Morning Report
The pair ended yesterday above 1.3500, yet today we can see trading stabile below the critical breached support at 1.3590 which is protected by the MA 50 that offers continuous negative pressure. Stochastic is gradually losing the upside momentum and therefore we hold onto our general bearish expectations for the coming period targeting areas from 1.3360-20. The breach of 1.3590 might delay the awaited targets.
The trading range for today is among the major support at 1.3320 and the major resistance at 1.3665.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.3495 | 1.3435 | 1.3360 | 1.3320 | 1.3300 |
| Resistance | 1.3530 | 1.3590 | 1.3665 | 1.3700 | 1.3760 |
| Recommendation | Based on the charts and explanations above our opinion is selling the pair with hourly closing below 1.3495 targeting 1.3320 and stop loss with hourly closing above 1.3590 might be appropriate | ||||
Great British Pound (GBP)
Morning Report
The consecutive bearish candlesticks on the secondary image of the daily studies is another bearish indication that proves the authenticity of our captured weekly double top pattern of the weekly graph. Now, the mild retrace from 1.5325 was also expected since it represents an important support on the way to the technical target of our classical pattern. Clearing areas between 1.5345 and 1.5320 will ease the path towards 1.5180 and will add more negative pressure over upcoming period.
The trading range for today is among key support at 1.5075 and key resistance at 1.5720.
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 | 1.5335 | 1.5255 | 1.5230 | 1.5180 | 1.5075 |
| Resistance | 1.5455 | 1.5515 | 1.5545 | 1.5630 | 1.5690 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5440 targeting 1.5180 and stop loss above 1.5620 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The pair continues fluctuating sharply since yesterday, but this fluctuation has fixed the negative sign that appeared on Stochastic yesterday, changing it into positive. There are two more technical factors that may help the pair to achieve the awaited reversal as follows:
- The positive divergence on MACD.
- The solidity of support areas around 76.20.
Only a break above 76.95 will prove the efficiency of our suggested Elliott scenario which remains valid; whilst breaching through 75.80 with four hour closing will negate it completely and will trigger a panic sell-off.
The trading range for today is among key support at 75.25 and key resistance now at 78.45
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 76.40 remain intact.
| Support | 76.20 | 75.80 | 75.60 | 75.25 | 74.85 |
| Resistance | 76.75 | 76.95 | 77.20 | 77.60 | 77.90 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 76.95 targeting 78.80 and stop loss below 75.80 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
The pair reversed to the downside after finding solid support around 0.9180, where this downside correctional move might extend towards 0.9000-0.8995. In general, the breach earlier above the critical resistance –neckline areas- at 0.8930 and the 38.2% Fibonacci correction make us favor further intraday bullishness for today targeting next 0.9395. Breaching the support areas between 0.8930-0.8885 will be the first signal for the reversal to the downside.
The trading range for today is among the major support at 0.8885 and the major resistance at 0.9395.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.8995 | 0.8930 | 0.8885 | 0.8835 | 0.8780 |
| Resistance | 0.9070 | 0.9120 | 0.9180 | 0.9245 | 0.9295 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair with hourly closing above 0.9070 targeting 0.9245 and stop loss with hourly closing below 0.8995 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
The pair approached the resistance for the main ascending channel shown above and reversed gradually to the downside due to the negativity on momentum indicators. This reversal is considered a retest to 1.0185 areas before resuming the intraday upside move for today. Breaching areas of 1.0185 will push the pair south towards 1.0085 and might extend towards the psychological areas of 1.0000.
The trading range for today is among the major support at 1.0085 and the major resistance at 1.0440.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0185 | 1.0125 | 1.0085 | 1.0025 | 1.0000 |
| Resistance | 1.0290 | 1.0375 | 1.0400 | 1.0440 | 1.0500 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair around 1.0185 targeting 1.0390 and stop loss below 1.0085 might be appropriate | ||||
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