45 and stop loss above 89.90, might be appropriate.
USD/CHF
The dollar versus swissy is clearly biased to the upside by touching 1.0500, but this level seems to be a strong resistance in front of the pair's bullish direction. Momentum indicators show bearish signs that might pressure the pair to slightly correct to the downside, where it will build its base on 1.0445 and then resume the expected bullish trend for today. The bullish trend will prevail as far as four-hour closings are above 1.0385; note that these expectations cancel this week's expected move and holds the expectations in our Montly Report intact.
The trading range for today is among the key support at 1.0345 and the key resistance at 1.0625.
The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600.
Support 1.0445 1.0425 1.0385 1.0345 1.0265
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Resistance 1.0500 1.0550 1.0625 1.0640 1.0700
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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.0445 targeting 1.0550 and stop loss below 1.0345, might be appropriate.
USD/CAD
The dollar versus loonie succeeded in activating the bullish trend scenario, expected this morning, after touching the resistance level for the ascending channel at 1.0735. The pair need to unload negative momentum; thus, we expect a slight bearish correction to re-test 1.0665 again. From here, we confirm our morning scenario for the remainder of trades today, where we await a bearish correction building its base on 1.0665 and then reverse in an expected upside move over intraday basis targeting this time the breach of 1.0735.
The trading range for today is among the key support at 1.0525 and the key resistance at 1.0845.
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.
Support 1.0665 1.0615 1.0575 1.0525 1.0430
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Resistance 1.0735 1.0780 1.0845 1.0870 1.0960
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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.0665 targeting 1.0735 and stop loss below 1.0615, might be appropriate
