EUR/USD
The ongoing negative pressure has caused the pair's pivotal support to complete forming the bearish technical pattern after breaching its neckline at 1.3635. The fact that, trading is below pivotal support levels point might point out a intraday reversal, where we can expect to see a possible bearish intraday trend that will first retest first the mentioned neckline to head towards 1.3525 then the more vital 1.3485. The breach of 1.3680 will make the bearish technical pattern scenario fail and make the bullish direction show in yesterday's reports return.
The trading range for today is among the key support at 1.3485 and the key resistance at 1.3765.
The general trend is to the upside if we do not witness a daily closing below 1.3485 with targets at 1.5150.
Support 1.3580 1.3525 1.3485 1.3430 1.3360
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Resistance 1.3635 1.3680 1.3730 1.3765 1.3850
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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.3635 targeting 1.3525 and stop loss above 1.3680, might be appropriate.
GBP/USD
The pair managed to achieve yesterday's suggested scenario after touching 1.5225, however, the achieved ascend did not surpass resistance for the ascending channel shown above between 1.5305 – 1.5315. This points to natural trading within this channel that is expected to control the pair's movements over an intraday basis. From here, we expect a bearish trend for today that mainly targets retesting 1.5175 – the previous broken neckline – then 1.5070. Keep in mind that if the pair remains above 1.5310 it will weaken chances of achieving these expectations.
The trading range for today is among the key support at 1.5070 and the key resistance at 1.5380.
The general trend is to the upside as far as 1.4850 remains intact with targets at 1.7000.
Support 1.5225 1.5175 1.5130 1.5060 1.5020
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Resistance 1.5310 1.5345 1.5380 1.5415 1.5475
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Recommendation Based on the charts and explanations above our opinion is selling the pair with the breach of 1.5225 targeting 1.5130 and stop loss above 1.5310, might be appropriate
USD/JPY
Due to the positive momentum from yesterday, trading stabilized above support for the ascending intraday channel, shown in our previous reports for the awaited breach process. Momentum indicators have started to lose bullish momentum, thus making us maintain our previous expectations and expect a bearish direction over an intraday basis, which will start with the breach of 90.00 and head towards 89.30 then 89.00. Keep an eye on 90.60, where the four hour candlestick closing above it will pave the way for a temporary ascend that targets 91.50 mainly.
The trading range for today is among the key support at 89.00 and the key resistance at 91.50.
The general trend is to the downside as far as 101.65 remains intact with targets at 82.60.
Support 90.00 89.65 89.00 88.70 88.20
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Resistance 90.60 91.30 91.60 92.15 92.90
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Recommendation Based on the charts and explanations above our opinion is selling the pair with the breach of 90.00 target 89.00 and stop loss above 90.60, might be appropriate.
USD/CHF
The pair retested the previously breached pivotal support at 1.0645, where current trading is wedged between this level and the support level for the descending short term channel. Momentum indicators are showing positive signs that make us expect trading to continue over a short term trend within the descending channel; therefore, we expect a bullish intraday direction that targets 1.0645 then breach to pave the way to reach this channel's resistance at 1.0715. Keep in mind that the breach of 1.0495 will point out that the bearish short term wave will resume.
The trading range for today is among the key support at 1.0425 and the key resistance at 1.0715.
The general trend is to the downside as far as 1.1095 remains intact with targets at 0.9910.
Support 1.0520 1.0495 1.0425 1.0360 1.0300
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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 buying the pair from 1.0520 targeting 1.0645 and stop loss below 1.0425, might be appropriate.
USD/CAD
The pair managed to breach resistance for the descending channel, shown in the image above in a bullish slant, where we can consider this a bullish correction that will target 1.0245 firstly then 1.0315 secondly. We might witness some fluctuations between 1.0195 and 1.0120 to rid of the negative momentum before continuing the expected ascend over an intraday basis, which will remain intact if we do not witness a four-hour closing below 1.0080.
The trading range for today is among the key support at 1.0000 and the key resistance at 1.0315.
The general trend is to the downside as far as 1.0780 remains intact with targets at 1.0000.
Support 1.0120 1.0080 1.0000 0.9950 0.9865
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Resistance 1.0195 1.0245 1.0315 1.0365 1.0445
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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.0120 targeting 1.0245 and stop loss below 1.0080, might be appropriate.
