Midday Report
The pair is still biased to the upside, but still, within the potential reversal zone of the bearish Butterfly harmonic pattern (on the right), noting that the pattern wasn’t completed yet, which drives us to remain neutral due to the technical conflict, where a failure to settle above 1.4075 along with stability below 1.4010 could trigger a downside correction, but a breach of 1.4075 with stability above it could negate the butterfly pattern and extend the upside move.
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 | 1.3970 | 1.3940 | 1.3910 | 1.3880 | 1.3840 |
| Resistance | 1.4075 | 1.4120 | 1.4150 | 1.4205 | 1.4255 |
| Recommendation | Based on the charts and explanations above we remain neutral awaiting more confirmations | ||||
Great British Pound (GBP)
Midday Report
The pair is consolidating around the psychological level of 1.6000 as seen on the provided graph. The stable move above 50% Fibonacci level of CD leg is a rational reason that makes us keeping our positive predictions intact to resume the bullishness towards the next Fibonacci level as we discussed earlier. A break of 1.6075 will accelerate inclines; whilst a break below 1.5780 will negate the outlook completely.
The trading range for today is among key support at 1.5780 and key resistance at 1.6295.
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 | 1.5960 | 1.5935 | 1.5880 | 1.5820 | 1.5780 |
| Resistance | 1.6075 | 1.6100 | 1.6150 | 1.6200 | 1.6295 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair is presently approaching yesterday's recorded low, while the conflicting signs continue on momentum and trend indicators as seen on the chart. Thereby, we hold onto our neutrality for the rest of the day; noting that a daily closing below 75.70 will bring violent bearish actions.
The trading range for today is among key support at 74.50 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 | 75.60 | 75.25 | 74.90 | 74.50 | 73.85 |
| Resistance | 76.10 | 76.40 | 76.60 | 76.95 | 77.20 |
| 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 is still biased to the downside and moving towards 38.2% Fibonacci correction of the CD leg of the bearish Butterfly harmonic pattern at 0.8695, noting that this level is very critical. But, due to the proximity to this level and the need for stability below 0.8930 to extend the downside movement, we remain neutral for the rest of the session today due to the high risks associated with our expectations.
The trading range for today is among the major support at 0.8505 and the major resistance at 0.9080.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.8695 | 0.8675 | 0.8640 | 0.8580 | 0.8505 |
| Resistance | 0.8780 | 0.8850 | 0.8930 | 0.9030 | 0.9080 |
| Recommendation | Based on the charts and explanations above we remain neutral awaiting more confirmations | ||||
Canadian Dollar (CAD)
Midday Report
The pair extended the downside movement, affected by the breach of 50% Fibonacci correction at 1.0030 as shown above and also the breach of the ascending main support shown in red. The downside movement is expected to extend towards 61.8% Fibonacci correction at 0.9880, driving us to hold onto our morning expectations as they are.
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 | 0.9950 | 0.9905 | 0.9880 | 0.9865 | 0.9825 |
| Resistance | 1.0000 | 1.0055 | 1.0110 | 1.0185 | 1.0205 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair around 1.0030, and take profit in stages at (0.9905 and 0.9880) and stop loss above 1.0110 might be appropriate today. | ||||
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