EUR/USD
The pivotal support of 1.3525 continued pushing the pair upwards crossing out attempts of a bearish direction. The pair is currently facing resistance for the descending channel at 1.3665; however, due to the bearish momentum's weakness we expect a bullish intraday direction that will start with the breach of 1.3665 and targets 1.3735 then 1.3800. Keep in mind that the breach of 1.3525 will cross out these expectations and return the previous bearish direction scenario.
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 1.3600 1.3525 1.3485 1.3430 1.3360
________________________________________
Resistance 1.3665 1.3700 1.3735 1.3800 1.3835
________________________________________
Recommendation Based on the charts and explanations above our opinion is buying the pair with the breach of 1.3665 targeting 1.3800 and stop loss below 1.3600, might be appropriate
GBP/USD
Main support 1.4850 showed a strong stance against the pair's attempts to descend and push to the upside hitting into resistance 1.4990. Signs of a bullish technical pattern is under preparation at the current level, where it will encourage us to expect a bullish intraday direction; targeting 1.5100. Note the importance of 1.4850 remaining intact to maintain chances of achieving these expectations.
The trading range for today is among the key support at 1.4795 and the key resistance at 1.5195.
The general trend is to the upside as far as 1.4850 remains intact with targets at 1.7000.
Support 1.4900 1.4850 1.4795 1.4730 1.4685
________________________________________
Resistance 1.4990 1.5030 1.5100 1.5145 1.5195
________________________________________
Recommendation Based on the charts and explanations above our opinion is buying the pair with the breach of 1.4990 targeting 1.5100 and stop loss below 1.4900, might be appropriate.
USD/JPY
The sideway range the pair is trading within appears to be between 90.60 and 89.65, forming resistance 90.60; the possible neckline for the bullish technical pattern that is currently forming. Meanwhile, stabilizing above MA 200 makes us expect a bullish intraday direction that requires the breach of 90.60 and targets 91.60. Keep in mind that the breach of 90.00 will weaken chances of achieving these expectations.
The trading range for today is among the key support at 88.70 and the key resistance at 91.60.
The general trend is to the downside as far as 101.65 remains intact with targets at 82.60.
Support 90.00 89.65 89.35 88.70 88.20
________________________________________
Resistance 90.60 91.20 91.60 92.15 92.40
________________________________________
Recommendation Based on the charts and explanations above our opinion is buying the pair with the breach of 90.60 target 91.60 and stop loss below 90.00, might be appropriate.
USD/CHF
The pair's trading stabilized below support mentioned yesterday that has returned to become resistance at 1.0715, in addition to that it came below MA 50. This makes us expect a bearish intraday direction; targeting 1.0605 then 1.0515. These expectations require the four hour candlestick closing to remain below 1.0740 to prevail.
The trading range for today is among the key support at 1.0515 and the key resistance at 1.0850.
The general trend is to the downside as far as 1.1095 remains intact with targets at 0.9910.
Support 1.0645 1.0605 1.0560 1.0515 1.0460
________________________________________
Resistance 1.0715 1.0795 1.0825 1.0850 1.0895
________________________________________
Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0715 targeting 1.0605 and stop loss above 1.0795, might be appropriate.
USD/CAD
The minor descending channel is controlling the pair's trading since the breach of main support 1.0365 – the neckline for the bearish technical pattern in the image above -. We initially expect natural trading within the current descending channel; therefore we expect a base to be built on resistance 1.0300 followed by a bearish reversal, where the pair will achieve through it a possible bearish intraday trend that targets 1.0210 then 1.0170.
The trading range for today is among the key support at 1.0170 and the key resistance at 1.0365.
The general trend is to the downside as far as 1.0780 remains intact with targets at 1.0000.
Support 1.0210 1.0170 1.0150 1.0080 1.0000
________________________________________
Resistance 1.0300 1.0365 1.0405 1.0475 1.0500
________________________________________
Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0300 targeting 1.0210 and stop loss above 1.0365, might be appropriate.
