Midday Report
Over hourly basis, we find that a bullish Butterfly harmonic pattern was completed at the trough 1.3361. Currently, the pair is trading around the pattern’s first target at 38.2% Fibonacci correction around 1.3525, and also above 23.6% Fibonacci correction of the CD leg of the pattern. Stability above 1.3460 could lead an upside movement again to test the second target of the pattern at 1.3685. Therefore, we turn from neutral to positive temporarily.
The trading range for today is among the major support at 1.3220 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 | 1.3490 | 1.3460 | 1.3435 | 1.3395 | 1.3320 |
| Resistance | 1.3525 | 1.3570 | 1.3600 | 1.3685 | 1.3775 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 1.3495, and take profit in stages at (1.3530 and 1.3685) and stop loss below 1.3360. | ||||
Great British Pound (GBP)
Midday Report
The pair declined during the previous session where the four-hour timescale shows how it attacks the support line for the corrective channel as we discussed this morning. The candlestick structure of the last four-hour candle could assist it to maintain levels below the pivotal support of 1.5495 to resume the classical bearishness of the bigger time frames. In result, the bearishness will be favored for the rest of the day as far as trading continues below the neckline areas at 1.5780.
The trading range for today is among key support at 1.5255 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 | 1.5745 | 1.5390 | 1.5330 | 1.5255 | 1.5180 |
| Resistance | 1.5630 | 1.5690 | 1.5720 | 1.5780 | 1.5820 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.5495 targeting 1.5180 and stop loss above 1.5690 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
Although the pair has offered a positive sign on Stochastic in addition to surpassing SMA 20 but the over all movements are trapped within a very tight range. Henceforth, we keep our neutrality intact for the rest of the day, noting that a break of 76.95 will bring the bullish picture back into focus, while 75.80 should act as a floor for the suggested Elliott count.
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
Despite that the general trend remains to the upside, we see that the Butterfly harmonic pattern, which its first potential reversal zone has previously failed, has returned to prove the formation of a new potential reversal zone; where as shown above the Butterfly pattern could be ideal and suggests a downside correction supported by momentum indicators. Stability below 0.9185 suggests a downside correction towards 0.8835 and maybe 0.8620. Nevertheless, we recommend tracking the pair’s movement closely because it is within a higher ranking upside wave.
The trading range for today is among the major support at 0.8820 and the major resistance at 0.9230.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400
| Support | 0.9000 | 0.8990 | 0.8920 | 0.8850 | 0.8835 |
| Resistance | 0.9080 | 0.9105 | 0.9150 | 0.9185 | 0.9230 |
| Recommendation | Based on the chart and explanations above, we recommend selling the pair below 0.9050, and take profit in stages at (0.8920 and 0.8835) and stop loss with 4-hour closing above 0.9185 might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
Over hourly basis, the Simple Moving Averages 20 and 50 represent strong resistance levels today. In addition, Stochastic provided a negative crossover. All these factors together support an attempt to breach 1.0230 to enter a downside movement. Consolidation with 4-hour closing below 1.0370 is necessary for our negative expectations to prevail.
The trading range for today is among the major support at 1.0125 and the major resistance at 1.0400
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0230 | 1.0185 | 1.0125 | 1.0085 | 1.0010 |
| Resistance | 1.0290 | 1.0320 | 1.0370 | 1.0400 | 1.0450 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair around 1.0250, and take profit in stages at (1.0185, 1.0125) and stop loss with 4-hour closing above 1.0370 might be appropriate | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment