EUR/USD
The pair is fluctuating around the breached resistance for the descending channel, which turned into strong support presently around 1.3715. The pair remains moving within the new ascending channel; therefore encouraging us to expect a bullish intraday move for the remainder of trading today, where targets start at 1.3850 then 1.3960 and requires trading to remain above 1.3645.
The trading range for today is among the key support at 1.3640 and the key resistance at 1.3850.
The expected short term trend is bullish targeting areas of 1.5150 as far as 1.3485 remains intact.
Support 1.3715 1.3645 1.3580 1.3535 1.3485
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Resistance 1.3770 1.3830 1.3850 1.3960 1.4000
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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.3715 targeting 1.3850 and stop loss below 1.3645, might be appropriate.
GBP/USD
Due to the effect of the strength of the resistance level for the main descending channel, the pair declined sharply to touch the pivotal support at 1.5020 –previously breached resistance-. Momentum indicators are entering oversold areas, thus making us expect the intraday direction for remainder of trading today to be bullish targeting initially 1.05170 that require 1.4940 to remain intact.
The trading range for today is among the key support at 1.4940 and the key resistance at 1.5170.
The expected short term trend is bullish targeting 1.7000 as far as 1.4850 remains.
Support 1.5020 1.4990 1.4940 1.4900 1.4850
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Resistance 1.5130 1.5170 1.5210 1.5280 1.5345
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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.5020 targeting 1.5170 and stop loss below 1.4940, might be appropriate.
USD/JPY
The pair has been trading in a narrow range since this morning around the main 61.8% Fibonacci correction. Signs of an ascending channel, shown in the image above, signal an expected bullish intraday move expected to reach areas around 91.30 before resuming the bearish short term trend. Breaching 90.30 fails the expected upside move leading the pair to the downside towards 89.65 as a primary target.
The trading range for today is among the key support at 89.65 and the key resistance at 91.30.
The expected short term trend is bearish as far as 101.65 remains intact targeting 82.60.
Support 90.35 89.65 89.35 88.70 88.20
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Resistance 91.30 92.15 92.90 93.75 94.50
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Recommendation Based on the charts and explanations above our opinion is buying the pair from 90.60 target 91.30 and stop loss below 90.10, might be appropriate.
USD/CHF
The pair fluctuated around the support for the descending short term channel, shown in the image above, but due to positive signs on momentum indicators; we expect it to push the pair to retest the previously breached support at 1.0645. Therefore, we see that the expected direction for today is bearish over intraday basis, where main targets start at 1.0515 then 1.0470. The breach of 1.0560 will accelerate the bearish move without the need to retest the mentioned level above.
The trading range for today is among the key support at 1.0470 and the key resistance at 1.0670.
The expected short term trend is to the downside as far as 1.1095 remains intact with targets at 0.9910.
Support 1.0560 1.0515 1.0470 1.0425 1.0360
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Resistance 1.0605 1.0645 1.0715 1.0790 1.0840
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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0645 targeting 1.0515 and stop loss above 1.0715, might be appropriate.
USD/CAD
The pair stabilized below the support for the previously breached descending channel -that currently turned into resistance at 1.0190-. Stochastic started to lose bullish momentum, thus making us expect the direction for the rest of the day is bearish where targets start at 1.0080 then 1.0000. The bearish intraday move requires trading to remain below 1.0275.
The trading range for today is among the key support at 1.0000 and the key resistance at 1.0275.
The expected short term trend is to the downside as far as 1.0780 remains intact with targets at 1.0000.
Support 1.0150 1.0080 1.0000 0.9950 0.9865
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Resistance 1.0190 1.0230 1.0275 1.0365 1.0445
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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0190 targeting 1.0080 and stop loss above 1.0275, might be appropriate.
