Midday Report
The pair is stable above 23.6% Fibonacci correction of the CD leg of the bullish Crab harmonic pattern, where after reaching the lowest at 1.3280, the pair rebounded to the upside, in addition, Stochastic attempts to provide positive crossover. Therefore, our morning expectations remain valid.
The trading range for today is among the major support at 1.3080 and the major resistance at 1.3515.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.3270 | 1.3220 | 1.3160 | 1.3110 | 1.3080 |
| Resistance | 1.3365 | 1.3395 | 1.3435 | 1.3490 | 1.3515 |
| Recommendation | Our morning expectations remain valid | ||||
Great British Pound (GBP)
Midday Report
The pair consolidates following yesterday's slight recovery from the initial support of 1.5330 as seen on the secondary image of the four-hour interval. Actually, today's trading range seems vey tight; thus, we will keep our bearish predications intact for the rest of the day, supported by the bigger picture of resuming the CD leg of the duplicated harmonic structured discussed several times before. Re-attacking 1.5390 will ease the path for retesting 1.5330 once more where a break of which will bring additional losses for the pair.
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 | 1.5390 | 1.5330 | 1.5255 | 1.5180 | 1.5145 |
| Resistance | 1.5495 | 1.5555 | 1.5630 | 1.5690 | 1.5720 |
| 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 contrarian between technical factors continued on the four-hour graph as we can see how bullish trend line is carrying the movements, while SMA still covers the intraday price behaviors. At the same time, Stochastic continued giving off bearish signs, but its very close to oversold areas. The candlestick structure reflect a technical case of indecision and therefore, we hold onto our neutrality for the rest of the day; noting that a break of 76.95 will be a very positive indication.
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 | Based on the charts and explanations above our opinion is, staying aside until an actionable technical setup presents itself to pinpoint the next big move. | ||||
Swiss Franc (CHF)
Midday Report
The pair fluctuated heavily above 0.9185; therefore, forming the CD leg of the suggested Butterfly structure is still valid. On the other hand, stability above 0.9080 is required for our positive expectations to prevail, where stability below this level could trigger a sharp downside correction, before the general upside trend resumes. In result, our morning expectations remain as they are.
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 | 0.9400 |
| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
The pair is still trading below the main support for the upside trend and we believe that the downside correction is still possible; therefore, our negative expectations remain valid for the rest of the session. Stochastic is stable below 50 points level, which supports our negative expectations.
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 | 1.0400 | 1.0375 | 1.0350 |
| Resistance | 1.0560 | 1.0620 | 1.0690 | 1.0765 | 1.0855 |
| Recommendation | Our morning expectations remain valid | ||||
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