Midday Report
The pair is still trading between 1.3525-15, where these levels are very critical and could form another harmonic pattern in case a breach of 1.3515 was seen along with consolidation below this level; however, our Butterfly harmonic pattern’s effect mentioned in our morning report hasn’t ended yet. Therefore, we remain neutral today, awaiting further confirmations, where consolidation below 1.3515 could trigger a test of the levels between 1.3400-30 at least, while stability above 1.3515-25 could support the positivity to return.
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 | 1.3515 | 1.3490 | 1.3430 | 1.3400 | 1.3320 |
| Resistance | 1.3575 | 1.3600 | 1.3665 | 1.3710 | 1.3775 |
| Recommendation | Based on the charts and explanations above we remain neutral awaiting more confirmations | ||||
Great British Pound (GBP)
Midday Report
The pair succeeded in testing the suggested neckline for the potential double top formation appearing on the secondary image of the four hour time interval. This technical process caused the mild recovery during the past two hours, but the entire price actions today are trapped below the previous broken support line for the correctional movements from 1.5330. Henceforth, the bearishness is still in favor since the daily harmonic studies also claims that the pair is in a bearish territory forming the CD leg of the previous discussed double harmonic pattern. Breaching 1.5555 with a four hour closing will be a motive for moving sharply lower.
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 | 1.5630 | 1.5690 | 1.5720 | 1.5780 | 1.5820 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.5555 targeting 1.5260 and stop loss above 1.5780 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The negative sign on Stochastic during the Asian session was fixed during the previous session as well. Meanwhile, MACD started to enter inside positive territory as seen on the provided four hour graph. Those bullish technical signs will not be useful unless the pair breaches through the pivotal resistance of 76.95 to activate the suggested Elliott sequence. Hence, we will remain neutral until it beats this solid level.
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 | 76.95 | 77.20 | 77.60 | 77.90 | 78.45 |
| 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 trading within narrow levels below 0.9030, which represents a critical support level mentioned in our morning report. Therefore, our morning expectations remain valid, noting that consolidation below the exponential moving average 50 at 0.8950 is necessary to confirm the suggested harmonic scenario.
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 | 0.9000 | 0.8950 | 0.8920 | 0.8850 | 0.8835 |
| Resistance | 0.9030 | 0.9080 | 0.9105 | 0.9185 | 0.9230 |
| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
The pair rebounded to the upside to breach the level of 1.0400, which suggests the upside move to extend towards 1.0510, which represents 76.4% Fibonacci correction as shown above. More positive analysis contains further details regarding the reasons behind the upside move and the necessity for consolidation above 1.0400 over intraday basis. (Review the link below)
The trading range for today is among the major support at 1.0125 and the major resistance at 1.0620.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0400 | 1.0350 | 1.0295 | 1.0230 | 1.0185 |
| Resistance | 1.0450 | 1.0510 | 1.0560 | 1.0620 | 1.0660 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 1.0400, and take profit at 1.0510 and stop loss with 4-hour closing below 1.0350 might be appropriate | ||||
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