Daily Technical Report: July 15, 2013

EUR/USD - Weekly Report

The pair managed to maintain stability above 1.2975 from last week until now, and is currently stable above the psychological level 1.3000. Stability above the previous levels force us to think that the upside move might extend this week supported by the bullish support shown on graph, in addition to stabilizing above Linear Regression Indicator 34. Of note, stability above 1.3115 is important this week to further support the current bullish wave, in addition to stabilizing above Linear Regression Indicator 55.

Note : During this week, if the pair breached 1.3170 the short-term trend will turn to bullish.

The trading range for this week is among the key support at 1.2865 and key resistance at 1.3305.

The general trend over short term basis is to the downside targeting 1.2675 as far as areas of 1.3170 remain intact.

GBP/USD

The pair is still stable below the broken bullish support level that turned to resistance around 1.5185 as shown on graph, as stability below it keeps the possibility of extending bearishness in the upcoming period. Breaching 1.5185 and stabilizing above it with a daily closing might give the pair some bullish momentum, but since Stochastic is reflecting negativity and Linear Regression Indicators still tends to be negative then we will suggest a downside move this week counting on failing to stabilize above the bullish key support level.

The trading range for today is among key support at 1.4825 and key resistance at 1.5720.

The general trend over short term basis is to the upside as far as areas of 1.5150 remains intact targeting 1.5975.

USD/JPY

The pair’s upside attempts last week remained limited below 99.70, keeping the possibility of a new downside move valid for this week. Breaking 98.55 levels and stabilizing below it with four-hour closing might extend bearishness and extend the effect of the previously broken Rising Wedge Pattern. Stability above 99.70 levels might trigger an upside wave and cancel all the intraday negative expectations.

The trading range for this week is among key support at 97.65 and key resistance at 102.60.

The general trend over short term basis is to the downside as far as areas of 103.50 remain intact targeting 93.50.

USD/CHF

The pair got into a sideway move between 38.2% correction from the upside and 50% correction from the downside at 0.9515 and 0.9440 consecutively. Taking into consideration breaching the ascending channel shown on graph and the negativity of Linear Regression Indicators, the possibility of extending the downside move is valid for this week. It is important to break 0.9440 to support the idea of extending bearishness, while breaching 0.9530 with four-hours closing could push the pair to an ascending channel where it can retest the broken support of the channel.

The trading range for this week is among key support at 0.9265 and key resistance at 0.9605.

The general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.