Midday Report
The pair rebounded to the upside after reaching the support at 1.3880 to currently trade in levels that confirm the continuous positive effect of the Butterfly harmonic pattern. The pair is moving towards the pattern’s last target at 1.4010. Therefore, our morning expectations remain as they are for the rest of the session today.
The trading range for today is among the major support at 1.3720 and the major resistance at 1.4150.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.3880 | 1.3840 | 1.3825 | 1.3780 | 1.3720 |
| Resistance | 1.3950 | 1.3970 | 1.4010 | 1.4080 | 1.4120 |
| Recommendation | Our morning expectations remain valid | ||||
Great British Pound (GBP)
Midday Report
The expected mild recovery towards 1.5935 was limited around 1.5960 areas in the previous session where the pair started inclining once more towards the psychological levels of 1.6000 as we mentioned in our technical messages. Now, we believe that the bullishness will continue over intraday basis, targeting 61.8% Fibonacci of CD leg of the bullish harmonic AB=CD pattern; whilst 76.4% may be reached if the pair neglected the exhaustion started to appear on RSI 14. Anyway, Vortex still supports the technical idea of resuming the current upside trend. A break of 1.5780 will give us reasons for concern.
The trading range for today is among key support at 1.5780 and key resistance at 1.6200.
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 | 1.5935 | 1.5880 | 1.5820 | 1.5780 | 1.5720 |
| Resistance | 1.6025 | .6075 | 1.6100 | 1.6150 | 1.6200 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair very cautiously around 1.5930 targeting 1.6100 and stop loss below 1.5780 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The pair didn't show big moves which may assist us to change our neutral stance since it stabilized above the pivotal support of 75.80 inside the sideways trading range as seen on the provided four-hour chart. Only a break of 75.80 will send the pair lower targeting 74.50; whilst breaching through 76.95 will designate that an important short term low was placed already.
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 declines gradually approaching 38.2% Fibonacci correction of the CD leg of the bearish Butterfly harmonic pattern at 0.8695, which represents the pattern’s first target, while consolidation below 0.8920-30 suggests achieving this target. Therefore, our morning expectations remain valid.
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 | 0.8780 | 0.8750 | 0.8695 | 0.8675 | 0.8640 |
| Resistance | 0.8850 | 0.8930 | 0.9030 | 0.9080 | 0.9105 |
| Recommendation | Based on the chart and explanations above, we recommend selling the pair around 0.8850, and take profit at 0.8695 and stop loss above 0.8930 might be appropriate today | ||||
Canadian Dollar (CAD)
Midday Report
The pair is gradually approaching 0.9980, while Stochastic is excessively oversold in the time the Relative Strength Index is about to reach 30-point level. Our morning expectations remain valid, where we suggest that the Butterfly harmonic pattern is still under formation, while consolidation above 0.9905 supports our suggestion.
The trading range for today is among the major support at 0.9825 and the major resistance at 1.0255.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0000 | 0.9970 | 0.9950 | 0.9905 | 0.9865 |
| Resistance | 1.0085 | 1.0125 | 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 (1.0085 and 1.0185) and stop loss below 0.9880 might be appropriate today. | ||||
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