Euro

The Euro versus Dollar pair continues to trade around the 23.6% correction at 1.4300, in an attempt to gather bullish momentum to incline on the intraday basis. We expect the pair to continue the downside correction towards 1.4250 before rebounding back to the upside on the intraday basis targeting 1.4550, as far as 1.4200 is intact.
The trading range for today is among the key support at 1.4020 and the key resistance at 1.4550
The general trend is to the downside as far as 1.4720 remains intact with targets at 1.2120



Great British Pound (GBP)

After breaching the 1.6430 pivot support, trading remains below this level in an attempt to confirm the downtrend to reach the technical targets for the technical pattern discussed yesterday. We see the possibility of the formation of a bullish harmonic pattern with a potential reversal zone near the technical targets at 1.6320. From here we expect a slight decline to reach 1.6320, before rebounding back to the upside towards 1.6600 – previously breached key support for the upside channel -. The Stochastic indicator is showing the pair being oversold, which is supporting our outlook to the upside.
The trading range for today is among the key support at 1.6225 and the key resistance at 1.6860
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100

Japanese Yen (JPY)

After the 38.2% correction limited further gains for the USD/JPY pair, the pair reversed to the downside to stop at the support at 93.90. The short term trend remains to the downside and will be confirmed by the breakout of the support mentioned above, to target 93.00 and perhaps extend towards 92.20 with a daily close below 95.55.
The trading range for today is among the key support at 90.95 and the key resistance at 97.75
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 continued to trade around the 23.6% correction at 1.0615, as the pair continues to form higher lows suggesting a possible ascending triangle to support our overview yesterday; targeting 1.0690 before reversing back to the downside to continue the short term and intraday trends to the downside to breach the pivot support at 1.0570 and open the way towards 1.0400, as an initial target. Maintaining trades below 1.0690 is vital to continue the decline today.
The trading range for today is among the key support at 1.0375 and the key resistance at 1.0915
The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245



Canadian Dollar (CAD)

The 76.4% correction stopped the Dollar versus Loonie pair from extending its losses, where trading is currently limited between the 1.0745 and 1.0815 levels, as seen in the image above. We expect high volatility for the pair between these levels, to gather enough momentum to continue the intraday downside trend, targeting 1.0625 and then far off to 1.0300 as far as 1.0975 remains intact.
The trading range for today is among the key support at 1.0550 and the key resistance at 1.1045
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0300