Below is a brief recap of last week’s price projections and the price targets for next week.
The Euro continues trading in a narrow range and after reaching the weekly upside target reversed and broke below the CIT Cloud. Average up/down swing duration 5/3 days. The trend remains neutral and the projected price range for next week is 1.218 – 1.245:
Similar to the Euro, the Pound reversed course after reaching the weekly upside target. Average up/down swing duration 5/4 days. The CIT Channels projected trading range for next week is: 1.386 – 1.422:
The Yen bounced off channel support, narrowly missing the weekly downside projection, and staged a sharp counter-trend rally which fizzled at the second upside target of 107. The daily trend has turned neutral. Average up/down swing duration 4/5 days. The projected trading range for next week is: 105 – 107.5:
Support for the USD against the CAD held and the range-bound trading action, which has been in place since March, continues. Average daily swing duration is 5/7 days. Currently, the USD finds itself in the middle of the projected trading range for next week: 1.275 – 1.301:
Although the uptrend which started in February is technically still in place, the USD/CHF bullish momentum seems to be weakening. As a result, the USD narrowly missed both the upside and downside range projections. Average daily swing duration is 4/5 days. Projected range for next week: 0.9425 – 0.965:
The slide of the Aussie dollar continues. It missed the upside target by 5 pips but found support exactly at the lower projected range. Average daily swing duration is 6/4 days. Projected range for next week: 0.757 – 0.775: