EURUSDAfter the 76.4% Fibonacci level showed a strong stance in front of the pair’s upside movement, the pair descended to near support for the bullish channel that organizes the correction trend that has started near the bottom at 1.1874. SMA has met with support for this channel at 1.3110, alongside the clear oversold signs appearing on Stochastic; therefore, we expect a bullish intraday starting its targets at 1.3250 in an attempt to insure a breach of more bullish short term direction. Keep in mind the importance of breaching 1.3110 and building a base below it will weaken chances of achieving more bullish movement.
The trading range for today is among the key support at 1.3025 and the key resistance at 1.3325.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
GBPUSDAfter reaching the awaited support around 1.5870, the pair is trading in a sideway manner where the pair is currently below the retest level that has ascended now towards 1.5890; while signs of a minor bearish technical pattern is expected to push the pair to the downside towards support for the bullish short term channel at 1.5800. From here, we await to touch the mentioned support level as the pair will start an expected bullish intraday trend from there, where targets start at 1.5895 then 1.6010. However, it is vital that a base is built above 1.5800 to insure that this suggested bullish wave prevails.
The trading range for today is among the key support at 1.5725 and the key resistance at 1.6070. The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.
The pair attempted to correct to the upside yesterday as it halted at 38.2% Fibonacci at 86.35, accompanying this correction as Stochastic enters overbought areas; thus, making us expect that the pair has had enough with this correction. The expected direction is a bearish trend over an intraday basis; targets are at 85.00 then 84.00. These expectations require trading to stabilize below 87.05.
The trading range for today is among the key support at 84.00 and the key resistance at 87.05.The short term trend is to the downside as far as 91.55 remains intact with targets at 82.60.
USDCHFThe pair strongly inclined to touch resistance for the sideway resistance once again at 1.0560. This level is still forming the roof for trading since mid last year, supported by the negativity of momentum indicators, where we expect it to continue maintaining this level’s stance. Therefore, we can expect a bearish intraday trend that targets first attacking support for the sideway range at 1.0395. We point out that the breach of 1.0560 and building a base above it will weaken chances of achieving the awaited downside trend today.
The trading range for today is among the key support at 1.0350 and the key resistance at 1.0670.The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
The pair is close to touching the initial main target around yesterday around 1.0135 keeping in mind that the pair was able to stabilize below minor support 1.0200. This is below 1.0200 in addition to stabilizing below SMA 50 encourages us to expect a bearish intraday trend; upcoming targets are around 1.0040 – 1.0000. Chances of the expected bearish trend continuing depend on building a base below 1.0265.
The trading range for today is among the key support at 1.0000 and the key resistance at 1.0265.The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.