Midday Report
The pair attempted to rebound to the upside; however Stochastic and RSI are negative while the pair currently attempts to breach the main upside support. But, we are still positive supported by the bullish harmonic structure, where any trading above 1.3680 supports the upside movement to remain valid, while stability above 1.3825 support the positivity to remain highly possible.
The trading range for this week is among the major support at 1.3475 and the major resistance at 1.4105.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.3825 | 1.3775 | 1.3740 | 1.3710 | 1.3680 |
| Resistance | 1.3880 | 1.3910 | 1.3970 | 1.4010 | 1.4070 |
| Recommendation | Our weekly expectations remain valid | ||||
Great British Pound (GBP)
Midday Report
Two new technical reasons are now added to the morning explained technical factors that prevent us from suggesting more recovery for the correctional wave started at 1.5270 despite closing above 1.5780 on Friday as follows:
- There is a very strong classical resistance located around 1.5870-1.5875 zones as seen on the daily graph.
- Stochastic over daily studies started to give us a clearer bearish sign.
Thus, we will remain neutral for the rest of the day, noting that a daily closing below 1.5780 will indicate that Friday's closing was just a false breakout and the bigger bearish picture that we discussed several times before will come back into focus. On the upside, a breach of 1.5875 will bring more bullish recovery towards the psychological level of 1.6000.
The trading range for today is among key support at 1.5555 and key resistance at 1.6000.
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 | 1.5720 | 1.5690 | 1.5630 | 1.5580 | 1.5555 |
| Resistance | 1.5840 | 1.5875 | 1.5935 | 1.5985 | 1.6000 |
| 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. | ||||
Japanese Yen (JPY)
Midday Report
In line with our weekly scenario, the pair continued inclining and is carried above the combination of SMA 20 and SMA 50 as seen on the provided daily chart. It might be a new technical attempt to become liberated from the two month range between 75.90 and 77.70 where a break of which will be a very positive indication for short term traders -we recommend reviewing the weekly report for more details about this range trading zone-. The bullish anticipations remain favored depending on stability above the aforementioned moving averages and the positivity on Vortex indicator-trend indicator-.
The trading range for today is among key support at 75.80 and key resistance now at 79.55.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 77.20 | 76.95 | 76.60 | 76.40 | 76.10 |
| Resistance | 77.60 | 77.90 | 78.45 | 78.80 | 79.55 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 76.95 targeting 79.00 and stop loss below 75.80 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair’s first attempt to breach 0.8920-30 has failed, which could support the pair to incline in order to gain negative momentum again. But, we still expect that the pair could provide another attempt to breach the mentioned level, in attempts to reverse to the downside affected by the bearish harmonic structure. Therefore, our weekly expectations remain as they are.
The trading range for this week is among the major support at 0.8505 and the major resistance at 0.9370.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.8920 | 0.8850 | 0.8780 | 0.8750 | 0.8695 |
| Resistance | 0.9030 | 0.9080 | 0.9105 | 0.9140 | 0.9185 |
| Recommendation | Based on the chart and explanations above, we recommend selling the pair around 0.9030, and take profit in stages at (0.8930, 0.8850 and 0.8700) and stop loss with 4-hour closing above 0.9185 might be appropriate this week | ||||
Canadian Dollar (CAD)
Midday Report
The pair is trading below the bottom of point (C) of the bearish AB=CD structure, and also below the critical resistance of downside movement, which drives us to hold onto our weekly expectations as they are.
The trading range for this week is among the major support at 0.9825 and the major resistance at 1.0400.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0005 | 0.9970 | 0.9950 | 0.9880 | 0.9825 |
| Resistance | 1.0115 | 1.0185 | 1.0205 | 1.0255 | 1.0375 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair around 1.0115, and take profit in stages at (1.0000 and 0.9825) and stop loss with 4-hour closing above 1.0205 might be appropriate this week. | ||||
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