The CADCHF provided new negative close below the moving average 55, which forms a strong barrier at 0.5720 to reinforce the dominance of the previously suggested bearish trend, to reach the initial target at 0.5655.
Stochastic attempt to provide negative momentum by approaching 20 level will increase the efficiency of the bearish scenario, to expect attacking the support at 0.5595 and surpassing it will confirm its move to a new bearish phase, to target 0.5540 and 0.5505.
The expected trading range for today is between 0.5640 and 0.5700
Trend forecast: Bearish
Natural gas prices are forced to form some sideways trading due to its stability below $3.150 barrier, besides the contradiction of the main indicators by the stability of the moving average 55 above the current trading as appears in the above image.
MoreThe EURJPY pair surrendered to the positivity of the main indicators, specifically, stochastic approach from 80 level, to force it delay the bearish corrective attempts and form some positive waves to settle near 185.10.
MoreThe GBPJPY pair surpassed the dominance of the temporary sideways trend by forming new bullish waves, to attack the main barrier at 214.50, to settle near it as appears in the above image. The suggested scenario in the near and medium trading depends on the stability of the current barrier, to expect forming bearish corrective waves to target 213.50 initially, then attempts to press on 212.75 barrier.
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