EUR/USD
The pair continued it's upwards pressure forming a bullish technical pattern with a neckline at 1.3775. Momentum indicators are showing overbought signs that could cause some fluctuation before resuming the expected bullish short term trend; targets are around 1.3900 – 1.3920. It is vital that trading remain above 1.3680 to achieve these expectations.
The trading range for today is among the key support at 1.3485 and the key resistance at 1.3920.
The general trend is to the upside if we do not witness a daily closing below 1.3485 with targets at 1.5150.
Support 1.3775 1.3715 1.3680 1.3645 1.3580
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Resistance 1.3830 1.3850 1.3920 1.4000 1.4090
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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.3775 targeting 1.3900 and stop loss below 1.3680, might be appropriate.
GBP/USD
The new ascending channel was able to help the pair exit its descending short term channel, shown above. Bearish momentum is appearing on the four hour chart which makes us expect minor bearish movement to retest breached pivotal resistance yesterday at 1.5185, followed by the bullish direction over short term basis; targets start from 1.5275 then 1.5365. Keep in mind the importance of 1.5115 remaining intact to insure the expected bullish direction for today prevails.
The trading range for today is among the key support at 1.5115 and the key resistance at 1.5365.
The general trend is to the upside as far as 1.4850 remains intact with targets at 1.7000.
Support 1.5185 1.5115 1.5060 1.5020 1.4990
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Resistance 1.5265 1.5345 1.5415 1.5475 1.5555
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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.5185 targeting 1.5275 and stop loss below 1.55115, might be appropriate.
USD/JPY
The pair moved sideways since yesterday to touch once again support for the minor ascending channel that organizes the current trading. We expect a bullish intraday that targets 91.20 then 91.60 before returning to resume the bearish short term wave. Keep in mind the breach of 90.00 could pave the way for resuming the bearish short term wave.
The trading range for today is among the key support at 89.65 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 90.60 90.00 89.65 89.35 88.70
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Resistance 91.20 91.60 92.15 92.90 93.75
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Recommendation Based on the charts and explanations above our opinion is buying the pair from 90.60 target 91.60 and stop loss below 90.00, might be appropriate.
USD/CHF
The pair continued fluctuating around support for the current descending channel at 1.0540 in an attempt to breach and head towards vital support 1.0480. Stabilizing below the previously breached neckline at 1.0645, as well as below MA 50 will make us expect a bearish direction over the short term trend; requiring first a clear breach for the support level of 1.0480 that paves the way towards 1.0425 then 1.0310. The expected descend requires 1.0645 to remain intact to maintain chances of achieving it.
The trading range for today is among the key support at 1.0425 and the key resistance at 1.0645.
The general trend is to the downside as far as 1.1095 remains intact with targets at 0.9910.
Support 1.0540 1.0515 1.0480 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 with the breach of 1.0540 targeting 1.0425 and stop loss above 1.0645, might be appropriate.
USD/CAD
The pair failed yesterday to breach the new resistance level at 1.0170 – support for the previously breached descending channel – and thus, the current bearish wave will prevail. This make us, expect a bearish direction over a short term trend; primary targets start at 1.0000 then 0.9950. It is vital that 1.0230 remain intact to insure achieving the expected bearish direction.
The trading range for today is among the key support at 0.9950 and the key resistance at 1.0260.
The general trend is to the downside as far as 1.0780 remains intact with targets at 1.0000.
Support 1.0080 1.0000 0.9950 0.9865 0.9805
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Resistance 1.0170 1.0230 1.0260 1.0305 1.0365
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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0170 targeting 1.0080 and stop loss above 1.0230, might be appropriate.
