The Euro versus Dollar pair found a strong support at 1.4100 to rebound back to the upside and near the minor resistance at 1.4200 where we still hold our morning outlook to the upside targeting 1.4245 and 1.4375 today before extending towards 1.4600 on the short term as far as 1.3800 remains intact.
The trading range is among the key support at 1.3580 and the key resistance at 1.4385
The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2120
|Recommendation||According to our analysis, buy the pair above 1.4200 with targets at 1.4375 and stop loss with four hour closing below 1.4110|
Great British Pound (GBP)
The Cable corrected to 23.6% correction at 1.6345 before rebounding back to the upside in an attempt to reach the key resistance for the ascending channel at 1.6350. The next target is to breach the above mentioned resistance to reach the 1.6640 level on the short term as far as 1.5900 is intact.
The trading range for today is among the key support at 1.6025 and the key resistance at 1.6640
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.6600
|Recommendation||We advise to close the morning position due to the volatility and adjustment to the upside and wait for the confirmation of the next intraday trend|
Japanese Yen (JPY)
The USD/JPY pair continues to trade within a minor descending channel to breach the critical support level as it is supported by negative signs appearing on momentum indicators. We expect trading during the day to remain to the downside to target the support level mentioned in the morning without the need to incline towards 97.70. Targets are at 94.50 and 93.40 as far as 97.70 remains intact and with the breach of 95.35.
The trading range for today is among the key support at 91.90 and the key resistance at 99.40
The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60
|Recommendation||According to our analysis, sell the pair below 95.35 with targets at 94.50 and stop loss wtih four hour closing above 95.95|
Swiss Franc (CHF)
The Dollar versus Swissy pair failed to breach the pivot level at 1.0745 to reverse back to the downside aggressively towards the key support for the downside channel currently at 1.0600. The pair is gradually nearing the pivot support for the general trend at 1.0570 where we should carefully monitor the price action and we will wait for a confirmation for the breakout of the 1.0570 to determine the trend.
The trading range for today is among the key support at 1.0450 and the key resistance at 1.0980
The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245
|Recommendation||We advise to monitor the price actions closely until we confirm a trend|
Canadian Dollar (CAD)
The Dollar versus Loonie pair failed to breach the pivot level at 1.0940 to the upside where it reversed back to the downside supported by bearish signals on momentum indicators. Our outlook to the downside targets 1.0660 and 1.0300 as far as 1.1335 remains intact in addition to the breach of 1.0850.
The trading range for today is among the key support at 1.0660 and the key resistance at 1.1335
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.1870 and 1.0300
|Recommendation||According to our analysis, sell the pair below 1.0850 with targets at 1.0725 and stop loss with four hour closing above 1.0940|