Midday Report
The pair is currently trading above 1.3825, but in case it was able to provide a 4-hour closing above this level, our positive scenario mentioned in our morning report will be activated. Stochastic is within overbought areas, yet the indicator’s effect could be slight in case the pair provided the awaited closing. Therefore, our morning expectations remain valid.
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 | 1.3780 | 1.3720 | 1.3680 | 1.3665 | 1.3620 |
| Resistance | 1.3840 | 1.3880 | 1.3910 | 1.3970 | 1.4010 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair with 4-hour closing above 1.3825, and take profit at 1.4010 and stop loss with 4-hour closing below 1.3720 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair continued showing signs of indecision as it went first towards our detected technical support of 1.5690 but couldn't breach it and then started to recover again towards the pivotal resistance areas of 1.5780. We will depend on the probability of forming the right shoulder of potential head and shoulders top pattern to suggest a bearish wave which will not confirmed unless it breaches through the aforementioned support around 1.5690. Only a break with four -hour closing above 1.5850-1.5870 will give us reasons for concern.
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 | 1.5720 | 1.5690 | 1.5630 | 1.5580 | 1.5555 |
| Resistance | 1.5820 | 1.5880 | 1.5935 | 1.6000 | 1.6025 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.5690 targeting 1.5440 and stop loss above 1.5850 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The pair has been traded within a very tight range since morning; thus, it couldn’t fix the shaky negative sign on Stochastic as seen on the provided four-hour chart. We still look forward to witness a breakout above 77.20, followed by 77.90 to make sure that the initial support around 75.90-75.80 will not be taken.
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 | 76.60 | 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 still stable below the Exponential Moving Average, which confirms the effect of the bearish harmonic pattern. Therefore, we hold onto our morning expectations 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 | 0.8920 | 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 below 0.9030, and take profit at 0.8695 and stop loss with 4-hour closing above 0.9185 might be appropriate today | ||||
Canadian Dollar (CAD)
Midday Report
Negative pressures are still affecting the pair, which is currently approaching the ascending main support –shown in red- at 1.0020 and 127.2% Fibonacci correction of the bearish harmonic structure at 1.0005. The relative Strength Index is negative, but Stochastic entered oversold areas. These technical sighs contradict each other. Therefore, we remain neutral for the rest of the session today.
The trading range for today is among the major support at 0.9970 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 | 1.0085 | 1.0020 | 1.0005 | 0.9970 | 0.9950 |
| Resistance | 1.0140 | 1.0205 | 1.0255 | 1.0305 | 1.0340 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment