EURO
The Euro versus Dollar pair surged to the upside to near our initial target for the intraday uptrend at 1.4875. We see in the above image that trading is within a bullish channel continuing the intraday uptrend with targets at 1.4960 yet with possibility of a slight downside correction to 1.4755 before rebounding back to the upside. The incline remains as far as 1.4665 is intact.
The trading range for today is among the key support at 1.4470 and the key resistance at 1.5135
The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000
Support: 1.4755, 1.4665, 1.4630, 1.4565, 1.4515
Resistance: 1.4875, 1.4900, 1.4965, 1.5000, 1.5075
Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 1.4755 to 1.4875 and stop loss below 1.4665 might be appropriate.
GBP
The Cable was able to breach the 1.6355 resistance level and maintain trading above it gradually nearing the next resistance at 1.6425. The intraday and short term trends are to the upside where we expect the pair to face some difficulties due to the different resistance levels between 1.6410 and 1.6425 alongside the overbought signals on the stochastic indicator which may result in a downside correction to 1.6355 before rebounding back to the upside today targeting 1.6500 and 1.6635 respectively. The uptrend remains as far as 1.6180 is intact.
The trading range for today is among the key support at 1.6000 and the key resistance at 1.6740
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100
Support: 1.6355, 1.6275, 1.6240, 1.6175, 1.6155
Resistance: 1.6410, 1.6500, 1.6595, 1.6635, 1.6660
Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 1.6355 to 1.6500 and stop loss below 1.6275 might be appropriate
JPY
The USD/JPY pair is attempting to breach the support level pointed out yesterday which has shifted to 90.70 as it may result in a decline today if the pair manages to close below the level on the four hour charts. The stochastic indicator is providing bullish signs which may delay the breach yet a successful breakout will open the way towards 88.70 and 88.20 as far as 91.75 remains intact.
The trading range for today is among the key support at 88.20 and the key resistance at 94.70
The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60
Support: 90.70, 90.15, 89.35, 88.70, 88.20
Resistance: 91.25, 91.50, 91.75, 92.10, 92.55
Recommendation: Based on the charts and explanations above, our opinion is selling the pair with the breach of 90.70 to 89.70 and stop loss above 91.50 might be appropriate.
CHF
The Dollar versus Swissy pair is trading around the key support for the minor downside channel at 1.0225 in an attempt to breach it yet the positive pressure seen on momentum indicators is delaying the decline. The breach will be confirmed with a four hour closing below the mentioned level to open the way towards 1.0000 where we expect the pair is to decline on the intraday basis as far as 1.0345 is intact.
The trading range for today is among the key support at 1.000 and the key resistance at 1.0550
The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600
Support: 1.0205, 1.0135, 1.0080, 1.0000, 0.9935
Resistance: 1.0225, 1.0285, 1.0345, 1.0385, 1.0425
Recommendation: Based on the charts and explanations above, our opinion is selling the pair from 1.0225 to 1.0135 and stop loss above 1.0285 might be appropriate.
CAD
Trading maintained levels below the previously breached key support at 1.0715 yesterday where we see a support level at 1.0655 representing the neckline of a bearish technical pattern as seen in the above image. From here we expect the pair to decline on the intraday basis today confirmed with a four hour closing below the neckline with technical targets for the pattern at 1.0465. The stochastic indicator is showing the pair being oversold which may result in volatile trading around the neckline yet the short term trend remains to the downside as far as 1.0820 is intact.
The trading range for today is among the key support at 1.0425 and the key resistance at 1.0900
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0300
Support: 1.0655, 1.0625, 1.0565, 1.0500, 1.0420
Resistance: 1.0715, 1.0750, 1.0795, 1.0845, 1.0885
Recommendation: Based on the charts and explanations above, our opinion is selling the pair with the breach of 1.0655 to 1.0500 and stop loss above 1.0750 might be appropriate.
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