The EUR/USD pair was able to finally reach the retested resistance level that was previously breached at 1.4320, which accompanied the stochastic to enter oversold signs and the beginning of positive crossing to the upside. These factors make us expect for today an upside direction on an intraday basis where its primary targets are around 1.4600, while paying attention to trades remaining above 1.4320 to keep up chances of achieving this incline. Note that the NFP is to be released later today, at precisely 12:30 GMT; where it is expected to cause sharp and mixed trades on the market as a whole.
The trading range for today is among the key support at 1.4060 and the key resistance at 1.4720.
The general trend is to the downside as far as 1.4720 remains intact with targets at 1.2120.
Great British Pound (GBP)
The cable continued to achieve losses yesterday, achieving a downside around 300 points where it stopped at 38.2% correction at 1.6770. We expect that reaching this level, adding onto the positive signs that are starting to appear on the momentum indicators, in particularly the stochastic; will push the pair today to achieve an incline on an intraday basis compensating a part of its losses and targeting 1.7000 levels at least. Chances of the upside short term direction continuing for the pair will prevail if 1.6605 remains intact.
The trading range for today is among the key support at 1.6500 and the key resistance at 1.7440.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100.
Japanese Yen (JPY)
The USD/JPY pair continues to trade close to the key support for the upside channel, that appears to be showing a gradual nearing from the long awaited resistance level at 96.25. Our expectations still remain intact, where we expect the pair to reach the mentioned resistance level to achieve a base supporting the beginning of the bearish short term wave that supports the general downside direction for the pair towards 85.00 levels and then 83.00. The expected downside direction for today remains intact if trades remain below 96.25.
The trading range for today is among the key support at 91.80 and the key resistance at 98.80.
The general trend is to the upside as far as 102.60 remains intact with targets at 84.95 and 82.60.
Swiss Franc (CHF)
The USD/CHF pair attempted numerously to retest the breached key support 1.0655 yesterday, where it achieved some incline above it as long as trades remain within the minor upside channel. We still hold onto our previous expectations, where we see through it that the downside direction is on an intraday basis targeting to reach 1.0570 and then continuing to pressure the downside, in an attempt to try to reach levels around 1.0375. Our expectations will remain intact if the key resistance 1.0710 is not breached.
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 USD/CAD pair closed yesterday above the breached resistance level for the previous upside channel, which opened a way for achieving an incline on an intraday basis for today from a bullish technical pattern appearing (double bottom) which may support the possible formation of a harmonic technical pattern, with a potential reversal zonearound 1.0935, marking the double bottom's technical pattern. We could witness a strong mixed fluctuation around the neckline level at 1.0785 from the clear overbought signs on the stochastic. Worth mentioning that the unemployment rate in Canada will be released at 11:00 GMT
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.