EUR

After the EUR/USD pair neared the resistance levels at 1.4185, the pair reversed to the downside to end the month at the key level at 1.4000. The stochastic indicators is showing the pair being oversold which supports the short term trend to the upside yet we expect the pair to decline on the intraday basis towards the key support for the ascending channel at 1.3935 before rebounding back to the upside targeting 1.4600 on the short term. This decline remains as far as 1.4090 is intact.

The trading range for today is among the key support at 1.3655 and the key resistance at 1.4340

The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2120

GBP

The cable successfully reached yesterday's targets before reversing back to the downside yet was limited by the 61.8% correction at 1.6430 which keeps the uptrend valid supported by the bullish signs seen on the stochastic indicator. We expect the pair to incline on the intraday basis in an attempt to breach the resistance at 1.6540 to return within an ascending channel. These movements remains as far as 1.6430 - 1.6350 remain intact.

The trading range for today is among the key support at 1.5900 and the key resistance at 1.6815

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100

JPY

The USD/JPY pair inclined yesterday to breach the minor resistance and form a bullish technical pattern as seen in the above image with a neckline at 96.55. We expect the pair to incline on the intraday basis targeting the 161.8% extension at 97.80 which resides at the key resistance for the descending channel on the short term before reversing back to the downside towards 93.00. The 97.80 must remain intact for this scenario to remain valid.

The trading range for today is among the key support at 93.00 and the key resistance at 98.85

The general trend is to the upside as far as 102.60 remains intact with targets at 84.95 and 82.60

CHF

The 61.8% correction was able to halt further declines for the Dollar versus Swissy pair yesterday which opened the way for the pair to incline on the intraday basis to reach the minor resistance at 1.0915 before reversing back to the downside to complete the short term trend. Momentum indicators show the pair overbought which may result in mixed trading as the pair targets the above mentioned resistance level and before reversing back to the downside. The short term downside trend remains as far as 1.1110 is intact

The trading range for today is among the key support at 1.0600 and the key resistance at 1.1165

The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245

CAD

The Dollar versus Loonie pair continued to trade around the resistance level in red in the above image with the emergence of bearish signals on the stochastic indicator that suggest a possible decline on the intraday basis in an attempt to reach the key support which has currently shifted to 1.1280. The strength of the resistance level at 1.1655 is due to the intersection of several levels including the 50% correction, the key resistance for the ascending channel and the previously breached support level. This decline remains as far as 1.1700 is intact.

The trading range for today is among the key support at 1.1280 and the key resistance at 1.1815

The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0300