Midday Report
The pair was able to provide a 4-hour closing above the Moving Average 50 at 1.3600. Therefore, our morning expectations are activated now and remain valid for the rest of the session. This incline relieved the negativity seen on Stochastic, which provided a positive cross over now. Consolidation above 1.3525 is necessary for our expectations to prevail.
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 | 1.3600 | 1.3540 | 1.3515 | 1.3490 | 1.3435 |
| Resistance | 1.3665 | 1.3710 | 1.3775 | 1.3800 | 1.3840 |
| Recommendation | Our morning expectations remain valid. | ||||
Great British Pound (GBP)
Midday Report
Since the pair was trapped within a tight range fluctuating as a reaction for the oversold sign on Stochastic, we decided to have a look at the harmonic studies of the pair for the same graph that proved its accuracy during the previous period. From the first look at the chart, we will find that a potential Bat pattern -started at X1- is in progress forming its CD leg. At the same time, another harmonic possibility for forming a Crab pattern started at X2. Consequently, the bearishness will be favored as far as trading continues below "B" point, covered by moving averages combination and supported by the previous explained classical pattern.
The trading range for today is among key support at 1.5330 and key resistance at 1.5880.
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 | 1.5555 | 1.5495 | 1.5445 | 1.5390 | 1.5330 |
| Resistance | 1.5690 | 1.5720 | 1.5780 | 1.5820 | 1.5880 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.5555 targeting 1.5260 and stop loss above 1.5780 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The pair continues struggling around SMA 20 -colored in green- as seen on the provided four-hour chart, while the trading range is very narrow. Stochastic is taken gradually to overbought areas and also MACD turned down. Nevertheless, the pair is still stable above the initial support of 75.80; thus, we hold onto our neutrality for the rest of the day noting that a break of 76.95 will be a very positive indication as in that case the proposed Elliott count 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
The Butterfly pattern proved its strength as mentioned before, and now we consider this pattern reliable. Our expectations will be based on this bearish structure as long as the pair is stable below 0.9185 as shown above. Therefore, our morning expectations remain valid supported by the negativity on RSI.
The trading range for today is among the major support at 0.8620 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 | 0.8920 | 0.8850 | 0.8835 | 0.8780 | 0.8750 |
| Resistance | 0.9000 | 0.9080 | 0.9105 | 0.9150 | 0.9185 |
| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
The pair is trading around 1.0230 after providing the awaited bearish closing and activating our morning expectations. But on the other hand, the pair should consolidate below the mentioned level in order to negate the positivity seen on Stochastic. In general, as long as the pair is stable below 1.0320, the downside movement could extend further.
The trading range for today is among the major support at 1.0010 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 | 1.0220 | 1.0185 | 1.0125 | 1.0085 | 1.0010 |
| Resistance | 1.0290 | 1.0320 | 1.0350 | 1.0375 | 1.0400 |
| Recommendation | Our morning expectations remain valid | ||||
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