Midday Report
The pair rebounded to the upside after reaching around 1.3680, negating the possibility of forming a bearish pattern as we mentioned before. But until now, the pair was unable to provide any 4-hour closing above 1.3825. Therefore, we remain neutral for now, awaiting a 4-hour closing above 1.3825 to turn positive, supported by the positive crossover seen on Stochastic and the effect of the bullish harmonic structure.
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 choppy trading continued below the initial resistance level of 1.5780-38.2% Fibonacci of the downside rally from 1.6615 to 1.5270- as seen on the provided daily chart. The key resistance levels reside at 1.5850 zones and it should cover intraday bearish potential; whilst this bearishness will not be confirmed unless the pair hits the low at 1.5690 zones. We recommend being patient until the pair clears the aforesaid support.
The trading range for today is among key support at 1.5490 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 | 1.555 |
| 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 1.5690 targeting 1.5440 and stop loss above 1.5850 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
USD/JPY trading remains anemic as seen on the provided daily graph. We still await for a potential breakout for the solid resistance around 77.20 to make sure that it will beat 77.70. If it succeeded in clearing the aforesaid levels, the door will be open for aggressive buying interests.
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 consolidated again below the Exponential Moving Average 20, and also reached around 23.6% Fibonacci correction of the bearish Butterfly harmonic pattern. The Relative Strength Index turned negative, while Stochastic is still negative. Therefore, we expect the downside movement to return, but a 4-hour closing below 0.8920 is required to confirm our negative outlook.
The trading range for today is among the major support at 0.8695 and the major resistance at 0.9270.
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 | 0.8970 | 0.9030 | 0.9080 | 0.9105 | 0.9185 |
| Recommendation | Based on the chart and explanations above, we recommend selling the pair with 4-hour closing below 0.8920, and take profit at 0.8695 and stop loss with 4-hour closing above 0.9030 might be appropriate today | ||||
Canadian Dollar (CAD)
Midday Report
The pair was unable to consolidate above 1.0255 and above 38.2% Fibonacci correction of the descending channel as shown above. Stochastic is trading bearishly, which negates our morning expectations. Currently, any 4-hour closing below 1.0120 could negate our negative expectations; however, we are unable to confirm the extension of the bearish wave unless the pair breaches the ascending main support at 1.0025 -shown in red-. Therefore, we remain neutral now and negate our morning expectations once the pair starts the upside correction.
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 | 1.0120 | 1.0085 | 1.0040 | 1.0000 | 0.9970 |
| Resistance | 1.0185 | 1.0205 | 1.0255 | 1.0275 | 1.0375 |
| Recommendation | Our morning expectations remain valid, but we will remain neutral in case the pair reached our stop loss point | ||||
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