EUR/USD
The euro versus dollar succeeded in achieving the awaited main targets for yesterday, with positive signs appearing through momentum indicators that might push the pair to bullishly correct and touch 38.2% Fibonacci, for yesterday's bearish wave before resuming the downside direction. From here, we see that the expected direction for today is bearish; targeting next 1.3500, as long as 1.3850 remains intact to maintain chances of achieving these expectations. In addition, it is vital to pay attention to the strong data awaited from the US economy at 13:30 GMT.
The trading range for today is among the key support at 1.3500 and the key resistance at 1.4055.
The general trend is to the upside as far as 1.3480 remains intact with targets at 1.6000.
Support 1.3670 1.3645 1.3575 1.3490 1.3475
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Resistance 1.3800 1.3850 1.3925 1.3970 1.4000
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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.3800 targeting 1.3735 and stop loss above 1.3850, might be appropriate.
GBP/USD
The cable continues moving within the descending channel, shown in the chart above, presently nearing support for this channel inline with positive signs appearing through momentum indicators; forcing the pair to attempt a minor bullish correction before resuming the bearish short term direction. From here, we see that the expected direction for today is bearish that might build a base on minor support 1.5795 and head towards 1.5600 – 1.5585. Keep in mind the importance of trading remaining below 1.5850 to insure achieving the expected intraday descend. Signs are showing strong support at 1.5700; where breaching it will speed up the expected descend for the pair.
The trading range for today is among the key support at 1.5500 and the key resistance at 1.6075.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.
Support 1.5700 1.5615 1.5585 1.5555 1.5515
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Resistance 1.5795 1.5850 1.5890 1.5975 1.6010
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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.5795 targeting 1.5700 and stop loss above 1.5890, might be appropriate.
USD/JPY
The dollar versus yen succeeded in achieving the bearish scenario mentioned yesterday, achieving the main targets and stabilizing in trading below resistance for the descending channel once again. From here, we expect a bearish intraday direction; where its primary targets are around 87.35 and require mainly 90.55 to remain intact in the four hour closing below it.
The trading range for today is among the key support at 87.35 and the key resistance at 91.55.
The general trend is to the downside as far as 102.60 remains intact with targets at 82.60.
Support 89.00 88.45 88.00 88.00 87.35
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Resistance 89.85 90.55 90.80 91.55 92.20
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Recommendation Based on the charts and explanations above our opinion is selling the pair from 89.85 target 89.00 and stop loss above 90.55, might be appropriate.
USD/CHF
The dollar versus swissy was able to achieve the targets for the inverse head & shoulder pattern, appearing in our previous reports, where it halted its incline at main resistance around 1.0790 – the resistance ascending channel shown above -. Momentum indicators are showing negative bearish signs that could force the pair to attempt a bearish correction to rid of these signs before continuing the expected bullish intraday direction; targeting mainly 1.0950 then 1.1020. It is vital that 1.0615 remain intact so these expectations may prevail.
The trading range for today is among the key support at 1.0500 and the key resistance at 1.0950.
The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600.
Support 1.0685 1.0615 1.0575 1.0500 1.0465
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Resistance 1.0790 1.0850 1.0890 1.0935 1.0980
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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.0685 targeting 1.0790 and stop loss below 1.0615, might be appropriate.
USD/CAD
The pair succeeded in achieving the bullish technical pattern's targets, shown in our reports yesterday, where trading stabilized above support for the previously breached ascending channel. The stochastic is still showing positive signs that make us expect a bullish intraday direction that will build a base on support 1.0685 and head towards 1.0865. The breach of 1.0665 will weaken chances of achieving the expected incline.
The trading range for today is among the key support at 1.0620 and the key resistance at 1.0865.
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.
Support 1.0685 1.0620 1.0555 1.0510 1.0465
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Resistance 1.0750 1.0780 1.0865 1.0920 1.0960
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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.0685 targeting 1.0750 and stop loss below 1.0620, might be appropriate.
