Midday Report
Over four-hour basis, we can see how the pair inclined to reach areas around 1.3480, which is the awaited reversal zone. The pair is also trading within the descending channel, while the Simple Moving Average 20 is another barrier at 1.3520. All these factors together drive us to hold onto our weekly expectations, noting that heavy fluctuations are possible due to the positive crossover attempts on Stochastic.
The trading range for this week is among the major support at 1.3110 and the major resistance at 1.3840
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.3395 | 1.3320 | 1.3250 | 1.3180 | 1.3110 |
| Resistance | 1.3480 | 1.3530 | 1.3600 | 1.3665 | 1.3720 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair around 1.3480, and take profit in stages at (1.3320 and 1.3110) and stop loss with a daily closing above 1.3600 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair has been trapped within a very tight range since morning as clearly seen on the provided graph. The secondary four-hour graph still suggests that the pair is correcting the sharp decline that occurred during the previous period. The fluctuation will continue over intraday basis since Stochastic offers oversold signs. Anyway, our bearish predictions of the bigger time frames are still in favor, whilst a break below 1.5330 will accelerate the bearishness.
The trading range for today is among key support at 1.5180 and key resistance at 1.5690.
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 | 1.5445 | 1.5390 | 1.5330 | 1.5255 | 1.5180 |
| Resistance | 1.5515 | 1.5535 | 1.5630 | 1.5690 | 1.5720 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair is still showing a case of technical hesitation since the contrarian between signs of technical indicators continues obviously on the provided four-hour graph. Henceforth, the neutrality will be in favor as far as trading continues between 76.95 and 75.80 as we discussed earlier. Once it breaches the initial resistance of 76.95, the proposed Elliott sequence will be activated.
The trading range for today is among key support at 75.25 and key resistance now at 77.90.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 76.10 | 75.80 | 75.60 | 75.45 | 75.25 |
| Resistance | 76.60 | 76.75 | 76.95 | 77.20 | 77.60 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Swiss Franc (CHF)
Midday Report
We pointed at a possible downside correction, which has already started to affect the pair’s movement, where this correction could lead the pair to test the support at 0.9035 and then return to resume the general upside trend, which is supported by the harmonic structure shown above. Therefore, our suggested weekly scenario remains valid.
The trading range for this week is among the major support at 0.8850 and the major resistance at 0.9400.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400
| Support | 0.9080 | 0.9035 | 0.8920 | 0.8880 | 0.8850 |
| Resistance | 0.9150 | 0.9190 | 0.9230 | 0.9270 | 0.9335 |
| Recommendation | Based on the chart and explanations above, we recommend buying the pair around 0.9035, and take profit in stages at (0.9230 and 0.9400) and stop loss with daily closing below 0.8920 might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The pair build a base exactly at 1.0290 and is currently trading around 61.8% Fibonacci correction at 1.0300 as shown above. Consolidation above these levels supports us to hold onto our weekly expectations, noting that stability above 1.0185 is necessary for our expectations to prevail.
The trading range for this week is among the major support at 0.9970 and the major resistance at 1.0690
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0290 | 1.0225 | 1.0185 | 1.0125 | 1.0085 |
| Resistance | 1.0375 | 1.0400 | 1.0500 | 1.0550 | 1.0620 |
| Recommendation | Our Weekly expectations remain valid. | ||||
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