Euro

The Euro versus Dollar pair declined heavily last Friday after the release of the NFP, to breach the 1.4320 pivot support and target the 61.8% correction as we mentioned earlier. However, failing to breach this level keeps the short term trend to the upside, as we expect the pair is to recover some of the losses and incline on an intraday basis targeting 1.4330, as far as 1.4170 remains intact.

The trading range for today is among the key support at 1.4060 and the key resistance at 1.4450

The general trend is to the downside as far as 1.4720 remains intact with targets at 1.2120

Great British Pound (GBP)

Similar to the Euro, the Cable declined to stabilize near the 50% correction, as seen in the above image. We see a minor descending channel that may form a possible bullish technical pattern (flag), and therefore the key resistance at 1.6740 must be breached for the pair to continue inclining. Our expectations are to the upside targeting 1.6890, supported by the stochastic in an oversold area and as far as trading holds above 1.6605. A breach of this level to the downside will take the pair towards 1.6485.

The trading range for today is among the key support at 1.6485 and the key resistance at 1.7040

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

Japanese Yen (JPY)

The incline seen last week for the USD/JPY was the most significant, as the pair breached the key resistance for the medium term downside channel at 96.20, which may result in slight confusion concerning the trend; ye,t what makes the chances of returning to the previous channel still valid, is the fact that the pair failed to breach the key resistance for the upside channel, seen in the above image alongside the bearish signs seen on the momentum indicators, which make us expect a decline on the intraday basis to retest the broken level at 96.20. The area at 96.20 – 95.60, will determine the next short term trend, where a rebound from these levels may alter the trend to the upside.

The trading range for today is among the key support at 94.50 and the key resistance at 99.55

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

Swiss Franc (CHF)

The Dollar versus Swissy pair surged 300 pips last Friday, to return above the key support at 1.0710, yet the short term trend remains to the downside, as far as 1.0860 is intact. The stochastic indicator is giving bearish signs, where we believe the pair is to decline on the intraday basis pressured by the key resistance in an attempt to reverse to the downside below 1.0710 and complete the short term target at 1.0570.

The trading range for today is among the key support at 1.0375 and the key resistance at 1.1095

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

Canadian Dollar (CAD)

The Dollar versus Loonie is nearing the potential reversal zone for the bearish harmonic pattern, where it is currently trading with a bullish minor channel, as seen in the above image. The pair is attempting to breach the key support for the channel pressured by the stochastic indicator, where we believe the pair is to decline on the intraday basis, targeting 1.0670 only if the 10.785 was successfully breached.

The trading range for today is among the key support at 1.0425 and the key resistance at 1.1170

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