FX Major Pairs Forecast: June 28, 2013

EUR/USD - European Session
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The pair touched 1.3000 levels and rebounded to the upside proving the effect of the bullish momentum as shown on graph. Trading above 1.2970 levels will be considered positive today, as stabilizing above it might push the pair towards touching 1.3115 levels. Breaching 1.3115 might extend intraday positivity.

The trading range for today is among the key support at 1.2905 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 stabilized today below 1.5290 levels accompanied by trading in a descending channel and negative Linear Regression Indicators. Trading below 1.5290 levels might keep the downside move intraday valid today.

The trading range for today is among key support at 1.5090 and key resistance at 1.5380.

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 managed to move to the upside benefiting from stabilizing above 97.55, as we see it today hovering around 50% correction at 98.75 shown on graph. The possibility of extending the upside move is valid today, whereas trading above support level represented in 38.2% correction at 97.55 is an extension to the positivity of breaking the descending channel shown on graph.

The trading range for today is among key support at 97.55 and key resistance at 99.95.

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 is showing a positive bias on the four-hour interval graph and stabilized above the bullish support level, as Linear Regression Indicators are positive supporting the upside move. The possibility of extending the bullish move is valid today, but the pair will be facing a challenge at 0.9485 as breaching it is significant to prove extending bullishness towards 61.8% correction at 0.9570. In fact, the upside move is a response to the Alternative harmonic Bat Pattern that we will further discuss in our next report.

The trading range for today is among key support at 0.9345 and key resistance at 0.9570.

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 downside move was slightly halted but still close to key resistance level of the ascending channel, making trading below 1.0530 negative. Stochastic is showing the same negative signal; therefore the possibility of the bearish correctional move remains valid today.

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 1.0775.
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AUD/USD
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The AUD/USD pair is traded in a slight upside bias however the price settles below the resistance 0.9360. The bearish channel has its major take on the movement of the pair, and trading below 0.9440 is sustaining that channel. Hereon, the potential negativity earlier proposed remains valid.

**Trading range expected today is between the key support at 0.9115 and the key resistance 0.9440.

**Short-term trend is downside targeting 0.9000 if 1.0000 remains intact.
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NZD/USD
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Although the NZD/USD pair is inside of a bearish price channel LRIs are positive, and as the pair trades above these indicators and Stochastic's positivity, we below a minor bullish correction is ahead. Trading above 0.7715 is vital to maintain our predictions however, stability above 0.7780 is more important to better support them.

**Trading range expected today is between the key support at 0.7715 and the key resistance 0.7980.

**Short-term trend is downside targeting 0.7590 if 0.9725 remains intact.
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GBP/JPY
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The GBPJPY pair retested the minor ascending support, alongside the descending support of the wedge pattern, before rebounding slightly, holding above this area is necessary to keep the intraday bias to the upside. Overall, we maintain our short-term bullish view.
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EUR/JPY
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The EURJPY pair has tentatively broken the main descending resistance for the overall bearish correctional wave, which is initially a positive signal, however the break remains over intraday basis, we prefer to see further stability above the level to confirm further upside. Overall, bias is to the upside.
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EUR/GBP
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The EUR/GBP pair extended the bullish rebound, meanwhile our suggested bullish scenario continues to materialize, and a break above the descending resistance shown on chart(in red) will suggest a bullish breakout. Overall, we maintain our bullish scenario.
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