EURO
The European currency saw the tendency to move towards the downside hitting the key support at 1.4100, then it managed an upside move until the levels of 1.4130s. Nevertheless, the upside potential is still possible and the Euro just consolidated at the top to gather some strength to move in a bullish trend again.
The trading range for today might be between the key resistance level at 1.4220 and the key support level at 1.4060.
The general trend is up as far as 1. 3270 remains intact targets now at 1.4050 and 1.4220.
Support: 1.4100, 1.4078, 1.4044, 1.4000, 1.3985
Resistance: 1.4140, 1.4162, 1.4187, 1.4200, 1.4217
Recommendation: We expect buying Euro above 1.4110 with a target at 1.4180 stop loss below 1.4075.
GBP
The British pound consolidated at the critical level of 2.0150s. Meanwhile, the pound is still has the upside potential as long as it stays above the major level at 2.0070s.
The trading range for today might be between the key resistance level at 2.0260 and the key support level at 2.0040.
The general trend is up as far as 1.9700 remains intact targets now at 2.0635 and 2.0740.
Support: 2.0100, 2.0080, 2.0048, 2.0025, 2.0000
Resistance: 2.0125, 2.0155, 2.0180, 2.0200, 2.0230
Recommendation: We expect buying sterling above 2.0120 with a target at 2.0220 stop loss below 2.0070
JPY
The dollar against the Japanese yen yesterday moved in a bullish pattern ignoring the strength of the major resistance level at 115.15, so it managed to drive through the upside channel to hit the upper resistance level at 115.70s. The pair today is expected to progress towards the upside as long as it has high levels of volume.
The trading range for today will be between the key resistance at 116.70 and the key support at 114.00.
The general trend is down as far as 124.60 remains intact, targets at 112.40 and 111.20.
Support: 115.05, 114.87, 114.67, 114.48, 114.26
Resistance: 115.25, 115.55, 115.78, 116.00, 116.20
Recommendation: We expect selling USD/JPY below 116.20 with a target at 115.50, stop loss above 116.65
CHF
The dollar against the SWISS Frank yesterday fluctuated in a bullish pattern showing the tendency towards the upside since it couldn't progress towards the downside due to the strong support level at 1.1650s creating a bullish wave until the levels of 1.1790s. Hence, we expect the pair to progress towards the upside today.
The trading range for today will be between the key resistances at 1.1800 the key support at 1.1600.
The general trend is down as far as 1.2540 remains intact, targets at 1.1665and 1.1445.
Support: 1.1677, 1.1650, 1.1626, 1.1605, 1.1580
Resistance: 1.1709, 1.1720, 1.1738, 1.1756, 1.1780
CAD
The dollar against the Canadian Dollar remained so quiet as it traded in very narrow ranges. Thereby, it formed a rounding bottom since it couldn't pass the major support level at 0.9930s.
The trading range for today will be between the key resistance at 1.0150 and the key support at 1.0000.
The general trend is down as far as 1.0850 remains intact, targets will be at 1.0000 and 0.9700.
Support: 1.0045, 1.0025, 0.9985, 0.9950, 0.9930
Resistance: 1.0065, 1.0080, 1.0100, 1.0123, 1.0150
source : http://forex-news-today.blogspot.com/
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