EURUSDThe pair returned within the support for the previously breached rising wedge and above resistance for the bullish channel that represents the medium term bullish direction. This makes chances of returning the bullish trend returning within the scenario once again, but in return signs of a minor bearish technical pattern are appearing as its neckline is at 1.2875; representing resistance for the breached resistance that has currently turned into support.
Conflicting signs are appearing and make us recommend observing upcoming trading especially for support 1.2875 and resistance 1.2930. We await for the upcoming report to insure the future direction more specifically.
The trading range for today is among the key support at 1.2730 and the key resistance at 1.3030..The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
GBPUSDThe pair stabilized above the MA 50, where a sign of a bullish technical pattern as its neckline is at 1.5310. This makes us expect a bullish intraday direction that will start with the breach of the mentioned neckline that initially targets 1.5455. It is vital the a base is built above 1.5220 to maintain chances of achieving this scenario intact.
The trading range for today is among the key support at 1.5160 and the key resistance at 1.5525..The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
USDJPY
The pair retested support for the previously breached minor bullish channel that has currently turned into resistance at 87.30, accompanied by negative signs appearing through the stochastic. This makes us expect a bearish trend over an intraday basis; targets start at 85.95. This points out that these signs require stability below 88.10 to prevail.
The trading range for today is among the key support at 85.00 and the key resistance at 88.10..The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
USDCHFThe pair has halted its downside movement yesterday at horizontal support 1.0390, which we think will currently form a second bottom for the bullish technical pattern alongside a bullish trend starting through the stochastic. From here, we can expect a bullish intraday direction that targets initially resistance for the sideway range as the pair moves within it at 1.0560. Keep in mind that the breach of 1.0390 and will lead to resuming the bearish direction that has started yesterday.
The trading range for today is among the key support at 1.0280 and the key resistance at 1.0645..The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
USDCAD
The pair halted its downside trend around 76.4% Fibonacci correction where it is currently now wedged above this level and below the previously breached 61.8% level. Stochastic is giving off clear negative signs that make us expect a breach of pivotal support 1.0355, which has become the neckline for the bearish technical pattern. Therefore, we see that the expected direction is a bearish one over an intraday basis; targets start at 1.0265 then 1.0180. The suggested bearish direction requires stability below 1.0510 to prevail.
The trading range for today is among the key support at 1.0180 and the key resistance at 1.0580..The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
By: Yasir Mubarak
Senior Technical Analyst
[email protected]
www.ecpulse.com