Major Currencies

EURO
 
The European currency moved back to the upside, not finishing the 50% retracement it was supposed to do yesterday, and climbed back again above the 1.5420 level which might give it a push to climb again to 1.5500, yet we need to see a breach to the 1.5465 level in order to confirm any further up move.

The trading range is among the key resistance level at 1.5500 and the key support level at 1.5390.

The general trend is to the upside as far as 1.4260 remains intact; targets are set at 1.6080 and 1.6360.

GBP
 
The pound is still moving in a descending channel that's driving the pair to lower lows and lower highs, and while reaching to a low of 1.9500 yesterday, we expect it to retrieve back to the lower high of 1.9800 if it stays inside this channel, as the technical indicators are adjusting to show the possibility to climb to 1.9800

The trading range is among the key resistance level at 1.9730 and the key support level at 1.9505.

The general trend is to the downside as far as 2.0200 remains intact; targets are set at 1.9230 and 1.8700.

JPY
 
The Japanese yen broke some very important levels on a daily basis and on a weekly basis, creating some shapes in the charts that indicates that a further downside movement to the pair is very likely. If the pair closes below the level 103.70-20 today, it means that the movement will extend next week.

The trading range for today is among the key resistance level at 104.30 and the key support level at 102.90.

The general trend is to the downside as far as 109.00 remains intact; targets are set at 92.40 and 90.00.

CHF
 
The pair start retrieving back after reaching to 50% retracement level at 1.0620, reaching to 1.0460 and still aiming lower at 1.0320. The technical indicators still gives it the right momentum and the right strength to do that, and if it closes today below that level, the movement is expected to continue next week towards the parity level.

The trading range is among the key resistance level at 1.0520 and the key support level at 1.0320.

The general trend is to the downside as far as 1.1000 remains intact; targets are set at 0.9670 and 0.9370

CAD
 
The USD/CAD pair is still trading within a narrow range that keeps tightening further and further; where even the technical indicators are not showing any tendency towards breaking any of the limits of the range between the 1.0300 and parity.

The trading range is among the key resistance level at 1.0160 and the key support level at 1.000.

The general trend is to the downside as far as 1.0700 remains intact; targets are set at 0.9030 and 0.8840.