Midday Report
The pair declined relieving the negativity seen on Stochastic. But, consolidation above 1.3825 supports the return of the upside move. Therefore, our weekly expectations remain valid.
The trading range for this week is among the major support at 1.3515 and the major resistance at 1.4105.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.3825 | 1.3780 | 1.3710 | 1.3680 | 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 above 1.3825, and take profit in stages at (1.3910 and 1.4010) and stop loss with 4-hour closing below 1.3710 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The psychological level of 1.6000 has caused a normal mild bounce to the pivotal support around 1.5935 as seen on the provided daily graph. Our graph offers the probability of reaching the second technical objective of the bullish harmonic AB=CD pattern at 1.6100 zones; whilst 76.4% remains under our technical microscope since it represents the level that is always respected in the correctional waves of the pair. Anyway, we hold onto our bullish predictions despite the fluctuation expected due to RSI nearing overbought areas, while breaching 1.5780 will give us reasons for concern.
The trading range for today is among key support at 1.5720 and key resistance at 1.6150.
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 | 1.5880 | 1.5825 | 1.5780 | 1.5720 | 1.5690 |
| Resistance | 1.5980 | 1.6000 | 1.6075 | 1.6100 | 1.6150 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair very carefully around 1.5900 targeting 1.6100 and stop loss below 1.5750 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The pair didn't show any big moves since our weekly report was published, while stabilizing above the pivotal support of 75.80 as seen on the provided daily graph. We will continue watching out the price behaviors of the pair until it breaches one of the two edges of the sideways range. A break of 75.80 will bring more bearishness towards 161.8% Fibonacci expansion at 74.50 zones. In the interim, areas of the resistance around 77.70 could be touched if it cleared 76.95 zones
The trading range for today is among key support at 75.25 and key resistance now at 77.60.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 76.10 | 75.80 | 75.60 | 75.25 | 74.90 |
| Resistance | 76.60 | 76.95 | 77.20 | 77.60 | 77.90 |
| 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)
Midday Report
The pair attempts to incline supported by Stochastic trading within oversold areas in addition to the positivity seen on the indicator. But, our weekly expectations remain valid as long as the pair is still stable below 0.8920 and also below the descending channel shown in blue, where these factors together support the bearish Butterfly harmonic pattern to remain effective.
The trading range for this week 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 | 0.8810 | 0.8780 | 0.8750 | 0.8695 | 0.8640 |
| Resistance | 0.8920 | 0.8970 | 0.9030 | 0.9080 | 0.9105 |
| Recommendation | Based on the chart and explanations above, we recommend selling the pair around 0.8920, and take profit in stages at (0.8695 and 0.8700) and stop loss above 0.9030 might be appropriate this week | ||||
Canadian Dollar (CAD)
Midday Report
The pair is currently facing the support level at 1.0050-25, where a breach of this level could support the pair to extend the downside movement towards 0.9980. But, the bullish Butterfly pattern is under formation. Therefore, we await the pair to reach the pattern’s potential reversal zone, because Stochastic is within oversold areas, which indicates that it could trigger an upside correction after reaching the potential reversal zone of the bullish Butterfly pattern.
The trading range for this week is among the major support at 0.9970 and the major resistance at 1.0260
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0025 | 1.0005 | 0.9980 | 0.9950 | 0.9880 |
| Resistance | 1.0085 | 1.0115 | 1.0185 | 1.0205 | 1.0255 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 09980, and take profit in stages at (1.0060 and 1.0125) and stop loss below 09880 might be appropriate this week. | ||||
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