The pair is trading sideways, which could relieve the negativity seen on momentum indicators before they rebound to the upside. Our morning expectations remain as they are for the rest of the session today, while stability above 1.4120 supports our positive scenario significantly to remain valid.
The trading range for today is among the major support at 1.3850 and the major resistance at 1.4390.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.4120 | 1.4075 | 1.4010 | 1.3970 | 1.3940 |
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| Resistance | 1.4205 | 1.4250 | 1.4300 | 1.4365 | 1.4390 |
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| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 1.4140, and take profit in stages at (1.4250 and 1.4390) and stop loss below 1.4000 might be appropriate. | ||||
GBP/USD
The price behaviors during the previous session reflects the hesitation dominating intraday traders' decisions as we could see the pair fluctuating around 61.8% Fibonacci retracement of CD leg. In the interim, RSI 14 is looking for entering the overbought zones. Thereby, we still hold onto our neutral stance; noting that a break of the key correctional level of 61.8% will send Cable towards its preferable objective at 76.4% retracement.
The trading range for today is among key support at 1.5820 and key resistance at 1.6450.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 areas remain intact.
| Support | 1.6025 | 1.6000 | 1.5935 | 1.5880 | 1.5820 |
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| Resistance | 1.6150 | 1.6200 | 1.6295 | 1.6340 | 1.6380 |
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| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable technical setup presents itself to pinpoint the next big move. | ||||
USD/JPY
The pair is still trapped within the same trading range as seen on the provided daily graph. The market's behavior reflects the neutral stance; whilst Vortex and Stochastic are still showing conflicting signs. Thereby, we keep our neutral overview intact for the rest of the day. A break of yesterday's low at 75.70 will trigger an aggressive bearish wave. Conversely, a breakout above 76.40 may send the pair higher towards 77.20 zones, followed by 77.70.
The trading range for today is among key support at 74.50 and key resistance now at 77.60.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 75.60 | 75.25 | 74.90 | 74.50 | 73.85 |
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| Resistance | 76.10 | 76.40 | 76.60 | 76.95 | 77.20 |
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| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable technical setup presents itself to pinpoint the next big move. | ||||
USD/CHF
The pair is slightly biased to the upside, which is already expected, where we expect the pair to retest areas between 0.8675 and 0.8695 before resuming the downside movement. Our negative expectations are based on the breach of the first target of the bearish Butterfly harmonic pattern, which suggests achieving more of the pattern’s targets.
The trading range for today is among the major support at 0.8310 and the major resistance at 0.8930.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.8600 | 0.8580 | 0.8550 | 0.8505 | 0.8480 |
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| Resistance | 0.8675 | 0.8695 | 0.8780 | 0.8850 | 0.8930 |
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| Recommendation | Based on the chart and explanations above, we recommend selling the pair around 0.8675, and take profit at 0.8505 and stop loss above 0.8780 might be appropriate today | ||||
USD/CAD
The pair is still biased to the downside, yet is stable above 61.8% Fibonacci correction. The Relative Strength Index reaches now the 30-point level, while Stochastic is turning positive. All these factors together drive us to hold onto our morning expectations as they are.
The trading range for today is among the major support at 0.9825 and the major resistance at 1.0255.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9905 | 0.9865 | 0.9850 | 0.9825 | 0.9780 |
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| Resistance | 0.9970 | 1.0000 | 1.0055 | 1.0110 | 1.0185 |
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| Recommendation | Our morning expectations remain valid | ||||
Please see the attached chart below.