Morning Report
After the pair ideally respected yesterday’s scenario and reached the awaited targets, the euro declined strongly affected by the FOMC decision to return to trade within the main descending channel shown above, in addition to breaching the critical support at 1.3590. Those factors alongside trading below the MA 50 make us favor an intraday downside move today targeting mainly 1.3360; breaching areas of 1.3590 might delay the awaited targets while breaching 1.3700 might revive the upside move once again.
The trading range for today is among the major support at 1.3320 and the major resistance at 1.3700.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.3530 | 1.3480 | 1.3435 | 1.3360 | 1.3320 |
| Resistance | 1.3590 | 1.3645 | 1.3700 | 1.3760 | 1.3805 |
| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 1.3590 targeting 1.3360 and stop loss with hourly closing above 1.3700 might be appropriate | ||||
Great British Pound (GBP)
Morning Report
The pair fell freely after stabilizing below the neckline areas of our caught double top formation of the weekly studies. Our classical pattern has proved its efficiency during this week, taking the pair towards the first short technical objective at 1.5475. Since we previously defined 1.5475 to be the first target for the current bearishness, we will talk today about the next targets as we still believe that the bearishness will continue over intraday basis, where 1.5335 becomes under our technical microscope. In fact, the scientific technical targets of the pattern reside below the psychological levels of 1.5000, but the pair should clear 1.5335, followed by 1.5180; whilst another potential harmonic support is seen at 1.5255 -check the harmonic outlook-. The long black candlestick formation of the daily basis supports our bearish overview.
The trading range for today is among key support at 1.5180 and key resistance at 1.5780.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 areas remain intact.
| Support | 1.5390 | 1.5345 | 1.5255 | 1.5230 | 1.5180 |
| Resistance | 1.5515 | 1.5545 | 1.5630 | 1.5690 | 1.5780 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5495 targeting 1.5180 and stop loss above 1.5700 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
In line with our previous analysis, the pair inclined attacking 23.6% Fibonacci retracement of the entire downside rally from 80.20 to 75.90 at 75.95 as seen on the provided four-hour graph. It succeeded in closing positively above the resistance line of the falling wedge pattern, while we can see how a positive divergence is appearing on MACD traditional. Therefore, we hold onto our bullish prediction over intraday basis, supported by the above seen Elliott sequence. A break of 76.95 will confirm the bullish scenario; whilst breaching through 75.80 will negate it.
The trading range for today is among key support at 75.25 and key resistance now at 78.45.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 76.40 remain intact.
| Support | 76.40 | 76.20 | 75.80 | 75.60 | 75.25 |
| Resistance | 76.95 | 77.20 | 77.60 | 77.90 | 78.45 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 76.95 targeting 78.80 and stop loss below 75.80 might be appropriate. | ||||
Swiss Franc (CHF)
Moring Report
The pair rushed to the upside to breach the critical 0.8920 negating the harmonic butterfly pattern mentioned in our previous reports. For now, we see the path clear to extend the intraday bullishness within the correctional formation for the last downside wave from 1.1730 to 0.7074, especially with stability above 38.2% Fibonacci correction. A positive formation is seen over daily basis where the pair breached its neckline at 0.8930 supporting by that our positive expectations for today. Targets are mainly at 0.9390 and require stability above 0.8920.
The trading range for today is among the major support at 0.8835 and the major resistance at 0.9390.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.90000 | 0.8930 | 0.8835 | 0.8780 | 0.8750 |
| Resistance | 0.9040 | 0.9120 | 0.9180 | 0.9245 | 0.9295 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8930 targeting 0.9120 and 0.9245 and stop loss with four-hour closing below 0.8835 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
The pair moved strongly to the upside yesterday breaching critical resistance areas and most importantly 1.000 psychological barrier followed by 1.0100. This upside move confirms the return of trading ideally within the main ascending channel shown above, signaling that the pair will resume the intraday upside move today. Some fluctuations and volatility is expected today due to the negative signals on momentum indicators and the pair might retest areas of 1.0085 and maybe extend towards 1.0025 before moving towards targets that start from 1.0290.
The trading range for today is among the major support at 0.9910 and the major resistance at 1.0375.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0085 | 1.0025 | 1.0000 | 0.9910 | 0.9850 |
| Resistance | 1.0125 | 1.0185 | 1.0260 | 1.0290 | 1.0375 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair around 1.0085 targeting 1.0290 and stop loss with four-hour closing below 1.0000 might be appropriate | ||||
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