Midday Report
The pair is still stable in areas within 1.3650 and 1.3825, which forces us to remain neutral for the rest of the session today, where a breach of the resistance is required to confirm the upside move and relieve Stochastic from the negativity, while a breach of the support should confirm the downside movement and relieve RSI from positivity.
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 | 1.3720 | 1.3680 | 1.3650 | 1.3620 | 1.3565 |
| Resistance | 1.3825 | 1.3840 | 1.3880 | 1.3910 | 1.3970 |
| Recommendation | Based on the charts and explanations above we remain neutral awaiting more confirmations | ||||
Great British Pound (GBP)
Midday Report
One more candlestick of indecision was formed during the previous session where the upper and lower shadows were long as same as previous candles. The contrarian between momentum and trend signs continued on the main daily graph, forcing us to stay aside today until we catch a reasonable signal to enter a new wave. Note that a break of 1.5690 will be a negative indication; whilst breaching through 1.5875 will delay any bearish attempt.
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 | 1.5555 |
| Resistance | 1.5780 | 1.5820 | 1.5880 | 1.5935 | 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
USD/JPY trading remains trapped within the same range around SMA 20 as seen on the daily chart. The importance of 77.20 appears on the graph as it represents the pivotal point of this week's trading. Therefore, we need to witness a breakout above 77.20 to make sure that 75.90 zones have formed good support for the bullishness.
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
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The pair was able to retest 23.6% Fibonacci correction around 0.8930, supported by the positive sign seen on Stochastic. But, the bearish Butterfly harmonic pattern’s continuous effect supports us to hold onto our morning expectations as they are. More details regarding the harmonic pattern can be found in our previous reports.
The trading range for today is among the major support at 0.8505 and the major resistance at 0.9185.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.8850 | 0.8835 | 0.8780 | 0.8750 | 0.8695 |
| Resistance | 0.8930 | 0.8970 | 0.9000 | 0.9030 | 0.9080 |
| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
The pair is still stable within the Triangle continuation structure, which could support the pair to extend the downside movement. But at the same time, the positivity seen on Stochastic could negate the possibility of breaching the main support of this structure; however, without this awaited breach the pattern will not be valid. 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 | 1.0120 | 1.0085 | 1.0040 | 1.0000 | 0.9970 |
| Resistance | 1.0185 | 1.0205 | 1.0255 | 1.0275 | 1.0305 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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