EURUSDThe pair was able to breach 1.2830 and stabilize below it and thereby activating yesterday’s suggested bearish direction; therefore, we can expect a bearish intraday trend targeting first the breach of the vital support for the short term direction at 1.2730, where breaching it will pave the way for more bearish direction towards 1.2520. Chances of achieving the suggested descend depend on stability below 1.2950.
The trading range for today is among the key support at 1.2520 and the key resistance at 1.2950.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
The pair closed trading yesterday below support for the previously breached bullish channel and thereby this points to a bearish scenario suggested in yesterday’s reports is still active. Pivotal support 1.5530 returned to form the vital support short term direction, where we expect the pair to succeed in breaching it due to the effect of stability below SMA 50. From here, we see that the direction is bearish over an intraday basis that will start when 1.5530 is breached to head towards 1.5360 initially. Keep in mind that the expected bearish trend requires the daily closing to stabilize below 1.5630.
The trading range for today is among the key support at 1.5360 and the key resistance at 1.5710.The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.
USDJPYThe pair started attempts to breach the awaited resistance at 85.70, but negativity on momentum indicators have left trading near this level and made it the process difficult for the pair to ascend. The breach of the mentioned level, alongside stability above SMA 50 are factors that encourage us to hold onto yesterday’s suggested scenario; therefore, we expect a bullish intraday trend starting its targets at 86.90 then 87.35. Keep in mind the importance of building a base above 85.15 to insure resuming the ascend expected for today.
The trading range for today is among the key support at 84.70 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.
USDCHFThe pair is fluctuating around pivotal resistance 1.0460 after finding a hard time surpassing this level, due to this resistance touching the MA 50 alongside overbought signs that are appearing through momentum indicators. This could cause the fluctuation to continue every once in a while to rid of this negativity and then achieve the breach of this level to breach the way towards the expected bullish intraday direction. The bullish technical pattern where its neckline is at the level awaited to be breached; therefore, supporting the awaited ascend for today. The first awaited target is around 1.0590, where it points out that these expectations will prevail as long as the daily closing’s stability is above 1.0325.
The trading range for today is among the key support at 1.0325 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 1.1730.
USDCADThe pair succeeded in achieving the first awaited target at 1.0260 and rebound to the upside due to the effect of positive momentum appearing on the hourly time frame, where the pair is currently nearing 1.0345 once again. Meanwhile, momentum indicators might have lost bullish momentum, this making us expect the bearish intraday direction to be resumed in an attempt to target 1.0260 once again, then attempt a bearish trend towards 1.0190. Keep an eye on trading today cautiously, where the breach of 1.0345 holds the key to causing the bearish trend’s fail in prevailing and lead to the pair towards 1.0470 initially.
The trading range for today is among the key support at 1.0135 and the key resistance at 1.0470.The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.