EURUSDThe pair is finding difficulty in breaching 1.2830 the pivotal support from the positivity of momentum indicators that have started to gradually lose bullish momentum, thereby pointing to near chances of resuming more negative pressure on the pair. From here, we can expect a bearish intraday direction that initially start support with the breach of the mentioned support and head towards 1.2710 – 1.2670 primarily. Keep in mind that the bearish direction requires a base to be build below 1.2925.
The trading range for today is among the key support at 1.2670 and the key resistance at 1.3000.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
GBPUSDThe pair is attempting to correct after reaching 1.5560; whereas SMA 50 stands as a resistance barrier that is forming negativity on the pair over an intraday basis. Momentum indicators are showing overbought signs, thus making us expect more bearish intraday direction to target touching support for the bullish channel at 1.5535. Keep in mind the importance of observing the pair’s movements when reaching mentioned support, since breaching it paves the way towards achieves more bearish direction on the short term. In return, the breach of 1.5710 will weaken chances of resuming the bearish trend today.
The trading range for today is among the key support at 1.5410 and the key resistance at 1.5815. The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.
USDJPYThe pair breached resistance for the bearish channel mentioned in previous reports, where it stabilized by closing the chain of four hour candlesticks above it, currently finding horizontal resistance at 86.20 and forming a pivotal point for the current intraday direction as the pair built a base above SMA 50; therefore, giving priority to achievethe expected bullish intraday direction that will start with a clear breach of 86.20 that will pave the way towards targeting 87.35 initially. Keep in mind that the breach of 85.40 will make the pair return within the bearish trend once again and cause today’s suggested bullish scenario to fail.
The trading range for today is among the key support at 85.00 and the key resistance at 87.35.The short term trend is to the downside as far as 91.55 remains intact with targets at 82.60.
USDCHFPivotal resistance has currently descended to 1.0605 volatility in front of the pair’s attempts to move to the upside, so the pair descends to currently stabilize at SMA 50 valued at 1.0495. Stochastic is showing bullish signs that support yesterday’s suggested bullish scenario; whereas the minor bearish technical pattern as its neckline resides at 1.0460, which maintains present trading between both ends of the sideway channel – leaning to the downside – intact. From here, we recommend observing trading today especially for support 1.0460 and resistance 1.0605 to obtain more detailed signs for the upcoming direction.
The trading range for today is among the key support at 1.0340 and the key resistance at 1.0745.The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.1730.
USDCADThe pair has currently touched support for the bullish channel around 1.0395, accompanied by momentum indicators moving within oversold areas; therefore, the pair will start a bullish intraday direction as its targets start at 1.0500 – 1.0540 and requires stability above 1.0340 to prevail.
The trading range for today is among the key support at 1.0255 and the key resistance at 1.0635.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