Morning Report
The pair rebounded to the upside after reaching areas around 1.3680, to confirm the continuous effect of the bullish Crab harmonic pattern. This move could trigger a test of levels around 1.3825 again, where 4-hour closing above this level could trigger a bullish wave towards 1.4010. A breach of 1.3680 with consolidation below it could delay the upside move.
The trading range for today is among the major support at 1.3565 and the major resistance at 1.3970.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.3750 | 1.3710 | 1.3665 | 1.3610 | 1.3565 |
| Resistance | 1.825 | 1.3840 | 1.3880 | 1.3910 | 1.3970 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair around 1.3750, and take profit in stages at (1.3825 and 1.3910) and stop loss with 4-hour closing above 1.3680, or selling the pair around 1.3825 and take profit in stages at (1.3620 and 1.3565) and stop loss with 4-hour closing above 1.3750 might be appropriate. | ||||
Great British Pound (GBP)
Morning Report
It is all about the daily closing, as we can see that the pair couldn't achieve a daily closing above the pivotal resistance of 1.5780 - B point of the bigger duplicated harmonic structure for the second consecutive day after testing SMA 100 -colored in green-. Although, we are tend to suggest a bearish direction due to the bearish harmonic AB=CD pattern on the four-hour graph, but we will continue staying aside over intraday basis as we need to witness a confirmed breakout below 1.5555-1.5540 to make sure that the incline from 1.5270 zones should be classified as a retesting action for the previous broken B point.
The trading range for today is among key support at 1.5445 and key resistance at 1.5935.
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 | 1.5690 | 1.5630 | 1.5555 | 1.5515 | 1.5445 |
| Resistance | 1.5780 | 1.5820 | 1.5880 | 1.5935 | 1.6000 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until we see how the pair will behave around the pivotal resistance areas of our suggested pattern. | ||||
Japanese Yen (JPY)
Morning Report
The pair has sharply bounced from 50% Fibonacci retracement of CD leg for the bullish harmonic AB=CD pattern where it is currently stabilizing above 61.8% level as seen on the provided four-hour graph. In the interim, Stochastic becomes positive; whilst SMA 20 is providing the pair with good support. Henceforth, the bullishness started from 23.6% Fibonacci level is still in favor over intraday basis and a break of 77.20 will solidify the technical prospects of resuming the bullishness.
The trading range for today is among key support at 75.80 and key resistance now at 78.45.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 76.40 remain intact.
| Support | 76.55 | 76.40 | 76.10 | 75.80 | 75.60 |
| Resistance | 77.20 | 77.60 | 77.90 | 78.30 | 78.45 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 77.20 targeting 79.10 and stop loss below 75.80 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
As shown on the minor image above, we find a possible bearish continuation structure. This structure supports the downside movement to extend towards the first target of the bearish Butterfly harmonic pattern at 0.8695, which represents 38.2% Fibonacci correction. Consolidation below 0.9105 supports our negative expectations to remain valid, while stability below 0.9185 is required for our expectations to last.
The trading range for today is among the major support at 0.8695 and the major resistance at 0.9235.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.8920 | 0.8850 | 0.8835 | 0.8780 | 0.8750 |
| Resistance | 0.9030 | 0.9080 | 0.9105 | 0.9185 | 0.9230 |
| Recommendation | Based on the chart and explanations above, we recommend selling the pair around 0.9030, and take profit at 0.8695 and stop loss with 4-hour closing above 0.9105 might be appropriate today | ||||
Canadian Dollar (CAD)
Morning Report
The Exponential Moving Average 20 was able to support the pair to provide a 4-hour closing below 78.6% Fibonacci correction of the CD leg of the bearish AB=CD harmonic pattern. Trading below this correction at 1.0250 supports the extension of the downside movement; however, consolidation below the bottom of point (C) at 1.0140 is required to confirm our negative expectations.
The trading range for today is among the major support at 1.0005 and the major resistance at 1.0450.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0140 | 1.0125 | 1.0085 | 1.0005 | 0.9970 |
| Resistance | 1.0255 | 1.0305 | 1.0340 | 1.0375 | 1.0450 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair around 1.0255, and take profit in stages at (1.0125 and 1.0005) and stop loss above 1.0305 might be appropriate today. | ||||
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