Daily Technical Report: June 25, 2013

EUR/USD - European Session
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The pair remained in a narrow range yesterday, and stabilized around 38.2% correction at 1.3115 as shown on graph. Stability below this level might push the pair towards the key ascending support around 1.2970 that carried the pair from the trough at 1.2039. Stochastic reflects intraday overbought signals, forcing us to remain neutral today, waiting for confirmation.

The trading range for today is among the key support at 1.2970 and key resistance at 1.3230.

The general trend over short term basis is to the upside targeting 1.3600 as far as areas of 1.2970 remains intact.
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GBP/USD
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The pair moved to the upside yesterday, but remained limited below Linear Regression Indicators and 1.5470. Stability below the referred to level might bring bearishness back. Risk/Reward Ratio is appropriate, as the pair is close to key levels 1.5470.

The trading range for today is among key support at 1.5290 and key resistance at 1.5605.

The general trend over short term basis is to the upside as far as areas of 1.5150 remains intact targeting 1.5975.
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USD/JPY
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The pair dropped and stabilized below 97.60 levels and Linear Regression Indicators. Stochastic has stopped its downside move at level 50, and traded above it. We see it entering oversold areas showing the momentum’s effect in breaching the descending channel as shown on graph. The possibility of an upside is valid today, but confirming it needs stabilizing above 98.20.

The trading range for today is among key support at 95.50, and key resistance at 99.30.

The general trend over short term basis is to the downside as far as areas of 103.50 remain intact, targeting 93.50.
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USD/CHF
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The pair dropped yesterday and stabilized below 78.6% again, supporting negativity. We also find that the pair has rebounded to the downside after touching Linear Regression Indicator 55 and the broken bullish support level that turned to resistance. A downside move is possible today with stability below 0.9375.

The trading range for today is among key support at 0.9125 and key resistance at 0.9450.

The general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.
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USD/CAD
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The pair’s attempts to the upside failed yesterday, and it wasn’t able to achieve a four-hour closing above key resistance level of the ascending channel. The possibility of extending bearishness is valid today, as trading below 1.0530 will maintain this possibility.

The trading range for today is between the key support at 1.0355 and the key resistance at 1.0595.

The general trend over short term basis is to the upside with steady daily closing above levels 1.0100 targeting 1.0755.
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AUD/USD
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The AUD/USD pair consolidated in zones above Linear Regression Indicators, according to the 4-hour interval chart. The Relative Strength Index is trading with an upside bias. With Stochastic demonstrating a negative crossover and the pair trading within the bearish price channel, we opt to assume neutrality on intraday basis.

Expected trading range for today is between the key support at 0.9000 and the key resistance 0.9400.

The short-term trend is downside, targeting 0.9000 if 1.0000 remains intact.
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