Midday Report
The pair declined affected by 127.2% Fibonacci correction of the CD leg of Crab harmonic pattern. In addition, Stochastic and the Relative Strength index are negative. According to harmonic analysis rules, reaching further extended targets is possible as long as the pair is stable above the top (C) at 1.3680, which drives us to expect the upside move to return today.
The trading range for today is among the major support at 1.3390 and the major resistance at 1.3825.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.3710 | 1.3665 | 1.3610 | 1.3565 | 1.3515 |
| Resistance | 1.3825 | 1.3840 | 1.3880 | 1.3910 | 1.3970 |
| Recommendation | Our morning expectations remain valid | ||||
Great British Pound (GBP)
Midday Report
Stability below 1.5780 supported the pair’s negative momentum, where the pair is currently forming the CD leg of the Double harmonic pattern. Stochastic provided a negative crossover, which suggests that the downside movement could return. But still, a breach of 1.5540 is required to confirm our negative confirmations. Therefore, we remain neutral for the rest of the session today.
The trading range for today is among the major support at 1.5445 and the major resistance at 1.5935.
The short-term trend is to the downside as far as 1.6875 remains intact targeting 1.4225.
| Support | 1.5680 | 1.5630 | 1.5555 | 1.5515 | 1.5445 |
| Resistance | 1.5720 | 1.5780 | 1.5820 | 1.5880 | 1.5935 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
Japanese Yen (JPY)
Midday Report
The pair declined to reach the upside trend’s main support as shown above, where this support belong to the trend created by the bullish AB=CD harmonic pattern’s effect. Consolidation above 76.55 suggests the return of the upside move, while stability above 76.85 confirms the bullishness.
The trading range for today is among the major support at 75.25 and the major resistance at 78.45.
The short-term trend is to the upside as far as 75.20 remains intact targeting 87.45.
| Support | 76.80 | 76.55 | 76.40 | 76.20 | 75.80 |
| Resistance | 76.95 | 77.20 | 77.40 | 77.85 | 78.45 |
| Recommendation | Our morning expectations remain valid | ||||
Swiss Franc (CHF)
Midday Report
The pair inclines gradually towards the awaited resistance at 0.9030 before resuming the downside movement. In fact, trading below the Exponential Moving Average 20 at 0.9075-80 could support the Butterfly harmonic pattern to affect the pair’s movement significantly.
The trading range for today is among the major support at 0.8695 and the major resistance at 0.9235.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.8920 | 0.8850 | 0.8835 | 0.8780 | 0.8750 |
| Resistance | 0.9030 | 0.9080 | 0.9105 | 0.9185 | 0.9230 |
| Recommendation | Based on the chart and explanations above, we recommend selling the pair around 0.9030, and take profit at 0.8695 and stop loss with 4-hour closing above 0.9105 might be appropriate today | ||||
Canadian Dollar (CAD)
Midday Report
Currently, the pair retests areas around the downside trend’s main resistance, and also around the Exponential Moving Average 20 in addition to the 78.6% Fibonacci correction of the CD leg of the bearish AB=CD harmonic pattern. All these levels together could be able to trigger a downside movement. Consolidation above 1.0340 could weaken our negative expectations.
The trading range for today is among the major support at 1.0005 and the major resistance at 1.0340.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0140 | 1.0125 | 1.0085 | 1.0005 | 0.9970 |
| Resistance | 1.0255 | 1.0305 | 1.0340 | 1.0375 | 1.0400 |
| Recommendation | Our morning expectations remain valid | ||||
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