Midday Report
The pair inclined to reach levels around 1.3400-10 and then reversed to the downside, where this bullishness triggered the negative crossover seen on Stochastic. Therefore, we will remain neutral for a while, awaiting the pair’s reaction around 1.3270, which could stop the pair’s negative momentum.
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 | 1.3310 | 1.3270 | 1.3220 | 1.3160 | 1.3110 |
| Resistance | 1.3350 | 1.3395 | 1.3435 | 1.3490 | 1.3515 |
| Recommendation | Based on the charts and explanations above we remain neutral awaiting more confirmations | ||||
Great British Pound (GBP)
Midday Report
The pair has attacked the pivotal resistance of 1.5495 once more where we can see on the secondary image that a secondary image of the four-hour interval that a potential bearish flag is under formation. Hence, we hold onto our negative scenario for the rest of the day, supported by the bigger picture of the numerously explained duplicated harmonic pattern. A break of 1.5390 is needed to confirm the intraday predictions.
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 | 1.5445 | 1.5390 | 1.5330 | 1.5255 | 1.5180 |
| Resistance | 1.5495 | 1.5555 | 1.5630 | 1.5690 | 1.5720 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair succeeded in breaching the uptrend line which carried the movements from the significant low of 75.90 as seen on the provided four-hour graph. In the interim, Stochastic gradually approaches oversold areas. Thus, we will hold onto our neutral outlook for the pair for the time being; noting that a break above 76.95 will bring the bullish picture back into focus and a break of 75.80 will bring additional losses. To recap, as far as the pair is trapped between 75.80 and 76.95 zones, we should stay aside.
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 is fluctuating heavily above 0.9185, which is a positive sign and supports us to hold onto our positive expectations. But, momentum indicators are turning negative, which could trigger heavy fluctuations, furthermore, trading below 0.9185 could activate the negativity seen on momentum indicators, especially if followed by 4-hour closing below 0.9100.
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 | 0.9220 | 0.9185 | 0.9105 | 0.9080 | 0.8920 |
| Resistance | 0.9270 | 0.9235 | 0.9370 | 0.9400 | 0.9415 |
| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
The bearishness stopped, but the pair is still trading below 38.2% Fibonacci correction of the bearish AB=CD harmonic pattern, and according to harmonic analysis rules, consolidation above this correction, which represents the pattern’s first target, suggests testing the pattern’s second target at 1.0340, which represents 61.8% Fibonacci correction. Therefore, our negative expectations remain valid for today, supported by the bearish harmonic pattern shown above on the chart.
The trading range for today is among the major support at 1.0250 and the major resistance at 1.0690.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0400 | 1.0375 | 1.0350 | 1.0295 | 1.0230 |
| Resistance | 1.0475 | 1.0500 | 1.0560 | 1.0620 | 1.0690 |
| Recommendation | Our morning expectations remain valid | ||||
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