Morning Report
The pair declined again today after reaching around 1.3690 yesterday to trade within critical levels now, where these levels include 38.2% Fibonacci correction of the CD leg of the bullish Bat harmonic pattern. This level is at 1.3525 and followed by the support level at 1.3515, awaiting the pair’s movement around this level to specify the pair’s next path, where consolidation above this support suggests a return of positivity, while failure to consolidate above this level could trigger a downside wave, targeting levels between 1.3460 and 1.3430 at least. Therefore, we remain neutral today, awaiting further confirmations regarding the pair’s movement around the mentioned support level.
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 | 1.3460 | 1.3430 | 1.3395 |
| 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)
Morning Report
The price behaviors seen since our previous report were really impressive as the pair collapsed after re-testing the previous broken correctional trend line that carried the movements from the former low around 1.5330. This classical process started to show the ability for forming a potential double top pattern over four-hour interval. Thereby, we hold onto our bearish predications over intraday basis, supported by the double harmonic probability of Crab and Bat patterns and we recommend reviewing the previous report for more details about those harmonic structures. A break of 1.5555 will accelerate the awaited negative descending actions.
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)
Morning Report
After publishing yesterday's midday report, the pair has achieved one more technical attempt to breach the pivotal resistance of 76.95 as seen on the provided four-hour chart. Actually, it failed to penetrate this level once more actuating Stochastic to overlap negatively. Despite being trapped within tight range, but Stochastic is quickly approaching oversold areas, while struggle continues around SMA 20. In the interim, MACD couldn't give off a clear sign; thus, we are forced to stay aside over intraday basis until it breaches 76.95 to activate the suggested Elliott count. Be careful as 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)
Morning Report
The exponential moving average 50 was able to stop the pair’s negative momentum yesterday; however, the bearish Butterfly harmonic structure is still valid, where any trading below 0.9185 suggests that the downside movement could return, while Stochastic is turning negative today. Stability below the mentioned moving average at 0.8950 is necessary to prevent the relative strength index from turning positive.
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 | 0.8950 | 0.8920 | 0.8850 | 0.8835 | 0.8780 |
| 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 0.9030, and take profit in stages at (0.8835 and 0.8620) and stop loss above 0.9185 might be appropriate today | ||||
Canadian Dollar (CAD)
Morning Report
The pair is currently trading around the upside movement’s main resistance at 1.0400, therefore reaching the reversal zone suggested yesterday. In fact, we haven’t seen any 4-hour closing above this level, but on the other hand, the pair should return below 1.0350 in order to support the downside movement to return, while consolidation above 1.0400 could trigger another bullish wave. Therefore, we remain neutral today awaiting more confirmations.
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 | 1.0350 | 1.0295 | 1.0230 | 1.0185 | 1.0125 |
| Resistance | 1.0400 | 1.0450 | 1.0480 | 1.0500 | 1.0560 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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