Major Currencies

euro

More downside pressures are seen for the pair even with the incline it managed in the early Asian session as today we can notice the strength of the 1.2750 resistance which was capable of creating a downside pattern and trading below this level will send the pair south towards 1.2620 at least and might reattempt 1.2575; meanwhile breaching 1.2750 will validate the short term upside trend again for the pair.

The trading range is among the key resistance level at 1.2885 and the key support level at 1.2375.

The general trend is to the downside as far as 1.5080 remains intact; targets are set at 1.2340 and 1.2225.

gbp

Sterling still did not manage to close below 1.4650 over 4-hour basis, despite the strong downside wave for the pair yet momentum is starting to show signs of divergence to the upside for that we need to be cautious in today's trading yet the direction remains to the downside as far as 1.5085 resistance over the short term and 1.8420 over intraday basis remains intact.

The trading range is among the key resistance level at 1.5085 and the key support level at 1.4495.

The general trend is to the downside as far as 1.9400 remains intact; targets are set at 1.4435 and 1.4095.

jpy

The pair is still trading sideways with a downside bias with upside divergence seen on momentum indicators and for that the 92.45 level is getting stronger and unlikely for the pair to trade below 92.05 which is the major support level for the downside channel; the short term might hold upside moves today with 92.05 intact or with no closing over four-hour basis below 92.45.

The trading range for today is among the key resistance level at 95.90 and the key support level at 88.90.

The general trend is to the downside as far as 104.60 remains intact; targets are set at 91.95 and 89.30.

chf

The pair today might attempt 50.0% Fibonacci Fan at 1.2040 for the third time, the upside divergence on Stochastic facing negative divergence over RSI all with a volatile and weak direction from ADX the pair is to fluctuate for that noticeably with no clear direction over the short term yet still as far as 1.2285 is intact our downside prediction is intact.

The trading range is among the key resistance level at 1.2285 and the key support level at 1.1860.

The general trend is to the upside as far as 1.0570 remains intact; targets are set at 1.2570 and 1.2780.

cad

The upside channel seemingly is stronger than expected as it continued to influence the pair to the upside, the ADX over four-hour basis is starting to strengthen the upside move yet assessing the move the pair rebounded from the 61.8% correction for the last downside wave and the 23.6% for the general upside trend which resides near 1.2650; for that we need to address the pair cautiously today whether the upside channel will cancel our projection for the short term trend to the downside or will the 1.2650 prove our analysis.

 The trading range is among the key resistance level at 1.2755 and the key support level at 1.2050.

The general trend is to the upside as far as 1.1780 remains intact; targets are set at 1.3305 and 1.3465.