The pair has been trading in a narrow range since this morning, awaiting for data from the US. Meanwhile, our morning expectations remain intact; maintaining caution during todays trading.
The trading range for today is among the key support at 1.3430 and the key resistance at 1.3800.
The general trend is to the upside if we do not witness a daily close below 1.3485 with targets at 1.5150.
Support 1.3585 1.3525 1.3485 1.3445 1.3360
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Resistance 1.3605 1.3655 1.3720 1.3800 1.3890
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Recommendation Based on the charts and explanations above our opinion is buying the pair with the breach of 1.3655 targeting 1.3800 and stop loss below 1.3585, might be appropriate.
GBP/USD
In the image above, trading is caught between 23.6% and 50% Fibonacci correction levels, with continuous positive signs from momentum indicators. We hold onto our morning expectations as the expected bullish intraday scenario remains intact if trading stabilizes above 1.4940.
The trading range for today is among the key support at 1.4850 and the key resistance at 1.5270.
The general trend is to the upside as far as 1.4850 remains intact with targets at 1.7000.
Support 1.5005 1.4940 1.4900 1.4850 1.4785
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Resistance 1.5065 1.5130 1.5190 1.5230 1.5270
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Recommendation Our morning expectations remain valid.
USD/JPY
The pair attempted to breach the pivotal resistance at 89.35 once, whereas negative signs from momentum indicators are impeding the pair's expected bullish direction for today. Overall, our morning predictions prevail and will not fail until a clear breach of 88.60 occurs.
The trading range for today is among the key support at 87.75 and the key resistance at 90.60.
The general trend is to the downside as far as 101.65 remains intact with targets at 82.60.
Support 88.60 88.20 87.75 86.90 86.40
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Resistance 89.35 89.70 90.10 90.60 91.40
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Recommendation Based on the charts and explanations above our opinion is buying the pair with the breach of 89.35 target 90.60 and stop loss below 88.60, might be appropriate.
USD/CHF
The pair is gradually descending since this morning, while fluctuating around the 50 MA. Signs of a bearish reversal are clearly appearing on Stochastic, therefore supporting expectations of a bearish intraday trend that will strongly be activated after 1.0645 is breached. It is vital that 1.0825 remains intact to achieve these expectations.
The trading range for today is among the key support at 1.0560 and the key resistance at 1.0895.
The general trend is to the downside as far as 1.1095 remains intact with targets at 0.9910.
Support 1.0755 1.0695 1.0645 1.0605 1.0560
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Resistance 1.0825 1.0850 1.0895 1.0945 1.1000
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Recommendation Based on the charts and explanations above our opinion is selling the pair with the breach of 1.0755 targeting 1.0645 and stop loss above 1.0825, might be appropriate.
USD/CAD
The pair is still trading between both ends of the minor symmetrical triangle, shown in the image above, while momentum indicators lost some of its bullish momentum. Therefore, the suggested morning scenario remains intact where the breach of 1.0305 will active it towards previously mentioned targets. The bearish intraday direction for today remains intact as far as trading is below 1.0405.
The trading range for today is among the key support at 1.0150 and the key resistance at 1.0470.
The general trend is to the downside as far as 1.0780 remains intact with targets at 1.0000.
Support 1.0305 1.0270 1.0220 1.0190 1.0150
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Resistance 1.0355 1.0405 1.0475 1.0500 1.0565
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Recommendation Based on the charts and explanations above our opinion is selling the pair the breach of 1.0305 targeting 1.0220 and stop loss above 1.0355, might be appropriate.
