Morning Report
The pair inclined again after founding a base around 1.3825, while we see it trading today above 127.2% Fibonacci extension of the CD leg of the bullish Crab harmonic pattern. Consolidation above this level could support the upside move to extend towards the last target of the pattern, which represents the 161.8% Fibonacci extension of the CD leg at 1.4010. The mentioned level is very critical, because it represent the 61.8% Fibonacci correction as shown above on the chart.
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 | 1.3940 | 1.3970 | 1.4010 | 1.4080 | 1.4120 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 1.3880, and take profit at 1.4010 and stop loss below 1.3820 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
After touching our suggested entry point for the bullish wave exactly at 1.5900, the pair has inclined sharply attacking the psychological level of 1.6000 as seen on the provided daily graph. Looking deeper at the daily closing, we can see how the closing was achieved comfortably above the 50% retracement of the CD leg for the bullish harmonic AB=CD pattern; thus, we look forward to witness more upside actions over intraday basis according to harmonic rules where 61.8% could be touched soon. We remind you that 76.4% remains under our technical microscope since it represents the level that is always respected in the correctional waves of the pair. Assessing indicators, Vortex solidifies the bullishness while RSI 14 may cause some fluctuation.
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 | 1.5825 | 1.5780 | 1.5720 |
| Resistance | 1.6000 | 1.6075 | 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)
Morning Report
The pair has closed within the same trading range above the initial support of 75.80 as seen on the provided daily graph. The technical situation becomes very sensitive since Stochastic is approaching overbought areas gradually; whilst Vortex reflects clear bearish case. The contrarian between momentum and trend signs forces us to stay aside over intraday basis; noting that, breaching through 75.80 will send the pair lower towards 74.50 –Fibonacci expansion level- while the ceiling of the sideways range could be reached at 77.70 if it took 76.95 successfully.
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 | 75.80 | 75.60 | 75.25 | 74.90 | 74.50 |
| 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)
Morning Report
The descending channel shown in blue supports the negative effect of the bearish Butterfly harmonic pattern. In addition, this channel contains the Exponential Moving Average 50, which coincides the 23.6% Fibonacci correction of the CD leg of the pattern at 0.8930. Consolidation below the mentioned level suggests a downside movement towards 38.2% Fibonacci correction of the CD leg at 0.8695, the pattern’s first target. Stochastic is within oversold areas, which could trigger heavy fluctuations.
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)
Morning Report
The pair is biased to the downside approaching the first potential reversal zone at 0.9980, which represents D1 point of the bullish Butterfly harmonic pattern; however, reaching levels around 0.9905 is possible, where these levels represent the 127.2% and 161.8% Fibonacci corrections of the CD leg of the suggested harmonic structure. Without any breach of 0.9905, the pair could rebound to the upside during the coming period.
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 | 0.9980 | 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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