EUR/USD
The Euro versus Dollar pair was able to maintain trading above 1.4250 yesterday, where it is currently attempting to gather enough bullish momentum to incline towards breaching 1.4375. This breakout will open the way for the pair to target 1.4650 initially. This incline requires 1.4145 to remain intact.
The trading range for today is among the key support at 1.3975 and the key resistance at 1.4650
The general trend is to the downside as far as 1.4720 remains intact with targets at 1.2120
Support : 1.4250 1.4170 1.4145 1.4100 1.4070
Resistance : 1.4300 1.4375 1.4430 1.4475 1.4550
Recommendation : Based on the charts and explanations above, our opinion is buying the pair from 1.4250 to 1.4375 and stop loss below 1.4145 might be appropriate.
GBP/USD
The Cable continues to fluctuate near the previously breached support currently at 1.6395, where our bullish scenario remains after slightly correcting to the downside to build a solid base at 1.6180 and then rebound to the upside on the intraday basis, in an attempt to breach the 1.6330 resistance level to target 1.6560. This scenario remains as far as 1.6180 remains intact; whereas the stochastic indicator supports the slight downside correction.
The trading range for today is among the key support at 1.5870 and the key resistance at 1.6555
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100
Support : 1.6240 1.6180 1.6155 1.6095 1.6050
Resistance : 1.6295 1.6330 2.6380 1.6455 1.6505
Recommendation : Based on the charts and explanations above, our opinion is buying the pair with the breach of 1.6330 to 1.6560 and stop loss below 1.6240 might be appropriate.
USD/JPY
The USD/JPY pair was able to reach our first downside target at 91.90, yet momentum indicators have reached an oversold area, which may result in a slight upside correction to 92.80 before reversing to the downside on the intraday basis targeting 91.00. The decline for today remains as far as trading is below 93.15 on the four hour charts.
The trading range for today is among the key support at 90.00 and the key resistance at 95.10
The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60
Support : 91.90 91.40 90.95 90.40 90.00
Resistance : 92.80 93.15 93.80 94.05 94.45
Recommendation : Based on the charts and explanations above, our opinion is selling the pair from 92.80 to 91.45 and stop loss above 93.55 might be appropriate.
USD/CHF
The Dollar versus Swissy pair declined yesterday, as expected, yet fluctuated between the 38.2% and 50% corrections as it neared the pivot support at 1.0550, where we wait to witness a breach to the downside. From here we expect the pair to decline on the intraday basis confirmed by the breach of the above mentioned support, with a four hour close below it to target 1.0400 initially before heading towards 1.0000. The stochastic indicator may affect trading today, as it may result in mixed trading until the pair is able to gather the momentum it needs to decline. Trading below 1.0700 is needed to decline today.
The trading range for today is among the key support at 1.0300 and the key resistance at 1.0915
The general trend so far is to the upside as far as 1.0550 remains intact with targets at 1.2245
Support : 1.0550 1.0480 1.0450 1.0400 1.0375
Resistance : 1.0635 1.0700 1.0765 1.0800 1.0890
Recommendation : Based on the charts and explanations above, our opinion is selling the pair with the breach of 1.0550 to 1.0400 and stop loss above 1.0635 might be appropriate.
USD/CAD
The Dollar versus Loonie pair touched the key resistance for the upside channel that it is currently trading within, and reversed to the downside towards the pivot support at 1.0945. The resistance level, colored in red in the above image, should reverse the pair to the downside to enter the key downside channel, yet a weekly close below 1.0945 is needed. We expect the pair to decline on the intraday basis to reach 1.0880 as far as 1.1130 is intact.
The trading range for today is among the key support at 1.0625 and the key resistance at 1.1320
The general trend is o the downside as far as 1.1870 remains intact with targets at 1.0300
Support : 1.1020 1.0945 1.0900 1.0880 1.0825
Resistance : 1.1060 1.1130 1.1160 1.1200 1.1255
Recommendation : Based on the charts and explanations above, our opinion is selling the pair with the breach of 1.1020 to 1.0880 and stop loss above 1.1130 might be appropriate.
Published on Thu, Sep 3 2009, 06:23 GMT
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