FOREX TRADING

Forex Technical Analysis for Major Currencies :

EURUSD

The Euro versus Dollar pair reached our suggested target yesterday at 1.4685 as it maintained trading around this level where we believe the pair is to gather bullish momentum to relieve indicators. We may witness slight volatility with a downside correction to reach 1.4640 before rebounding back to the upside on the intraday basis targeting 1.4865 as far as 1.4545 is intact.

The trading range for today is among the key support at 1.4330 and the key resistance at 1.4865

The general trend is to the downside as far as 1.4725 remains intact with targets at 1.2120

Support: 1.4640, 1.4585, 1.4515, 1.4465, 1.4410
Resistance: 1.4700, 1.4720, 1.4765, 1.4865, 1.4910

Recommendation: Based on the charts and explanations above, our opinion is buying the pair from 1.4640 to 1.4765 and stop loss below 1.4545 might be appropriate.

GBPUSD

The cable neared the first target reaching 1.6400 before rebounding back to the upside to retest the neckline at 1.6515. We see slight bullish momentum that may dominate today’s trading to breach 1.6515 and target 1.6660 and 1.6740 respectively. The pair may need to decline to 1.6370 to build a stronger basis to support the expected uptrend for today which will be confirmed with a four hour close above it.

The trading range for today is among the key support at 1.6260 and the key resistance at 1.6740

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100

Support: 1.6425, 1.6370, 1.6330, 1.6250, 1.6180
Resistance: 1.6515, 1.6595, 1.6630, 1.6660, 1.6685

Recommendation: Based on the charts and explanations above, our opinion is buying the pair with the breach of 1.6515 to 1.6660 and stop loss below 1.6425 might be appropriate.

USDJPY

The USD/JPY pair declined yesterday after touching the 38.2% correction at 91.40; where we see the formation of a bearish technical pattern on the secondary image with a neckline at 90.75 waiting to be breached. Breaking this level will take the pair below 90.00 to target 89.35 – 89.00. From here we expect the pair is to decline on the intraday basis as far as 91.80 remains intact. Stochastic indicator is showing volatile trading with the attempt of breaching the neckline due to oversold signs.

The trading range for today is among the key support at 88.40 and the key resistance at 94.70

The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60

Support: 90.75, 90.15, 89.35, 89.00, 88.44
Resistance: 91.40, 91.80, 92.60, 93.30, 93.80

Recommendation: Based on the charts and explanations above, our opinion is selling the pair with the breach of 90.75 to 89.35 and stop loss above 91.80 might be appropriate.

USDCHF

The Dollar versus Swissy returned within a downside channel after reversing to the downside from the 1.0420 level as expected yesterday where it is currently facing a pivot support at 1.0325 which we believe is to be breached to open the way for further declines on the intraday basis to support short term downtrend targeting 1.0000. The stochastic indicator is showing the pair being oversold which may make it difficult for the pair to breach the above mentioned support level. The decline is valid as far as 1.0420 remains intact.

The trading range for today is among the key support at 1.0000 and the key resistance at 1.0700

The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600

Support: 1.0325, 1.0275, 1.0220, 1.0135, 1.0080
Resistance: 1.0420, 1.0480, 1.0550, 1.0610, 1.0640

Recommendation: Based on the charts and explanations above, our opinion is selling the pair with the breach of 1.0325 to 1.0220 and stop loss above 1.0420 might be appropriate.

USDCAD

The Dollar versus Loonie pair was able to breach the minor support at 1.0785 to decline towards 1.0715. We are currently monitoring this level where a confirmed breach will support the short term downtrend towards 1.0000 and therefore we expect the pair is to decline today to breach the above mentioned support to initially target 1.0600 and 1.0400 respectively as far as 1.0935 remains intact.

The trading range for today is among the key support at 1.0425 and the key resistance at 1.1100

The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0300

Support: 1.0715, 1.0655, 1.0625, 1.0565, 1.0500
Resistance: 1.0785, 1.0830, 1.0885, 1.0935, 1.0960

Recommendation: Based on the charts and explanations above, our opinion is selling the pair with the breach of 1.0715 to 1.0565 and stop loss above 1.0830 might be appropriate.

RISK DISCLAIMER: These analyses are for information purposes only. They DO NOT post a BUY or SELL recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources. The forecasts made are based on technical analysis.