EURUSDThe pair is trading near support for the bullish channel which is ascending towards 1.3145, while SMA 50 supports this channel. This support’s stance encourages us to expect a bullish intraday trend; targeting once again pivotal resistance 1.3250 in an attempt to breach and head towards 1.3400 as the next initial target. Keep in mind that the breach of 1.3115 will weaken chances of achieving the expected ascend for today and lead to a direct downside towards levels below 1.3000. It is vital to be cautious when trading today due to the awaited US unemployment data for today.
The trading range for today is among the key support at 1.3025 and the key resistance at 1.3400.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
The pair is trading within a narrow range since touching 1.5900 as its currently moves near support for the bullish short term channel, as long as we keep in mind that the fluctuation had helped the pair to gather bullish momentum appearing on Stochastic. This makes us expected a bullish direction over an intraday basis, where its targets start at 1.5965 then 1.6070. Notice that the suggested bullish trend requires trading to build a base above 1.5765 to prevail.
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 achieved halfway towards yesterday’s awaited target followed by bullishrebound due to the positive effect that continue its effect on the pair over the four-hour chart, where we find that the bullish technical pattern is appearing clearly; the neckline for this pattern is at 86.35. The positive momentum, alongside this pattern, are factors that make us expect a bullish intraday direction that requires two main factors to achieve it; first, a clear breach of 86.35, second is trading above 85.70. Technical targets start at 87.45.
The trading range for today is among the key support at 85.35 and the key resistance at 87.45.The short term trend is to the downside as far as 91.55 remains intact with targets at 82.60.
USDCHFThe pair is trading within the sideway channel that controls trading since the middle of last month, with bullish signs offered by the stochastic alongside currently trading above SMA 50; thus, providing us with chances of reaching this range’s resistance at 1.0560 as we expect the pair to obtain bearish momentum that is enough to push the pair to the downside once again. In overall, we can expect to witness a bearish intraday directionthat initially targets attacking 1.0395 and then paved the way towards the next target at 1.0280, but keep in mind the importance of stabilizing below 1.0560 to insure chances of these expectations.
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.
After touching the initial key target at 1.0105, the pair rebounded to the upside to gradually near the awaited retest level at 1.0200. The stochastic is still showing oversold signs that support the suggested retest, but we expect a bearish reversal to follow as the pair achieves through it the expected bearish direction for today; targeting once again 1.0105 then 1.0000. We recommend being careful in trading today, where vital Canadian data is expected today as of 11:00 GMT, followed by unemployment data from the US.
The trading range for today is among the key support at 0.9925 and the key resistance at 1.0300.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