Morning Report
Our suggested bullish Crab harmonic pattern is still valid until now, where as we mentioned yesterday, the pair rebounded from levels around 1.3160, which completed the harmonic pattern after the bearish wave ended. Momentum indicators are within oversold areas, which supports the possibility of an upside movement soon. But, consolidation above 1.3080 is required for our positivity to prevail.
The trading range for today is among the major support at 1.3000 and the major resistance at 1.3575.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.3160 | 1.3110 | 1.3080 | 1.3030 | 1.3000 |
| Resistance | 1.3220 | 1.3280 | 1.3305 | 1.3395 | 1.3435 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair around 1.3160, and take profit in stages at (1.3280 and 1.3355) and stop loss with 4-hour closing below 1.3080. | ||||
Great British Pound (GBP)
Morning Report
The pair has declined violently, clearing the pivotal support of 1.5495 -turned into resistance- as seen on the provided graph. Actually, the pair has respected yesterday's midday scenario flawlessly where it started to slump after drawing the long upper shadow that we treated as a retest of the neckline for the secondary double top pattern on the four-hour graph and we recommend reviewing the previous report for more details about this technical process. Now, we believe that the initial support of 1.5330 is threatened once more due to the bearish effect of the bigger picture, where we think that the pair is forming the CD leg for the double harmonic structure "Bat and Crab" as seen on the main chart. Only a break of 1.5720-1.5780 can delay the bearishness, while breaching 1.5330 will ease the path towards 1.5180 areas.
The trading range for today is among key support at 1.5180 and key resistance at 1.5720.
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 | 1.5390 | 1.5330 | 1.5255 | 1.5180 | 1.5145 |
| Resistance | 1.5495 | 1.5555 | 1.5630 | 1.5690 | 1.5720 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5495 targeting 1.5180 and stop loss above 1.5690 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The pair has extended the awaited downside correction towards 76.50 zones where Stochastic was fixed as well. Now, we need to witness one more stable move above SMA 20 -colored in green- followed by 76.95-77.20 areas to make sure that the pair has already built a solid floor to move higher over upcoming sessions. A break of 75.80 with a daily closing will damage our suggested Elliott count which is still valid until the moment.
The trading range for today is among key support at 75.25 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 75.20 remain intact.
| Support | 76.60 | 76.40 | 76.10 | 75.80 | 75.60 |
| Resistance | 76.95 | 77.20 | 77.60 | 77.90 | 78.45 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 76.60 targeting 78.45 and stop loss below 75.80 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
The pair inclined and consolidated above 0.9185, which suggests another bullish wave to lead the pair towards 0.9415, but we should be careful, where stability above 0.9105 is necessary for our expectations, as the bearish Butterfly harmonic structure is not ideal due to the length of the suggested CD leg compared with the BD leg. But, harmonic rules support us to expect an upside movement during the session today as long as the pair is stable above 0.9105.
The trading range for today is among the major support at 0.8850 and the major resistance at 0.9415.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400
| Support | 0.9185 | 0.9105 | 0.9080 | 0.9030 | 0.8920 |
| Resistance | 0.9230 | 0.9270 | 0.9335 | 0.9370 | 0.9415 |
| Recommendation | Based on the chart and explanations above, we recommend buying the pair around 0.9185, and take profit in stages at (0.9270 and 0.9370) and stop loss with 4-hour closing below 0.9080 might be appropriate today | ||||
Canadian Dollar (CAD)
Morning Report
The ascending minor channel seen over hourly basis supports the upside movement, while today the exponential moving average 50 and the main support of the upside movement met together at 1.0475. Our positive expectations remain valid for today, but 4-hour closing below 1.0475 could negate our intraday expectations.
The trading range for today is among the major support at 1.0350 and the major resistance at 1.0765.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0500 | 1.0475 | 1.0400 | 1.0375 | 1.0350 |
| Resistance | 1.0560 | 1.0620 | 1.0690 | 1.0765 | 1.0885 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair above 1.0475, and take profit in stages at (1.0550 and 1.0620) and stop loss below 1.0400 might be appropriate | ||||
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