595
Analyst

Key option levels: 25 - 31 July

EUR/USD

• The closest levels of resistance: 1.1071; 1.1100; 1.1154/86; 1.1214
• The closest levels of support: 1.0957 (36?); 1.0916; 1.0856; 1.0823
• The range of upward risks: 1.1071-1.1305
• The range of downside risks: 1.0957-1.0823


EUR/USD reserves its tendency to further decrease, pressure upon the currency pair is exerted by Put-level 1.0856 strengthening. In the medium-term period bears will keep the main initiative. Breakdown below 1.0957 level will give access to 1.0916 and 1.0856. Alternative scenario: moving above 1.1071 can be considered as a signal to buy this currency pair, with target points at 1.1100 and 1.1154.

GBP/USD

• The closest levels of resistance: 1.3201; 1.3265; 1.3319; 1.3350/82
• The closest levels of support: 1.2959; 1.2917; 1.2880/49; 1.2742
• The range of upward risks: 1.3201-1.3454
• The range of downside risks: 1.2959-1.2742


GBP/USD can continue its descending tendency this week. The medium-term picture of the currency pair has moderately negative nature. The main market makers' target is located on the 1.2849 level (an important level from the medium-term risks direction point of view). Breakdown below 1.2959 will predetermine the recession to levels 1.2917 and 1.2880. The currency pair buying should be considered relevant above 1.3201, with target points at 1.3265 and 1.3319.

 USD/JPY

• The closest levels of resistance: 106.37; 106.89; 107.26/62; 108.19
• The closest levels of support: 105.12; 104.48; 103.92/59; 103.24
• The range of upward risks: 106.37-108.19
• The range of downside risks: 105.12-100.74


USD/JPY remains neutral with a slight up bias. However it should be noted that players' August-September strategies are intended for decrease of the currency pair (the situation can change over time). Moving above 106.37 will give access to 106.89 and 107.26. Sellers will become more active below 105.12, the players' targets are referred to 104.48 and 103.92 levels.

USD/CAD

• The closest levels of resistance: 1.3170; 1.3219; 1.3259; 1.3312
• The closest levels of support: 1.3046; 1.3001; 1.2945; 1.2880
• The range of upward risks: 1.3170-1.3376
• The range of downside risks: 1.3046-1.2809


USD/CAD keeps unleashing bullish potential. Medium-term currency pair risks are displaced upwards. Speculators use 1.4184 Call-level (very strong one) for the foundation of upward pressure and preserving control over the market. Moving above 1.3170 will predetermine a new wave of growth to 1.3219 and 1.3259 levels. Short positions are worth opening in case of prices fixing below 1.3046, with target points at 1.3001 and 1.22945.

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