The euro versus the dollar declined in the awaited correctional wave to test the major support levels which have formed to acquire the pair with upside momentum as the upside signals are clear, if the support level at 1.2650 remains intact will be a positive signal for the upside move expected today while the short term upside wave is still intact and steady with continued trading above 1.2445 while closing on a daily basis below this level reinitiates the downside wave.
The trading range is among the key resistance level at 1.2985 and the key support level at 1.2385.
The general trend is to the downside as far as 1.5080 remains intact; targets are set at 1.2340 and 1.2225.
Support 1.2655 1.2610 1.2525 1.2490 1.2445
Resistance 1.2735 1.2785 1.2820 1.2850 1.2920
Recommendation Buy euro above 1.2655 with targets at 1.2735, stop loss with hourly closing below 1.2610
Great British Pound (GBP)
The sideways correction is dominating the pair's movement among the 100 MA over 4-hour basis and the 23.6% correction at 1.5525, while this sideways correction might acquire the pair with upside momentum; the favored move remains to the upside as far as trading resumes above 1.5230 which is the 38.2% correction for the upside wave that started on 21-11-2008; the pair might move to the downside to acquire momentum yet still we need to carefully watch the mentioned support at 1.5230.
The trading range is among the key resistance level at 1.5595 and the key support level at 1.4985.
The general trend is to the downside as far as 1.9400 remains intact; targets are set at 1.4435 and 1.4095.
Support 1.5300 1.5285 1.5180 1.5125 1.5020
Resistance 1.5390 1.5415 1.5475 1.5520 1.5595
Recommendation Buy sterling above 1.5285 with targets at 1.5365, stop loss with four-hour closing below 1.5230
Japanese Yen (JPY) 
No major change was seen on the USDJPY pair as the sideways wave still dominates trading in a range that does not extend the 61.8% correction at 94.60 and the minor resistance at 95.75 while the minor support at 95.000 was capable as well of restricting the pair; cautious trading should be applied to benefit from the range yet any breach to the mentioned levels might send the pair in a strong move to either the upside or downside depending on the levels breached.
The trading range for today is among the key resistance level at 97.40 and the key support level at 92.25.
The general trend is to the downside as far as 104.60 remains intact; targets are set at 91.95 and 89.30.
Support 95.05 94.90 94.60 94.45 94.10
Resistance 95.70 95.90 96.15 96.85 97.00
Recommendation Trade cautiously upon the levels stated above
Swiss Franc (CHF)
The expected upside wave was seen which now might be the last upside wave over the short term ahead of indulging in a downside correction for the upside wave that started on 17-03-2008 and neared its peak; steady trading below 1.2285 will confirm the coming correction.
The trading range is among the key resistance level at 1.2285 and the key support level at 1.1875.
The general trend is to the upside as far as 1.0570 remains intact; targets are set at 1.2570 and 1.2780.
Support 1.2060 1.2015 1.1950 1.1915 1.1875
Resistance 1.2120 1.2150 1.2205 1.2225 1.2285
Recommendation Sell the pair below 1.2150 with targets at 1.2060, stop loss above 1.2235
Canadian Dollar (CAD) 
A slight incline for the pair that did not cancel our projections for the downside, the move might be seen over the short term which for that we need to see trading below 1.2410 to confirm the wave and for that we need to trade cautiously today and watch out for the 1.2490 as trading above this level opens the way towards 1.2625.
The trading range is among the key resistance level at 1.2755 and the key support level at 1.2050.
The general trend is to the upside as far as 1.1780 remains intact; targets are set at 1.3305 and 1.3465.
Support 1.2410 1.2375 1.2305 1.2295 1.2260
Resistance 1.2475 1.2525 1.2610 1.2630 1.2695
Recommendation Sell the pair at 1.2450 with targets at 1.2305, stop loss above 1.2525
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