Midday Report
According to our harmonic outlook, the pair is still stable above 61.8% Fibonacci correction of the CD leg of the bullish Butterfly pattern, while harmonic analysis rules suggests that consolidation above this level proposes a test of 78.6% and maybe 88.6% Fibonacci corrections and finally the top of (C) point, which means a retest of 1.3700, 1.3740 and 1.3790 respectively. Therefore, we hold onto our positive outlook for the rest of the session today.
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 | 1.3575 | 1.3515 | 1.3490 | 1.3545 |
| Resistance | 1.3710 | 1.3775 | 1.3800 | 1.3840 | 1.3880 |
| Recommendation | Our morning expectations remain valid. | ||||
Great British Pound (GBP)
Midday Report
The pair continued its fluctuation towards re-testing areas of the previous broken correctional uptrend that carried the movements form the significant low around 1.5330 as seen on the secondary image. We may witness classical downside actions after completing this re-test technical process. Anyway, the bearishness of the bigger harmonic formation will be valid as far as 1.5780 –B level- of the Crab and Bat patterns. Breaching areas of 1.5555-1.5540 is needed to confirm today's negative scenario.
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 | 1.5630 | 1.5555 | 1.5495 | 1.5445 | 1.5390 |
| Resistance | 1.5690 | 1.5720 | 1.5780 | 1.5820 | 1.5880 |
| Recommendation | Based on the charts and explanations above our opinion are, selling correctional rallies towards 1.5780-broken neckline- targeting 1.5495, followed by 1.5330 and stop loss above 1.5780 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The technical hesitation continued on several time frames of the USD/JPY pair without a decisive movement to clarify the next move. Stability above SMA 20 along with attempts to give us positive sign on oscillator and momentum indicators will not awaken our greed for changing our neutral situation for the time being until it breaches 76.95 to activate the suggested Elliott count. Conversely, a break back below 75.80 will damage this cycle.
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 | 76.75 | 76.95 | 77.20 | 77.60 | 77.90 |
| 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 pair is currently stable around the exponential moving average 50 as shown on the 4-hour interval, where a breach of this level and consolidation below it should trigger a downside movement, affected by the harmonic structure mentioned in our morning report. In general, our morning expectations remain valid as long as the pair is stable below 0.9105-85.
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 still biased to the downside, where Stochastic was able to negate the positivity seen before, while the pair attempts now to consolidate below 1.0300, which could force the pair to extend the downside movement. Our negative expectations remain valid as long as the pair is trading below the main resistance at 1.0385-75.
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 | 1.0280 | 1.0230 | 1.0185 | 1.0125 | 1.0085 |
| Resistance | 1.0375 | 1.0400 | 1.0450 | 1.0490 | 1.0550 |
| Recommendation | Our morning expectations remain valid | ||||
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