The European currency fluctuated in a balanced move last Friday with some tendency towards the upside to close at 1.3870s after it hit the major support at 1.3840s. This move might be a signal for moving towards the upside today as long as it stays above 1.3840s.
The trading range for today might be between the key resistance level at 1.3950 and the key support level at 1.3770.
The general trend is up as far as 1.3300 remains intact targets now at 1.3920 and 1.4045.
We expect buying Euro above 1.3860 with a target at 1.3910, stop loss below 1.3815.
The British pound couldn’t breach the upside resistance at 2.0220s to extend the downside channel until the levels of 2.0050s. Nevertheless, the pound dropped last Friday with slight levels of volume; which in role pushed the pound to the upside today.
The trading range for today might be between the key resistance level at 2.0150 and the key support level at 1.9980.
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 2.0065 with a target at 2.0120, stop loss below 2.0000.
The dollar against the Japanese yen tended to progress towards the upside in order to cover some of the losses two weeks ago. The technical indicators started adjusting to show the upside potential, but the pair just touched the major downside trend line which stopped the upside move to force the pair to drop down today.
The trading range for today will be between the key resistance at 116.00 and the key support at 114.50.
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 115.40 with a target at 114.70, stop loss above 115.80.
The dollar against the SWISS Frank yesterday tended to some correction towards the upside to cover some of its losses. However, the main direction for the pair as the technical indicators show is to the downside. Therefore we expect some downside movements today.
The trading range for today will be between the key resistance at 1.1940 and the key support at 1.1800.
The general trend is down as far as 1.2540 remains intact, targets at 1.1875 and 1.1665.
The dollar against the Canadian Dollar head towards the downside last Friday after it gathered enough momentum to manage the bearish move. Today, we expect the pair to progress towards the downside until 1.0340s levels .
The trading range for today will be between the key resistance at 1.0500 and the key support at 1.0300.
The general trend is down as far as 1.0940 remains intact, targets will be at 1.0300 and 1.0200.