Midday Report
The pair is still stable above 50% Fibonacci correction of the CD leg of the Crab structure at 1.3410. This stability negates the negativity seen on Stochastic, while these factors together are sufficient for our morning expectations to remain valid, yet 4-hour closing below 1.3270 weakens our positive outlook.
The trading range for today is among the major support at 1.3110 and the major resistance at 1.3565.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.3410 | 1.3390 | 1.3350 | 1.3310 | 1.3270 |
| Resistance | 1.3490 | 1.3515 | 1.3575 | 1.3600 | 1.3665 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 1.3390, and take profit in stages at (1.3475 and 1.3565) and stop loss with 4-hour closing below 1.3270. | ||||
Great British Pound (GBP)
Midday Report
Stochastic over four-hour time scale was relieved as well -subsidiary image- where we are witnessing a potential bearish harmonic pattern, taking the indicator towards the overbought areas. Thereby, we believe that today's incline could be a gathering momentum technical process to be able to revisit 1.5330 once more within the bigger CD leg of the bigger harmonic duplicated pattern discussed before. The bearish direction will be valid as far as 1.5780 remains intact and we recommend reviewing our weekly report for more details about the importance of this level.
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 | 1.5270 | 1.5180 |
| Resistance | 1.5555 | 1.5630 | 1.5690 | 1.5720 | 1.5780 |
| Recommendation | Our morningt expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair didn't show any big move since morning stabilizing above 38.2% Fibonacci retracement of the CD leg for the harmonic AB=CD pattern as seen on the provided four-hour chart. But, Stochastic is still negative despite approaching oversold areas; thus, we will continue staying aside until it braches through one of the edges of the sideways area at 75.95 to support the bullishness or below 75.90-75.80 zones to bring a bullish wave.
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 mainly trading above 0.9185, while Stochastic attempts to confirm the positive crossover. Therefore, our morning expectations remain as they are, supported by forming the CD leg of the Butterfly harmonic structure.
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 | 0.9270 | 0.9335 | 0.9370 | 0.9400 | 0.9415 |
| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
The pair attempts to incline, affected by the slight positivity seen on Stochastic. But still, the pair is trading below the previously breached support, and also below 38.2% Fibonacci correction of the CD leg of the bearish AB=CD harmonic pattern. Therefore, we hold onto our morning expectations as they are.
The trading range for today is among the major support at 1.1.0185 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 | 1.0375 | 1.0350 | 1.0295 | 1.0230 | 1.0185 |
| Resistance | 1.0460 | 1.0500 | 1.0560 | 1.0620 | 1.0690 |
| Recommendation | Our morning expectations remain valid | ||||
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