Major Currencies’ Midday Report

EURUSD

The pair is trading under more negative pressure below the retest level shown above, due to effects from the minor bearish pattern, where its neckline at 1.2470 has been breached. Stochastic entered oversold areas, thus holding the possibility for the morning scenario suggested in the weekly report. The morning bullish intraday direction will prevail if a base is built above 1.2345.
The trading range for today is among the key support at 1.2345 and the key resistance at 1.2550.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.EURUSD


GBPUSD
The pair breached the support for the bearish technical pattern seen over four hour basis has at 1.4430, which activated a bearish correction which we expect to reach 1.4345. This descend is supported by negative signs on Stochastic, but overall the expected direction today is bullish after the bearish correction with targets starting from 1.4530.The trading range for today is among the key support at 1.4300 and the key resistance at 1.4530.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 trading within a narrow range since this morning, while positive signs are appearing through momentum indicators. No change is seen since this morning, thus a bullish correction is expected followed by continuation to the bearish move targeting initially 89.00. It is vital that the daily closing is below 91.00 to maintain these expectations.The trading range for today is among the key support at 89.00 and the key resistance at 91.00.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 attacking the sideways range resistance level shown above at 1.1585. If the pair succeeds in breaching the mentioned level the bullish pattern will be activated, weakening the possibility for the awaited bearish correction. Momentum indicators seem to be showing negative signs that restrict the possibility for the breach. Volatility and fluctuating is expected amid mixed trading which is why we recommend awaiting more confirmations to define the upcoming move. The trading range for today is among the key support at 1.1460 and the key resistance at 1.1685.The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2000.USDCHF


USDCAD
The 100 MA halted the bearish intraday move that started after breaching the support for the rising wedge, shown in our previous reports, where the pair rushed towards breaching the resistance for the descending channel that managed the last bearish wave. Chances of returning to complete the awaited bearish correction will remain intact since the descending channel’s breach has not been confirmed yet. A bearish intraday move is expected today if the pair does not breach 1.0665.The trading range for today is among the key support at 1.0500 and the key resistance at 1.0665.The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.USDCAD


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