The downside wave is still undergoing for the euro against the dollar that prevailed from yesterday and as we can see the pair is trading above the 76.4% correction at 1.2575 and positive divergence on the RSI is seen which shows the upside move is approaching, meanwhile Stochastic is reflecting the need for further downside move to gather momentum; the pair's movement might be biased to the downside temporarily as we expect an upside move as far as 1.2575 remains intact while further support is seen at 1.2530.
The trading range is among the key resistance level at 1.2840 and the key support level at 1.2370.
The general trend is to the downside as far as 1.5080 remains intact; targets are set at 1.2340 and 1.2225.
Support 1.2575 1.2540 1.2530 1.2500 1.2450
Resistance 1.2635 1.2645 1.2685 1.2750 1.2790
Recommendation Buy euro cautiously above 1.2580 with targets at 1.2735, stop loss with hourly closing below 1.2500
Great British Pound (GBP)
Yesterday's decline set the possibility for the pair to drop today as well as we can notice trading below 61.8% correction at 1.4935 which is now an important resistance for the pair; continued trading below this level will pressure further downside moves especially if 1.4790 was breached.
The trading range is among the key resistance level at 1.5260 and the key support level at 1.4620.
The general trend is to the downside as far as 1.9400 remains intact; targets are set at 1.4435 and 1.4095.
Support 1.4790 1.4760 1.4740 1.4715 1.4655
Resistance 1.4905 1.4935 1.4965 1.5030 1.5065
Recommendation Sell sterling below 1.4905 with targets at 1.4790, stop loss above 1.4990
Japanese Yen (JPY)
The pair is now trading around the 76.4% correction at 93.20 and the selling saturation is starting to appear over four-hour basis yet the possibility for further decline is seen towards 92.45 which is one of the most important levels over the short term as according to classical technical analysis breaching this level means further lower bottoms for the pair especially if closing was seen below it over four-hour basis.
The trading range for today is among the key resistance level at 95.90 and the key support level at 88.90.
The general trend is to the downside as far as 104.60 remains intact; targets are set at 91.95 and 89.30.
Support 92.85 92.45 92.30 91.50 90.55
Resistance 93.90 94.10 94.45 94.60 94.90
Recommendation Attempt to buy the pair above 92.80 with targets at 93.90, stop loss with four-hour closing below 92.30
Swiss Franc (CHF)
As expected the pair is finding difficulties to head to the upside as the current bullish wave is considered the last over the medium term and we expect to see a new correction for the pair. After reaching or breaching 1.2235 and 1.2285 we expect this scenario to prevail which will not fail as far as trading is above those levels.
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 1.2015 1.1950 1.1915 1.1875 1.1840
Resistance 1.2060 1.2120 1.2150 1.2205 1.2235
Recommendation Sell the pair on leaps towards 1.2150 with targets at 1.1930, stop loss above 1.2285
Canadian Dollar (CAD)
The upside wave prevailed for longer than expected over intraday basis despite that signals to the downside prevailed as continued trading above 1.2410 keeps the upside valid over intraday basis targeting 1.2510 at least. The short term is now to the downside and we expect it to prevail for the coming period.
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
Resistance
Recommendation Buy the pair cautiously above 1.2410 with targets at 1.2510, stop loss below 1.2320
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