Major Currencies’ Morning Report

EURUSD

The pair stabilized once again above support for the previously breached descending channel – currently at 1.2275 – while signs of a bullish technical pattern appear in the minor image above could cause a bullish rebound, supported by positive signs appearing through momentum indicators.
We recommend observing today’s trading, espeically for support 1.2275 and resistance 1.2430 since the pair stabilizing above the last level could lead to a direct ascend reaching 1.2570.The trading range for today is among the key support at 1.2140 and the key resistance at 1.2570.The general trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.EURUSD


GBPUSD
The pair neared in a major way touching the awaited target from yesterday at 1.4210, where it pushed once again to the upside to face pivotal resistance at 1.4440. Stochastic is showing negative signs that oppose the idea of a bullish technical pattern completion that is currently forming. We think that clear breach of 1.4440 which could carry the pair towards 1.4600 – 1.4640; whereas stability is achievied below 1.4325 adding more negative pressure on the pair and pushing it towards the key support at 1.4200.The trading range for today is among the key support at 1.4200 and the key resistance at 1.4600.The general trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.GBPUSD


USDJPY
The pair was not able to to stabilize below support the minor descending channel shown above, after support for the bullish short term trend stabilized at 91.00. Some fluctuation with bulilsh slant is possible but in overall we recommend a bearish intraday direction; targeting the attack of 91.00 then pave the way towards 90.20. It is vital that stability is achieved below 92.80 to insure the bearish morning scenario this morning is achieved.The trading range for today is among the key support at 90.20 and the key resistance at 92.80.The general trend is to the downside as far as 101.65 remains intact with targets at 82.60.USDJPY


USDCHF
The pair is wedged above 1.1500 is ignoring the negative momentum appearing on the image above. Some possible fluctuation is expected, which could head towards 38.2% Fibonacci correction level at 1.1460 from the bullish wave that has started after the breach of resistance for the ascending wave then continuing the bullish intraday direction. The bullish short term trend will remain intact as long as trading is above 1.1330.The trading range for today is among the key support at 1.0330 and the key resistance at 1.1100.The general trend is to the upside as far as 1.0200 remains intact with targets at 1.2000.USDCHF


USDCAD
The pair touched resistance for the minor channel and reversed to the downside naturally trading within this channel; whereas the stochastic is descending and nearing oversold areas. The pair might build a base on 1.0435 to gain bullish momentum to it may resume the bullish intraday trend; targets are at 1.0665. It is vital that 1.0335 remain intact to insure achieving thes expectations.The trading range for today is among the key support at 1.0335 and the key resistance at 1.0665.The general trend is to the downside as far as 1.0780 remains intact with targets at 0.9705.USDCAD


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