Euro
Morning Report
The Euro versus Dollar pair was able to reach the resistance level at 1.4205 before reversing back to the downside in correctional movements that may reach the key support for the channel. We expect the pair is to decline on the intraday trend to reach 1.3950 before rebounding back to the upside on the short term targeting 1.4600. Note that several market movers are on queue later today including the US jobs report
The trading range for today is among the key support at 1.3655 and the key resistance at 1.4400
The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2120
| Support | 1.4075 | 1.4000 | 1.3950 | 1.3870 | 1.3850 |
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| Resistance | 1.4140 | 1.4215 | 1.4235 | 1.4265 | 1.4340 |
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| Recommendation | According to our analysis, sell the pair below 1.4075 with targets at 1.3950 and stop loss with four hour closing above 1.4155 |
Great British Pound (GBP)
Morning Report
The Cable attempted to retest the previously breached support level for the ascending channel yet failed to do so as it reversed back to the downside towards the pivot level on the intraday basis at 1.6430. We expect the pair is to decline today to breach the mentioned support and reach 1.6330 as an initial target before extending losses towards 1.6200. We shouldn't ignore today's fundamentals as it may affect trading
The trading range for today is among the key support at 1.5900 and the key resistance at 1.6815
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100
| Support | 1.6430 | 1.6380 | 1.6330 | 1.6290 | 1.6255 |
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| Resistance | 1.6490 | 1.6550 | 1.6615 | 1.6685 | 1.6750 |
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| Recommendation | According to our analysis, sell the pair below 1.6430 with targets at 1.6330 and stop loss with four hour closing above 1.6550 |
Japanese Yen (JPY)
Morning Report
The USD/JPY pair continued trading near the retested resistance at 96.55 within narrow trading in a symmetrical triangle waiting to breach the minor resistance at 96.75 to extend its gains reaching the key resistance at 97.75. Momentum indicators are currently neutral yet the stochastic indicator is showing the possibility of a bullish crossover that may take the pair to the suggested target before reversing to the downside to complete the short term targets at 94.50 and 93.00. The 97.75 level must remain intact for the pair to continue declining.
The trading range for today is among the key support at 93.00 and the key resistance at 98.85
The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60
| Support | 96.55 | 95.90 | 95.65 | 95.10 | 94.50 |
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| Resistance | 97.15 | 97.75 | 98.05 | 98.55 | 99.00 |
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| Recommendation | According to our anlaysis, buy the pair above 96.55 with targets at 97.75 and stop loss with four hour closing below 95.65 |
Swiss Franc (CHF)
Morning Report
The Dollar versus Swissy pair was able to breach the minor support levels and reach the key support for the ascending channel at 1.0740. Closing above this level will prolong the uptrend within the ascending channel supported by positive signs from momentum indicators therefore we hold our outlook to the upside on the intraday basis targeting 1.0840 and 1.0980 respectively as far as 1.0700 remains intact.
The trading range for today is among the key support at 1.0570 and the key resistance at 1.1165
The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245
| Support | 1.0745 | 1.0685 | 1.0650 | 1.0600 | 1.0570 |
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| Resistance | 1.0840 | 1.0915 | 1.0980 | 1.1010 | 1.1095 |
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| Recommendation | According to our analysis, buy the pair above 1.0745 with targets at 1.0840 and 1.0915 and stop loss with four hour closing below 1.0650 |
Canadian Dollar (CAD)
Morning Report
The Dollar versus Loonie pair was able to reach the downside targets suggested yesterday at 1.1440 after breaching the minor support at 1.1540. We expect a slight upside correction to the 50% correction to retest the broken level at 1.1540 before reversing back to the downside targeting the key support between 1.1335 – 1.1290.
The trading range for today is among the key support at 1.1280 and the key resistance at 1.1815
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0300
| Support | 1.1440 | 1.1360 | 1.1335 | 1.1290 | 1.1250 |
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| Resistance | 1.1540 | 1.1570 | 1.1610 | 1.1675 | 1.1715 |
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| Recommendation | According to our analysis, sell the pair below 1.1540 with targets at 1.1440 and stop loss with four hour closing above 1.1610 |