Morning Report
The pair attempts to approach the first target of the bullish Crab harmonic pattern, which represents 38.2% Fibonacci correction at 1.3350 in attempts to breach this level. Stochastic is turning positive, which could support the pair to breach the mentioned level, while the Relative Strength Index set a base above 50 points. Therefore, we hold onto our positive expectations, but stability above 1.3270 is necessary to confirm the upside movement without any sharp downside correction before resuming the suggested bullish wave.
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 | 1.3495 | 1.3515 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 1.3310, and take profit in stages at (1.3410 and 1.3475) and stop loss with 4-hour closing below 1.3220. | ||||
Great British Pound (GBP)
Morning Report
The initial resistance of 1.5495 has sent the pair violently to the downside where it created a clear long black candlestick pattern over four-hour time scale as seen on the secondary image. It seems that the correctional movements from the significant support of 1.5330 has been limited and the pair is on its way to visit the aforesaid support once more due to the bearish effect of the bigger picture, where we think that the pair is forming the CD leg for the double harmonic structure "Bat and Crab" as seen on the main chart. Only a break of 1.5720-1.5780 can delay the projected bearishness, while breaching 1.5330 will ease the path towards our technical objective around 1.5180 areas.
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 | 1.5390 | 1.5330 | 1.5255 | 1.5180 | 1.5145 |
| Resistance | 1.5495 | 1.5555 | 1.5630 | 1.5690 | 1.5720 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5460 targeting 1.5180 and stop loss above 1.5670 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The pair has achieved another technical attempt to take the key resistance level of 76.95 as seen on the provided four-hour graph. But, it failed to maintain levels above this point motivating Stochastic to give off a negative sign. In the interim, the struggle continues around SMA 20 without stabilizing above or below it during the past period. Hence, we will stay aside due to the technical hesitation on the chart; noting that a break of 76.95 and preferably 77.20 will bring an upside price explosion. Conversely, breaching through 75.90-75.80 will be a very negative indication.
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)
Morning Report
The pair is still biased to the upside, where consolidation above 0.9185 supports the pair to continue the upside movement. We expect the pair to extend the bullish movement today; however, consolidation above 0.9080 is necessary to achieve our intraday expectations and avert any downside correction before rebounding to the upside.
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 | 0.9030 |
| Resistance | 0.9270 | 0.9335 | 0.9370 | 0.9400 | 0.9415 |
| Recommendation | Based on the chart and explanations above, we recommend buying the pair above 0.9220, and take profit in stages at (0.9335 and 0.9400) and stop loss with 4-hour closing below 0.9080 might be appropriate today | ||||
Canadian Dollar (CAD)
Morning Report
The bearishness yesterday pushed the pair below 38.2% and also below the Exponential Moving Averages 20 and 50, which are trading negatively. Stochastic is turning negative, which suggests that the downside movement will extend, affected by the breach of the ascending channel’s support mentioned yesterday. We recognized another harmonic pattern on the chart, which will be explained in our next midday report.
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 | 1.0250 |
| Resistance | 1.0475 | 1.0500 | 1.0560 | 1.0620 | 1.0690 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair around 1.0560, and take profit in stages at (1.0340 and 1. 0250) and stop loss above 1.0560 might be appropriate | ||||
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