EURUSDThe pair is finding difficulty in surpassing 1.3680 yet still within the minor ascending channel above. We expect the intraday upside wave to continue today targeting the main resistance for the bullish channel at 1.3810. Breaching areas of 1.3605 and consolidation below it will delay the expected bullishness.
The trading range for today is among the major support at 1.3500 and the major resistance at 1.3850.The short term trend is to the downside as far as 1.3770 is intact with targets at 1.1700.
GBPUSDThe pair declined strongly yesterday reaching the support for the ascending channel structuring the current wave as shown above. The pair is attempting to stabilize above the retest level mentioned yesterday at 1.5725 yet still faced with the resistance of the 50 MA. Stochastic is oversold supporting our expectations or an intraday upside move targeting 1.5900-35 which requires the daily closing to remain above 1.5675.
The trading range for today is among the major support at 1.5660 and the major resistance at 1.5935.The short term trend is to the downside as far as 1.6070 is intact with targets at 1.3800.
USDJPYThe pair is trading near the main support at 83.60 at the time Stochastic gradually loses the bullish momentum. Accordingly, we expect the pair to initiate an intraday downside move targeting 82.40 then 81.60 which requires consolidation below 83.60.
The trading range for today is among the major support at 81.60 and the major resistance at 84.40.The short term trend is to the downside as far as 91.55 is intact with targets at 79.60.
USDCHFThe pair inclined yesterday affected by the strength of the descending channel’s support, yet the 50 MA acted as a ceiling against the short term bullishness accompanied by momentum indicators entering overbought areas. Therefore, we expect an intraday bearish move today targeting the support for the descending channel at 0.9705 attempting to breach it and expand the bearishness over short term basis. Breaching and consolidating above 0.9855 keeps trading ideally within the descending channel and will take the pair higher towards 1.0000.
The trading range for today is among the major support at 0.9635 and the major resistance at 0.9930.The short term trend is to the upside with steady daily closing above 0.9935 targeting 1.1120.
USDCADThe pair ideally respected yesterday’s scenario and continues to trade within the sideways range shown in our previous reports. Over four-hour basis we have a reversal Diamond pattern with the resistance at 1.0345 and accordingly the pair might reverse higher as far as it succeeds in breaching the resistance. Therefore, we recommend observing the pair closely today and especially the closing around the resistance at 1.345 and support at 1.0245.
The trading range for today is among the major support at 1.0105 and the major resistance at 1.0465.The short term trend is to the upside as far as 0.9925 is intact with targets at 1.1485.
By: Yasir Mubarak
Senior Technical Analyst