Midday Report
The pair attempts to find a base in order to gain positive momentum, where this base is a possible formation of D point of the bullish Crab harmonic pattern. Consolidation above 1.3160-10 supports our positive expectations to remain valid, but stability above 1.3080 is necessary for our intraday outlook to remain unchanged.
The trading range for today is among the major support at 1.3000 and the major resistance at 1.3575.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.3160 | 1.3110 | 1.3080 | 1.3030 | 1.3000 |
| Resistance | 1.3220 | 1.3280 | 1.3305 | 1.3395 | 1.3435 |
| Recommendation | Our morning expectations remain valid | ||||
Great British Pound (GBP)
Midday Report
The pair has slumped aggressively during the previous session where it formed a clear bearish candlestick formation over four-hour time interval as seen on the secondary image. As we numerously discussed earlier, the pivotal support of 1.5330 becomes under our technical microscope for the time being and a break of which will trigger a panic sell-off towards the next short term support at 1.5180, followed by the psychological level of 1.5000. Anyway, we hold onto our bearish predictions over intraday basis, supported by duplicated harmonic "Bat and Crab" pattern.
The trading range for today is among key support at 1.5180 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 | 1.5330 | 1.5255 | 1.5180 | 1.5145 | 1.5075 |
| Resistance | 1.5445 | 1.5495 | 1.5555 | 1.5630 | 1.5690 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5495 targeting 1.5180 and stop loss above 1.5690 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The pair has been trapped within a very tight range since morning where a minor uptrend for the movements from B point was touched again. At the same time, Stochastic continues offering its positive sign. Therefore, we keep our bullish anticipations intact for the rest of the day and all we need is to witness a breakout above SMA 20 to weaken the most important resistance of 77.20.
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 75.20 remain intact.
| Support | 76.40 | 76.10 | 75.80 | 75.60 | 75.25 |
| Resistance | 76.95 | 77.20 | 77.60 | 77.90 | 78.45 |
| Recommendation | Our morning expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
The pair is still stable above 0.9185, supporting the possibility of an upside movement. But on the other hand, Stochastic is within oversold areas, which prevents sharp bullish waves from affecting the pair’s movement. But, our morning expectations remain valid, noting that 4-hour closing below 0.9080 should negate our entire intraday expectations.
The trading range for today is among the major support at 0.8850 and the major resistance at 0.9415.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400
| Support | 0.9185 | 0.9105 | 0.9080 | 0.9030 | 0.8920 |
| Resistance | 0.9230 | 0.9270 | 0.9335 | 0.9370 | 0.9415 |
| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
The pair settled for the level of 1.0500, before rebounding again to the upside, where the ascending channel has proved its continuous effect, supported by the exponential moving averages. Currently, Stochastic is negative, which could trigger heavy fluctuations, but in general, we still expect the upside movement to continue unless an intraday breach of 1.0400 and 1.0320 in general were seen.
The trading range for today is among the major support at 1.0350 and the major resistance at 1.0765.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0500 | 1.0475 | 1.0375 | 1.0320 | 1.0295 |
| Resistance | 1.0560 | 1.0620 | 1.0690 | 1.0765 | 1.0885 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair above 1.0475, and take profit in stages at (1.0550 and 1.0620) and stop loss below 1.0400 might be appropriate | ||||
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