Major Currencies

euro
 
The European currency is still closing above the 1.5420 which give the pair the scope to move to the upside. According to the patterns we see on the chart, if the Euro closes above 1.5540 there will be an acceleration for the movement to the 1.5700, and from there it can go up further and further.

The trading range is among the key resistance level at 1.5550 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.
 

Support	1.5445	1.5420	1.5389	1.5369	1.5342
Resistance	1.5500	1.5520	1.5541	1.5580	1.5605
Recommendation	buying Euro above 1.5440, targets at 1.5520 and stop loss below 1.5405

gbp
 
The British pound is still moving in its descending channel marking every day a new lower low or lower high and it is not at all trying to get out of it, yet now the currency reached to a very solid floor at 1.93s which represents a turning point for the royal currency which has forced it to retrieve back above 1.9400 targeting the 1.9610.

The trading range is among the key resistance level at 1.9620 and the key support level at 1.9360.

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

Support	1.9445	1.9425	1.9411	1.9350	1.9312
Resistance	1.9490	1.9505	1.9533	1.9555	1.9582
Recommendation	Buy any dips below 1.9400 targeting 1.9610 and stop below 1.9300 level.

jpy
 
The dollar against the Japanese yen broke yesterday the 104.85 weekly level, yet couldn’t breach the 105.43 daily area facing a very important resistance at the 105s. However, if it managed to close this week below 104.80 it will generate a movement to 102.20 again.

The trading range for today is among the key resistance level at 105.30 and the key support level at 103.70.

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

Support	104.80	104.54	104.25	104.01	103.70
Resistance	105.00	105.30	105.43	105.69	105.82
Recommendation	Sell the pair below 105.25 with a target at 104.30 and a stop loss above 105.85.

 
chf
 
The pair is still consolidating between two important levels at 1.0390 and 1.0620 where it is stuck in a tight range and preparing for a bigger movement to come if it managed to close above or below any of those mentioned. Today we might see an extension for the 1.0390 level, yet the momentum is not very promising.

The trading range is among the key resistance level at 1.0620 and the key support level at 1.0390.

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

 

Support	1.0495	1.0472	1.0445	1.0401	1.0390
Resistance	1.0560	1.0585	1.0620	1.0635	1.0675
Recommendation	Sell the pair below 1.0560 with a target at 1.0480 and a stop loss above 1.0620.

cad
 
The USD/CAD pair is still trading within a narrow range that keeps tightening further and further reaching parity; where further Canadian dollar strength is expected given what happened yesterday and the shape of the charts and the power it has.

The trading range is among the key resistance level at 1.0160 and the key support level at 0.9950.

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

Support	1.0030	1.0000	0.9970	0.9955	0.9921
Resistance	1.0065	1.0089	1.0120	1.0139	1.0182
Recommendation	…