Major Currencies’ Midday Report

EURUSD

The pair continued downs downside correction reaching 38.2% Fibonacci that meets with the 50 MA. The ability of this level to hold the pair to the upside will help activate the bullish scenario expected for today. We recommend observing trading today awaiting more confirmations and as well amid the negative signals from momentum indicators.
The trading range for today is among the key support at 1.2410 and the key resistance at 1.2785.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.EURUSD


GBPUSD
The pair attempted to breach the neckline mentioned this morning, but the negative pressure will continue pushing the pair to descend. Chances of a successful breach remain valid, supported by the minor ascending channel if we do not witness stability below 1.4365 with four-hour closing. The trading range for today is among the key support at 1.4315 and the key resistance at 1.4685.The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.GBPUSD


USDJPY
The pair is finding a hard time in surpassing 90.50 and returning to trade below 90.00; ignoring the bullish signals from momentum indicators. We hold onto our bearish intraday expectations mainly targeting 88.40, as long as the daily closing remains below 91.05.The trading range for today is among the key support at 88.40 and the key resistance at 92.25.The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.USDJPY


USDCHF
The pair attempted once to breach the pivotal support at 1.1460, but quickly returned to trade above it. Our morning expectations remain intact, but it is vital that the four hour closing is below the mentioned support to support the awaited bearish move.The trading range for today is among the key support at 1.1340 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 faced the minor support, highlighted in red on the chart above, which represents the neckline for the bearish technical pattern under formation. Momentum indicators are nearing overbought areas, thus supporting our expectations for a bearish intraday move that will start with the breach of 1.0595 towards key targets at 1.0500.The trading range for today is among the key support at 1.0425 and the key resistance at 1.0770.The short term trend is to the downside as far as 1.9925 remains intact with targets at 1.1485.USDCAD


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