Midday Report
The decline seen earlier supported the pair to reach below 1.3680, while the pair returns now to trade around this level, which is a critical intraday barrier, because stability below this level could support the downside movement to extend towards 1.3620 and maybe 1.3565, but consolidation above this level could support the pair’s positive momentum to incline towards 1.3730. Therefore, we remain neutral for the rest of the session today.
The trading range for today is among the major support at 1.3565 and the major resistance at 1.4010.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.3665 | 1.3620 | 1.3565 | 1.3515 | 1.3490 |
| Resistance | 1.3730 | 1.3775 | 1.3825 | 1.3840 | 1.3880 |
| Recommendation | Based on the charts and explanations above we remain neutral awaiting more confirmations | ||||
Great British Pound (GBP)
Midday Report
The pair has slumped sharply during the previous session, confirming the breakout below the correctional uptrend line that carried the movements from the significant low of 1.5270 as seen on the secondary image. This breakout besides yesterday's negative closing below 1.5780 and the bearish signs discussed this morning force us to suggest that the pair's recovery might have been limited at 1.5850 zones. Stochastic is negative solidifying the technical prospects of more downside actions for the rest of the day. A break below 1.5660 will confirm the recent bearish scenario.
The trading range for today is among key support at 1.5555 and key resistance at 1.6075.
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 | 1.5690 | 1.5630 | 1.5580 | 1.5555 | 1.5445 |
| Resistance | 1.5780 | 1.5820 | 1.5880 | 1.5935 | 1.6000 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.5660 targeting 1.5440 and stop loss above 1.5780 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The pair is presently hovering around SMA 20 -colored in green- inside the previous detected two moth sideways range as seen on the provided daily graph. That is why we need to witness a breakout above 77.20 and preferably above 77.70 to make sure that the pair succeeded in beating the continuous conflicting signs on the chart.
The trading range for today is among key support at 75.80 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 | 76.60 | 76.40 | 76.10 | 75.80 | 75.60 |
| Resistance | 76.95 | 77.20 | 77.90 | 78.45 | 78.80 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 77.20 targeting 79.55 and stop loss below 75.80 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair is currently reaching around the EMA 20, which could support the pair to return bearish, especially at the time Stochastic is within overbought areas. Therefore, our morning expectations remain as they are.
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 | 0.8970 | 0.8920 | 0.8850 | 0.8835 | 0.8780 |
| Resistance | 0.9080 | 0.9105 | 0.9185 | 0.9230 | 0.9270 |
| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
The pair settled for 1.0205 before rebounding to the upside. But, we are unable to confirm the continuity of the upside move without any corrections, whereas Stochastic is sill within overbought areas and requires a correction to be relieved. Therefore, our morning expectations remain as they are, noting that any 4-hour closing above 1.0255 negates the need for any downside corrections.
The trading range for today is among the major support at 1.0000 and the major resistance at 1.0450
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0205 | 1.0185 | 1.0140 | 1.0125 | 1.0085 |
| Resistance | 1.0255 | 1.0305 | 1.0340 | 1.0375 | 1.0400 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 1.0185, and take profit in stages at (1.0255 and 1.0375) and stop loss below 1.0085 OR buying the pair with 4-hour closing above 1.0255 and take profit in stages at (1.0305 and 1.0400) and stop loss with 4-hour closing below 1.0205 might be appropriate today. | ||||
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