The USDCAD price traded with clear negativity yesterday to break the minor support 1.4025$ and settle below it, to head towards potential test to the bullish channel’s support line around 1.3960$, making the bearish bias expected in the upcoming sessions, noting that this decline is temporary, waiting to resume the main bullish trend again after testing the mentioned support.

On the other hand, we should note that breaching 1.4025$ will stop the expected decline and lead the price to resume the main bullish wave again.

The expected trading range for today is between 1.3960$ support and 1.4080$ resistance

Trend forecast: Bearish temporarily

The USDJPY price faces negative pressure by today’s open to break the bullish channel’s support line and attempts to hold below it, to head towards starting bearish correction for the rise measured from 139.57 to 156.74, on its way to visit 23.6% Fibonacci correction level at 152.69 as a first negative station.

Therefore, the bearish bias will be expected for today, noticing that the price is forming double top pattern that might cause more decline and surpass the above mentioned target to achieve additional negative targets, taking into consideration that breaching 154.65 will stop the negative scenario and push the price back to the main bullish track again.

The expected trading range for today is between 153.20 support and 154.80 resistance

Trend forecast: Bearish

The GBPUSD price bounced upwards clearly after consolidating above the bearish channel’s support line, to head towards potential test to the key resistance 1.2735$, noticing that the EMA50 meets this level to add more strength to it, to support the chances of resuming the main bearish wave, which its next target located at 1.2566$.

The RSI positivity interprets the reasons of the mentioned rise, noting that continuing to rise and breaching 1.2735$ will stop the expected bearish trend and lead the price to achieve additional gains that extend to 1.2866$ on the near-term basis.

The expected trading range for today is between 1.2590$ support and 1.2750$ resistance

Trend forecast: Bearish

The EURUSD price traded with clear positivity in the previous sessions to test 1.0600$ level, which represents 23.6% Fibonacci correction level for the last bearish wave, noticing that stochastic lost its positive momentum and overlaps negatively now, which supports the chances of resuming the bearish trend in the upcoming sessions, to head towards testing 1.0496$ initially, noting that breaking it will push the price towards 1.0400$ direct.

Therefore, we will continue to suggest the bearish trend on the intraday basis, noting that breaching 1.0600$ will push the price to achieve additional bullish correction that its next target reaches 1.0664$.

The expected trading range for today is between 1.0500$ support and 1.0650$ resistance

Trend forecast: Bearish