Midday Report
The pair is trading now below 61.8% Fibonacci correction at 1.4015 and is expected to test the ascending main support level. Stochastic is within oversold areas, but the Relative Strength Index is sill negatively biased, while the extension of the current downside movement depends on the pair’s behavior around the ascending channel’s main support. Therefore, we remain neutral, awaiting further confirmations.
The trading range for this week is among the major support at 1.3680 and the major resistance at 1.4550.
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 | 1.4205 | 1.4250 | 1.4300 |
| Recommendation | Based on the charts and explanations above we remain neutral awaiting more confirmations | ||||
Great British Pound (GBP)
Midday Report
Tranquility controlled the movements of the pair during the previous session after the Asian session's collapse; whilst the RSI 14 is still reflecting a case of losing upside momentum as seen on the provided daily graph. Therefore, we hold onto our weekly anticipations intact for the rest of the day; noting that a break of 1.5935 will confirm that the bullishness of the positive harmonic AB=CD pattern was limited earlier at 61.8% retracement of CD leg.
The trading range for today is among key support at 1.5720 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 | 1.5935 | 1.5880 | 1.5820 | 1.5780 | 1.5720 |
| Resistance | 1.6075 | 1.6125 | 1.6150 | 1.6225 | 1.6295 |
| Recommendation | Our weekly expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
Normal bounce for the intervention by BOJ was seen during the early session after touching very solid resistance areas. The most impressive technical factors was the positivity on momentum and trend indicators despite the correctional movements that started from the pivotal resistance of 79.55 zones; thus, we keep our bullish predictions intact for the rest of the day and a break of 79.55 will accelerate the incline.
The trading range for today is among key support at 76.95 and key resistance now at 82.25.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 77.90 | 77.20 | 76.95 | 76.60 | 76.10 |
| Resistance | 78.80 | 79.55 | 79.90 | 80.05 | 81.15 |
| Recommendation | Our weekly expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
The pair reaches now around 38.2% Fibonacci correction, which represents the first target of the bearish Butterfly harmonic pattern; however, the pair didn’t confirm stability below this level. But on the other hand, the pair is stable below the Exponential Moving Average, while momentum indicators provide mixed signs. Therefore, we remain neutral for the rest of the session today.
The trading range for this week is among the major support at 0.8310 and the major resistance at 0.8930.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.8695 | 0.8675 | 0.8605 | 0.8580 | 0.8550 |
| Resistance | 0.8775 | 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
We can see the bearish bias is getting more significant due to consolidation below 50% Fibonacci correction at 1.0030, where stability below this level triggers continuous effect of the previously breached ascending support shown in red. Therefore, our weekly expectations remain as they are.
The trading range for this week is among the major support at 0.9700 and the major resistance at 1.0365.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 0.9960 | 0.9905 | 0.9885 | 0.9825 | 0.9780 |
| Resistance | 1.0000 | 1.0030 | 1.0055 | 1.0110 | 1.0185 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair below 1.0030, and take profit in stages at (0.9905 and 0.9885) and stop loss above 1.0140 might be appropriate. | ||||
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