EURUSDThe pair yesterday continued fluctuating above 1.3600, although negative signs are appearing on momentum indicators. A rising wedge pattern has a ppeared with a broken support level. This points out that some minor bearish movement is required to retest 1.3500 before continuing the expected overall bullish trend today. Note that stability must be above 1.3500 to insure that these expectations resume.
The trading range for today is among the key support at 1.3420 and the key resistance at 1.3775.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
GBPUSDThe cable began the awaited bullish wave yesterday after its fluctuation around 1.5800, supported by positivity appearing on Stochastic. Thus, we expect a bullish intraday direction that starts its targets at 1.5935 then 1.6000; whereas a daily closing above 1.5725 is essential so expectations may prevail.
The trading range for today is among the key support at 1.5725 and the key resistance at 1.6000.The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.
USDJPYThe pair traded below resistance for the bearish channel, alongside breaching the correctional 76.4% Fibonacci level at 83.60 and making us await a bearish intraday direction today; targeting 82.85 – 82.40. On the other hand, keep in mind that the breach of 83.65 and stabilizing above it will make the new bullish scenario remain intact.
The trading range for today is among the key support at 82.40 and the key resistance at 84.40.The short term trend is to the downside as far as 91.55 remains intact with targets at 79.60.
USDCHFThe pair continues trading below the pivotal level mentioned yesterday at 0.9795, where the stochastic is gradually losing bullish momentum alongside stabilizing below SMA 50. All these factors make us expect a bearish trend over an intraday basis that started its targets by attacking support for the descending channel at 0.9710, heading towards vital support on the short term trend at 0.9660. Chances of this scenario being met depend on stability of the four hour candlestick below 0.9795.
The trading range for today is among the key support at 0.9635 and the key resistance at 0.9895.The short term trend is to the upside as far as 0.9635 remains intact with targets at 1.1120.
The bullish momentum appearing on the four hour chart caused the pair to move upwards to near sideway resistance at 1.0345, keeping in mind that losing bullish momentum for Stochastic and entering overbought areas adds additional strength for the mentioned resistance level, pointing out that the bearish intraday trendnaturally targets this sideway range’s support level at 1.0245. Note that the four hour closing below 1.0345 so chances of this scenario prevailing are high, since breaching this level could lead to a direct upside movement towards 1.0455.
The trading range for today is among the key support at 1.0105 and the key resistance at 1.0410.The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.