Obviously the European currency managed to hit new records yesterday in the absence of the US dollar strength, the slope's steep angle to the upside wave shows the strength of this move which is expected to push the Euro up until the 1.4140s strong resistance level. The trading range for today might be between the key resistance level at 1.4150 and the key support level at 1.3950. The general trend is up as far as 1.3600 remains intact targets now at 1.4500 and 1.4885.
We expect buying Euro above1.4040 with a target at 1.4140, stop loss below 1.3985.
The British pound managed to move towards the upside in a bullish pattern after it built the base above the major support level yesterday at 1.9970 to hit the key resistance level at 2.0140s, today we expect the pound to continue towards the upside as long as it stays above 2 dollar barrier. The trading range for today might be between the key resistance level at 2.0235 and the key support level at 1.9970. The general trend is up as far as 1.9650 remains intact targets now at 2.0635 and 2.0740.
We expect buying sterling above 2.0075 with a target at 2.0210, stop loss below 2.0020.
The dollar against the Japanese yen arranged a strong drop with high levels of volume and high volatility, due to that the pair hit the unexpected low at 114.00; therefore today the pair seems to continue towards the major support at 113.30s. The trading range for today will be between the key resistance at 115.40 and the key support at 113.00. The general trend is down as far as 124.60 remains intact, targets at 112.60 and 111.30.
We expect selling USD/JPY below 114.80 with a target at 113.50, stop loss above 115.40.
The dollar against the SWISS Frank yesterday found the tendency to move in a bearish pattern hitting the major support level at 1.1680s, this move affected the technical indicators to make some adjustments to show the downside motion in the upcoming days. The trading range for today will be between the key resistance at 1.1850 and the key support at 1.1570. The general trend is down as far as 1.2540 remains intact, targets at 1.1675 and 1.1465.
The dollar against the Canadian Dollar managed to move in a bearish channel yesterday using the US dollar's setting new records in this year, the trend analysis shows the strength of the downside move that in role might lead the pair to again new records high. The trading range for today will be between the key resistance at 1.0100 and the key support at 0.985. The general trend is down as far as 1.0540 remains intact, targets will be at 0.9800 and 0.9650.
We expect selling USD/CAD below 1.0040 with a target at 0.9950, stop loss above 1.0080