Major Currencies’ Midday Report

EURUSD

The pivotal resistance level at 1.2430 held against the pair’s attempts to ascend and push it to the downside towards the main support, which currently descended towards 1.2270. As pointed in the morning report, we recommend observing trading today regarding areas at 1.2430 and 1.2270, where breaching the mentioned support will pave for the short term bearishness to continue.
The trading range for today is among the key support at 1.2140 and the key resistance at 1.2570.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.EURUSD


GBPUSD
The pair is currently attacking the sensitive intraday support at 1.4325, supported by the negative signs from Stochastic over four-hour basis. Therefore, a bearish trend is expected for today and requires a clear breach of the mentioned support targeting next 1.4200. The breach of 1.4440 will cause the suggested scenario to fail.The trading range for today is among the key support at 1.4200 and the key resistance at 1.4600.The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.GBPUSD


USDJPY
Four-hour closing was set below the support level for the minor descending channel, accompanied by negative signs on Stochastic signaling more negative pressure on the pair. Our morning expectations for a bearish move remain intact, which starts with the breach of pivotal support at 91.00 targeting 90.20 then 89.50.The trading range for today is among the key support at 90.20 and the key resistance at 92.80.The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.USDJPY


USDCHF
The pair is nearing the awaited correction level at 1.1460, where the bullish intraday scenario will be activated,  as shown in our morning report; our expectations remain intact as far as the pair does not stabilize below 1.1330.The trading range for today is among the key support at 1.0330 and the key resistance at 1.1735.The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2000.USDCHF


USDCAD
The pair strongly breached the resistance level shown above, that has currently turned into support at 1.0485, where the pair is expected to retest it due to the negative pressure from momentum indicators, before resuming the bullish intraday trend. The upside trend requires four-hour closing above 1.0485 to prevail.The trading range for today is among the key support at 1.0335 and the key resistance at 1.0665.The short term trend is to the downside as far as 1.0780 remains intact with targets at 0.9705.


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