EURO
The resistance level at 1.4990 halted further inclines yesterday for the Euro versus Dollar pair, which resulted in a downside correction to reach the 61.8% correction. This correction hit the key support for the bullish channel that the pair has been trading within, where we see positive signs on the stochastic indicator making us believe the pair is to incline on the intraday basis targeting 1.5100 as far as 1.4785 is intact.
The trading range for today is among the key support at 1.4675 and the key resistance at 1.5280
The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000
Support: 1.4905, 1.4825, 1.4785, 1.4745, 1.4675
Resistance: 1.4990, 1.5020, 1.5080, 1.5130, 1.5205
Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 1.4905 to 1.5020 and stop loss below 1.4825 might be appropriate.
GBP
The Cable attempted to breach the pivot resistance yesterday at 1.6445, yet the negative pressure continued to drag the pair to the downside to consolidate within 1.6430 and 1.6380 once again, seen in the above image. Momentum indicators are still negatively pressuring the pair, yet we expect the general trend today is to the upside confirmed with the breach of 1.6430 to target 1.6740.
The trading range for today is among the key support at 1.6100 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: 1.6380, 1.6320, 1.6270, 1.6210, 1.6165
Resistance: 1.6430, 1.6500, 1.6600, 1.6635, 1.6660
Recommendation: Based on the charts and explanations above, our opinion is buying the pair with the breach of 1.6430 to 1.6600 and stop loss below 1.6320 might be appropriate.
JPY
The USD/JPY pair surged to the upside yesterday within a minor bearish channel, which delayed the pair from reaching the key support for the key bullish channel currently residing at 89.85. The stochastic indicator is showing a bearish crossover, which may take the pair to the mentioned key support before rebounding back to the upside targeting 92.00. This uptrend remains valid as far as 89.85 is intact on the four hour charts.
The trading range for today is among the key support at 86.75 and the key resistance at 93.30
The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60
Support: 89.85, 89.45, 88.90, 88.35, 87.80
Resistance: 90.80, 91.30, 92.00, 92.80, 93.30
Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 89.85 to 91.30 and stop loss below 88.90 might be appropriate
CHF
The Dollar versus Swissy attempted to breach the resistance level at 1.0125, yet failed to do so due to the negative pressure that held the pair below this level. Momentum indicators are currently neutral and we are waiting for the bearish signs to support the short term downtrend targeting 1.0000. This decline remains as far as .0285 is intact.
The trading range for today is among the key support at 0.9880 and the key resistance at 1.0450
The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600
Support: 1.0080, 1.0000, 0.9935, 0.9880, 0.9840
Resistance: 1.0125, 1.0185, 1.0260, 1.0285, 1.0350
Recommendation: Based on the charts and explanations above, our opinion is selling the pair from 1.0125 to 1.0000 and stop loss above 1.0185 might be appropriate
CAD
The Dollar versus Loonie pair surged yesterday, after the interest rate decision to support the bullish technical pattern, seen in the image above, which took the pair near the key resistance at 1.0565 to complete the upside correction that we expected. The short term trend remains to the downside as far as 1.0565 is intact; therefore we expect the pair to reverse to the downside after reaching this resistance to target 1.0300 initially. The stochastic indicator supports our overview.
The trading range for today is among the key support at 1.0200 and the key resistance at 1.0670
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000
Support: 1.0435, 1.0380, 1.0255, 1.0205, 1.0150
Resistance: 1.0565, 1.0625, 1.0670, 1.0720, 1.0800
Recommendation: Based on the charts and explanations above, our opinion is selling the pair from 1.0560 to 1.0435 and stop loss above 1.0625 might be appropriate
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