As expected the euro head to the upside in a correctional move, yet today we can see a downside pattern over intraday basis where the 61.8% represents the neckline for the model and for that the downside move is expected as far as trading is below 1.2675, from another side breaching 1.2730 with hourly closing above might help the euro move to the upside for a while.
The trading range is among the key resistance level at 1.2820 and the key support level at 1.2360.
The general trend is to the downside as far as 1.5080 remains intact; targets are set at 1.2340 and 1.2225.
Support 1.2675 1.2645 1.2635 1.2575 1.2540
Resistance 1.2725 1.2750 1.2790 1.2800 1.2820
Recommendation Sell euro below 1.2700 with targets at 1.2635 and 1.2575, stop loss above 1.2759
Great British Pound (GBP)
Sterling managed to rise yesterday after heading towards minor support levels over the short term around 1.4790 and here it is today again heading to the downside as we expect volatile trading that will be biased to the downside as even with yesterday's incline the pair did not manage to trade above the 100 Moving Average over 4-hour basis at 1.5085.
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 1.4820 1.4790 1.4740 1.4715 1.4620
Resistance 1.4885 1.4905 1.4935 1.4965 1.5085
Recommendation Sell sterling below 1.4885 with targets at 1.4795, stop loss above 1.4965
Japanese Yen (JPY)
Trading mostly is seen above the 76.4% correction at 93.20 and the sideways trading might push the pair to the downside yet at the same time the possibility for a successful breach to 92.45 support today is slight, as we said this barrier is critical for the pair as trading below it opens the way to extend the bearish wave beyond 90 levels; still the general trend is still to the downside and the pair might fluctuate heavily today yet as far as 92.45 remains intact will push the pair noticeable to the upside.
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 93.20 92.85 92.45 92.30 91.50
Resistance 93.65 93.90 94.10 94.45 94.60
Recommendation Buy the pair above 92.85 with targets at 93.70, stop loss with 4-hour closing below 92.30
Swiss Franc (CHF)
Despite that we do not abandon our view over the negativity for the pair yet we expect an upside move today for the dollar against the franc pair as the 1.2015 minor level over the medium term remained intact and over short term basis the major level today resides at 1.2005; for that the pair might be heading to the upside today while generally our view to the downside remains valid as far at 1.2285 is intact.
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 1.2050 1.2005 1.1950 1.1915 1.1875
Resistance 1.2125 1.2155 1.2195 1.2235 1.2260
Recommendation Buy the pair at 1.2050 with targets at 1.2155, stop loss with hourly closing below 1.2000
Canadian Dollar (CAD)
The upside move validated the channel over intraday basis where the major support resides at 1.2365 and as far as this level is intact the short term trend is to the upside, while the medium term trend that has shifted recently remains to the downside as far as 1.3000 remains intact which is a psychological and technical barrier at the same time a technical barrier as the failed to trade above it forming two tops close to that level; the pair today is to fluctuate clearly and sideways while generally biased to the upside.
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 1.2475 1.2410 1.2365 1.2320 1.2305
Resistance 1.2525 1.2550 1.2595 1.2610 1.2630
Recommendation Buy the pair cautiously above 1.2475 with targets at 1.2590, stop loss with hourly closing below 1.2410
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