EURUSDThe pair assured yesterday the forming of a rising technical pattern that was mentioned in our previous reports, but stopped at the 61.8% Fibonacci levels that is forming into a resistance, forcing the pair to retest the previously breached neckline at 1.2770 before extending the ascending intraday basis direction that is expected today, with Initial targets at 1.2900 – 1.2950; Noting that if trading stabilizes below 1.2770 – 1.2730, it will weaken the chances of accomplishing the suggested targets and the short-term descending trend will be activated again.
The trading range for today is among the major support at 1.2670 and the major resistance at 1.2950.The short term trend is to the downside as far as 1.3770 is intact with targets at 1.1700.
GBPUSDThe pair entered a previously breached descending channel, where it faces the MA 50 that is considered a strong resistance to the descending intraday direction. With the negativity of Stochastic , we expect a bearish intraday direction, targeting 1.5310 then 1.5235, noting that trading must remain below 1.5555 to achieve the suggested targets.
The trading range for today is among the major support at 1.5235 and the major resistance at 1.5555.The short term trend is to the downside as far as 1.6070 is intact with targets at 1.3800.
USDJPY
SMA 50 is still preventing the pair from reaching the resistance at 84.85; while a negative intersection on Stochastic signals that the previously suggested bearish intraday direction is still valid, with targets at 83.50 then 82.90 that requires a four-hour closing below 84.85.
The trading range for today is among the major support at 82.90 and the major resistance at 85.50.The short term trend is to the downside as far as 91.55 is intact with targets at 82.60.
USDCHFThe pair is trading within the above mentioned descending channel. After touching the support levels near 1.0070, the pair reversed to the upside and showed a rising technical pattern with a subsidiary neckline at 1.0180, accordingly, normal trading within the channel will be witnessed before targeting the resistance at 1.0305. A bullish intraday direction is projected, requiring a breach for the previously mentioned neckline along with stability above 1.0105.
The trading range for today is among the major support at 1.0000 and the major resistance at 1.0305.The short term trend is to the upside as far as 1.0035 is intact with targets at 1.1120.
USDCADThe pair expected its decline yesterday where further correction is projected. Supporting this suggestion is stability below SMA 50 levels along with the negative signs on Stochastic forming on the hourly-chart. We expect a bearish intraday direction that requires a clear breach of 1.0485 and stability below 1.0595. initial targets starts mainly at 1.0380.
The trading range for today is among the major support at 1.0380 and the major resistance at 1.0625.The short term trend is to the upside as far as 0.9925 is intact with targets at 1.1485.
By: Yasir Mubarak
Senior Technical Analyst
[email protected]
www.ecpulse.com