EURUSDThe pair succeeded in achieving the suggested scenario yesterday, especially after breaching support for the rising wedge and heading to the downside due to the negative pressure, in addition to the MA 50. Momentum indicators are showing clear oversold signs, thus pushing to retest pivotal level 1.2730 before heading towards achieving more expected bearish movement today. The awaited targets start at 1.2570 then 1.2470, requiring stability of the daily closing below 1.2730.
The trading range for today is among the key support at 1.2470 and the key resistance at 1.2770.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
GBPUSDThe pair headed to the downside according to yesterday’s expectations after stabilizing against pivotal resistance 1.5555, as the pair currently nears support for the bearish channel that controls intraday trading at 1.5400. We may witness some fluctuation due to the positive effect of the stochastic, but in overall we expect a bearish intraday that descend requires the suggested clear breach of 1.5400 to pave the way towards key targets that start at 1.5280 then 1.5160. It is vital that the daily closing is below 1.5555 to maintain chances of these expectations prevailing.
The trading range for today is among the key support at 1.5235 and the key resistance at 1.5555.The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.
USDJPYThe pair continues its bearish direction yesterday supported by stability below pivotal support 84.85, alongside trading below SMA 50; therefore, we can expect a bearish intraday direction targeting initially reaching support for the bearish short term direction around 83.10. We point out that building a base above 84.85 will postpone resuming bearish targets.
The trading range for today is among the key support at 82.55 and the key resistance at 85.75.The short term trend is to the downside as far as 91.55 remains intact with targets at 82.60.
USDCHFThe pair was not able to surpass 1.0305 and build a base above it to continue and trade below support for the descending channel appearing through the chart below. Vital levels appear and hold the keys to insuring the short term trend, starting at support 1.0215 that prevents achieving more bearish movement till now; whereas resistance 1.0300, which is considered to be the gate for the bullish short term direction. From here, we recommend observing trading for today especially for the mentioned vital levels to receive insuring signs for the future direction.
The trading range for today is among the key support at 1.0130 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 reversed before touching the retest level awaited at 1.0425 to stabilize above the MA 50, currently valued at 1.0555. We may witness some minor bearish correction for yesterday’s bullish wave, but in overall we can expect a bullish intraday direction; targeting initially resistance for the bullish short term channel around 1.0720 that requires stability above 1.0500 so it may prevail.
The trading range for today is among the key support at 1.0500 and the key resistance at 1.0720.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