The European currency obviously managed an upside move with high volume which was considered the continuation towards the upside as the Euro built a base above the key level at 1.4050s; the Euro is expected to move towards the upside today. The trading range for today might be between the key resistance level at 1.4250 and the key support level at 1.4050. The general trend is up as far as 1.3600 remains intact targets now at 1.4500 and 1.4885.
We expect buying Euro above 1.4125 with a target at 1.4185, stop loss below 1.4090.
The British pound moved in a fake bearish pattern as it failed to breach the strong support at 2.0080s; therefore, we expect a bullish move today as long as the pound keeps the base today at 2.0120 major support level. The trading range for today might be between the key resistance level at 2.0290 and the key support level at 2.0100. 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 2.0160 with a target at 2.0280, stop loss below 2.0110.
The dollar against the Japanese yen yesterday tended to move towards the downside to hit the key level at 114.00; however, it arranged to reverse back towards the upside by the end of the day, the technical indicators show the downside potential for today. The trading range for today will be between the key resistance at 115.40 and the key support at 113.60. 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 114.90 with a target at 114.00, stop loss above 115.40.
As the dollar against the SWISS Frank yesterday couldn’t breach the strong resistance level at 1.1750s to drop down in a strong move towards the key support 1.1640s, today we expect the pair to progress towards the downside as well. The trading range for today will be between the key resistance at 1.1700 and the key support at 1.1540. The general trend is down as far as 1.2540 remains intact, targets at 1.1575 and 1.1265.
We expect buying USD/CHF above 1.1680 with a target at 1.1600, stop loss below 1.1720.
The dollar against the Canadian Dollar yesterday moved in a balanced move in a narrow range at the bottom of the long bearish wave; nevertheless we expect today the currency to drop down again setting some new records. The trading range for today will be between the key resistance at 1.0100 and the key support at 0.9930. The general trend is down as far as 1.0540 remains intact, targets will be at 0.9800 and 0.9650.