EURUSD
The pair succeeded in achieving the suggested scenario yesterday flawlessly, but main support had descended to 1.2150 maintaining a strong stance in front of achieving more downside movement. Currently accompanying it would be positive signs appearing on Stochastic that point to a bullish intraday trend. We think that the breach of 1.2290 will pave the way towards a direct ascend towards 1.2420 initially, but keep in mind that the breach of 1.2150 will help the key bearish trend speed when dropping.
The trading range for today is among the key support at 1.2150 and the key resistance at 1.2420.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
GBPUSD
The pair was unable to breach pivotal support 1.4330 to show signs of an ascending channel that organizes the pair’s upside push. This channel encourages expectations to achieve
more possible upside movement is expected over an intraday basis towards the first key target at 1.4530 – the resistance level’s sideway range – and then insure the upcoming intraday direction. This points to the breach of 1.4380 will pave the way towards yesterday’s scenario returning and targeting mainly 1.4230.The trading range for today is among the key support at 1.4230 and the key resistance at 1.4615.The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
USDJPY
The pair closely neared touching yesterday’s awaited areas of 90.70, while trading is wedged within the sideway range shown yesterday. The same suggested scenario will remain intact, therefore we expect a base to be built on 90.70 followed by a reversal the pair through it will achieve
a bearish intraday direction; targets start at 89.00 and require the daily closing below 91.25 to prevail. The trading range for today is among the key support at 88.40 and the key resistance at 91.25.The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
USDCHF
After the pair’s trading stabilized below support for the broken ascending channel yesterday, signs of a bearish technical pattern where its neckline is at 1.1505 have started to appear. Accompanying this pattern is negative signs that are appearing on Stochastic; these factors encourage us
to expect a bearish trend for today that will start with a clear breach of the mentioned neckline and head towards 1.1400 initially. The breach of 1.1620 is the main factors for making the suggested scenario for the bearish pattern fail.The trading range for today is among the key support at 1.1400 and the key resistance at 1.1650.The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2000.
USDCAD
The pair is moving within the same footsteps as the previous pair, where it has managed to stabilize below broken support and retest the breached level to insure the breach that had occurred – the image above highlights the idea – where the bearish technical pattern formation has appeared. Its neckline resides at 1.0565 and a breach is expected for this level due to negative momentum appearing through the four-hour chart. Technical targets will start at 1.0480 then 1.0390; however, keep in mind that the breach of 1.0740 will help the pair revisit the bullish trend without the need to attempt any bearish correction in the meantime. To recap,
our today’s outlook is bearish.The trading range for today is among the key support at 1.0390 and the key resistance at 1.0745.The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
By: Yasir Mubarak
Main Technical Analyst
