EURUSDThe pair continues to fluctuate around resistance for the bearish short term channel until it recently breached this resistance at 1.2695, finally fluctuating to show a bullish technical pattern that is near completion.
The neckline is at the retest level shown previously at 1.2730 which we warn within trading. In return, SMA 50 is forming the resistance for the short term direction, alongside momentum indicators nearing overbought areas. These factors make us hold onto previously expectations, where we expect a bearish intraday direction, but keep in mind the importance of achieving the key factor to maintain this bearish trend and stabilize below 1.2730.The trading range for today is among the key support at 1.2570 and the key resistance at 1.2835.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
GBPUSDThe pair strongly pushed to the upside due to the effect of the bullish technical pattern that was completed at 1.5475, thereby making the pair return within the previously breached bearish channel and the mort vital return above the previously breached pivotal support at 1.5530. Meanwhile, momentum indicators are entering clear overbought areas and these factors make us recommend observing trading for today to insure if the pair will continue building its base above 1.5530; holding the ability to push the pair towards 1.5630 initially, or returning to negative pressure to continue the bearish short term trend.
The trading range for today is among the key support at 1.5280 and the key resistance at 1.5750.The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.
USDJPYThe pair currently touched pivotal resistance 84.85, accompanied by stochastic entering overbought areas alongside the bullish technical wedge pattern appearing through the four hour image below. This makes us expect a bearish trend over an intraday basis, which requires two main factors to prevail; first, stability below 85.35 second is breaching support for the rising wedge at 84.40. The expected technical targets start at 83.30.
The trading range for today is among the key support at 82.55 and the key resistance at 85.50.The short term trend is to the downside as far as 91.55 remains intact with targets at 82.60.
USDCHFThe pair returned within the bearish channel above its support that has currently descended towards 1.0285 and thereby maintaining the suggested scenario yesterday intact, where we can expect a bullish intraday directiondue to the positive momentum that keeps affecting as it appears through momentum indicators; while the daily closing that will continue above mentioned support. The expected targets will mainly start at 1.0460.
The trading range for today is among the key support at 1.0200 and the key resistance at 1.0460.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 awaited ascend yesterday nearing the awaited target by 10 points around 1.0675, although it did not hold enough momentum to build a base above support for the bullish channel shown below. Trading reversed to the downside as a bearish technical pattern appears and its neckline at 1.0555, thusmaking us expect a bearish intraday direction and supported by its being below SMA 50. We point out that achieving the expected bearish direction essentially requires a clear breach of the mentioned neckline to pave the way towards 1.0445 as a primary target. Keep in mind that the breach of 1.0625 will cause this bearish trend to fail and make the pair return within the bullish channel once again.
The trading range for today is among the key support at 1.0425 and the key resistance at 1.0645.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