EUR/USD
The euro versus the dollar continued its bearish pressure breaching the support for the descending channel, which will help the expected the bearish move accelerate. We hold onto our morning expectations as we await to achieve the mentioned targets that require trading to remain below 1.3850. Note the importance of the U.S labor data and the effect on the market.
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 managed to reach support for the descending channel, shown in the image above, before correcting to the upside as mentioned in our morning report. Momentum indicators are showing positive signs that might push the pair at any moment to attempt the expected correction, but the overall direction today is expected to be bearish and may extend its targets towards 1.5500. It is vital that 1.5850 remains intact to insure the expected bearish direction.
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 1.5500
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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 the yen's sideway trading since this morning attempts to touch the resistance for the descending channel at 89.85. There has not been any change since this morning, therefore we hold onto our morning expectations intact that require trading below 90.55 with four-hour closing.
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 87.65 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 is gradually nearing the minor support at 1.0685 – 38.2% Fibonacci correction for the last ascending wave – with ongoing negative signs on momentum indicators. Our morning expectations will remain intact as we expect the direction today to be bullish; according to our morning scenario. Volatility is expected due to the awaited release of the U.S nonfarm payrolls.
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 continued ascending gradually since this morning within the bullish channel that organizes the current wave, while negative signs appear through momentum indicators that might cause bearish pressures, which could force the pair to attempt the minor bearish correction, expected in our morning report. From here, we hold onto our morning report where the short term bullish wave requires trading to remain above 1.0600.
The trading range for today is among the key support at 1.0600 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 1.0600 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.
