Midday Report
The pair approached the pivotal areas awaited this morning around 1.3590 and reversed to the downside strongly as shown above, where it managed to breach the recently recorded trough around 1.3500. Those factors signal further bearishness for today whereas breaching 1.3590 delays the suggested scenario. We recommend returning to our morning report for more details.
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 | 1.3435 | 1.3360 | 1.3320 | 1.3300 | 1.3240 |
| Resistance | 1.3480 | 1.3530 | 1.3590 | 1.3645 | 1.3700 |
| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 1.3495 targeting 1.3320 and stop loss with hourly closing above 1.3590 might be appropriate | ||||
Great British Pound (GBP)
Midday Report
After touching the awaited levels around 1.5495, the pair started moving downwards during the previous session. The negative effect of yesterday's long black candlestick is still pressuring Cable negatively; thus, the bearishness is still favored for the rest of the day. Breaching 1.5335 will trigger a panic sell-off towards 1.5180. Note that there is a harmonic support at 1.5255 -check the harmonic outlook over daily studies-.
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 | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
Despite entering inside the falling wedge areas once more, the pair found good support once more above the D level -PRZ- of the harmonic AB=CD patter. We classify the current fluctuation as correctional price behaviors after touching 76.95 zones during the Asian session. Thereby, we will be waiting for a breakout above the aforementioned pivotal resistance to make sure that the suggest Elliott count is still valid. A break below 75.80 will give us a reason for concern.
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 | 76.75 | 76.95 | 77.20 | 77.60 | 77.90 |
| 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)
Midday Report
The pair found a strong support base at 0.9000 to rush to the upside approaching 0.9200. This strong positivity supports our expectations for extending the upside correction eyeing next 0.9390 which requires stability above 0.8920 to remain valid.
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 | 0.9070 | 0.9000 | 0.8930 | 0.8835 | 0.8780 |
| Resistance | 0.9180 | 0.8245 | 0.9295 | 0.9390 | 0.9450 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.9070 targeting 0.9120 and 0.9245 and stop loss with hourly closing below 0.9000 might be appropriate | ||||
Canadian Dollar (CAD)
Midday Report
The pair settled for consolidating at 1.0100 to rush to the upside strongly and currently trading around the awaited target at 1.0290 areas. By consecutively breaching key resistance areas, where the last was 161.8% correction shown above, the intraday upside move is likely to continue in the coming period. The negativity on momentum indicators may cause some fluctuations.
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 | 1.0185 | 1.0125 | 1.0085 | 1.0025 | 1.0000 |
| Resistance | 1.0260 | 1.0290 | 1.0375 | 1.0400 | 1.0440 |
| Recommendation | Due to the high risk-return ration we remain neutral for the rest of the day awaiting better entry levels | ||||
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