Midday Report
Over hourly basis, we recognize a possible harmonic structure, which could be a Crab harmonic pattern; however, consolidation below 1.3360-95 suggests forming the CD leg, which could force the pair to breach 1.3270 and then reach 1.3160. Therefore, our negative expectations remain valid, noting that upside corrections and heavy fluctuations are possible.
The trading range for this week is among the major support at 1.3015 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 | 1.3320 | 1.3260 | 1.3180 | 1.3110 | 1.3080 |
| Resistance | 1.3360 | 1.3395 | 1.3420 | 1.3470 | 1.3535 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair around 1.3395, and take profit in stages at (1.3270 and 1.3160) and stop loss with daily closing above 1.3470. | ||||
Great British Pound (GBP)
Midday Report
A secondary reversal pattern -potential double top- started to appear on the four-hour time interval, where we believe that the pair has retested its neckline already via drawing a long upper shadow as seen on the previous candlestick. Thus, we hold onto our bearish predications for the rest of the day, while breaching through 1.5495 will weaken 1.5330 zones. Our negative overview is supported by the bigger picture of forming the CD leg for the duplicated harmonic "Bat and Crab" formation.
The trading range for today is among key support at 1.5255 and key resistance at 1.5780.
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 | 1.5495 | 1.5445 | 1.5390 | 1.5330 | 1.5255 |
| Resistance | 1.5555 | 1.5630 | 1.5690 | 1.5720 | 1.5780 |
| Recommendation | Our weekly expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
In accordance with our morning scenario that was discussed in the weekly report, the pair achieved the required mild downside action to relieve momentum indicator. This expected technical process has assisted it to re-test SMA 20 where it found some kind of support. We will continue relying on the positivity on the daily studies -check the weekly report- to suggest bullish movements; especially, if 77.20 areas are taken as a break of which will solidify our Elliott count.
The trading range for today is among key support at 75.80 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 75.20 remain intact.
| Support | 76.60 | 76.40 | 76.10 | 75.80 | 75.60 |
| Resistance | 77.20 | 77.60 | 77.90 | 78.45 | 79.10 |
| Recommendation | Our weekly expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
The pair is still stable below 0.9185, which supports the bearish harmonic structure, especially when Stochastic is within overbought areas. Our neutral weekly expectations remain valid, where 4-hour closing below 0.8920 is required to confirm the bearishness, while 4-hour closing above 0.9185 should trigger an upside movement.
The trading range for this week is among the major support at 0.8835 and the major resistance at 0.9420.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400
| Support | 0.9080 | 0.9035 | 0.8980 | 0.8920 | 0.8880 |
| Resistance | 0.9150 | 0.9185 | 0.9230 | 0.9335 | 0.9400 |
| Recommendation | Based on the chart and explanations above, we recommend buying the pair with 4-hour closing above 0.9185, and take profit in stages at (0.9230 and 0.9400) and stop loss with daily-closing below 0.8920, Or selling the pair with 4-hour closing below 0.8920 and take profit in stages at (0.8835 and 0.8620) and stop loss with daily closing above 0.9105 might be appropriate today | ||||
Canadian Dollar (CAD)
Midday Report
Over hourly basis, momentum indicators are reacting quickly to the bearishness, yet slowly to the bullishness, which indicates that the pair is rebounding to the upside, confirmed by the intraday ascending channel. Any trading above the main support of the ascending channel at 1.0450 supports the upside movement, but a breach of 1.0320 could negate our intraday positive expectations temporary.
The trading range for this week is among the major support at 1.0230 and the major resistance at 1.0850.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0450 | 1.0400 | 1.0375 | 1.0320 | 1.0290 |
| Resistance | 1.0550 | 1.0620 | 1.0690 | 1.0765 | 1.0855 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 1.0450, and take profit in stages at (1.0550 and 1.0690) and stop loss with below 1.0320 might be appropriate | ||||
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