Midday Report
The pair is still biased to the downside, affected by the bearish technical structure, while trading below the exponential moving averages supported the negativity to extend further. Stochastic supports the continuity of the downside movement. Therefore, our weekly expectations remain as they are.
The trading range for this week is among the major support at 1.3270 and the major resistance at 1.3840.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
| Support | 1.3410 | 1.3380 | 1.3350 | 1.3310 | 1.3270 |
| Resistance | 1.3510 | 1.3565 | 1.3620 | 1.3665 | 1.3740 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 1.3515, and take profit in stages at (1.3410 and 1.3270) and stop loss above 1.3620 might be appropriate | ||||
Great British Pound (GBP)
Midday Report
Back to our previous published four-hour chart, where the re-testing process for the neckline is very clear. Now, falling freely below 50% Fibonacci retracement of the entire upside rally form 1.5270 to 1.6615 has opened the door up for additional losses towards 61.8%; noting that the strong bearish trend appearing over daily basis will assist the pair to beat 61.8%. Hence, we hold onto our bearish anticipations for the rest of the day and a break of 1.5610 will accelerate the declines.
The trading range for today is among key support at 1.5555 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 | 1.5630 | 1.5585 | 1.5555 | 1.5475 | 1.5415 |
| Resistance | 1.5720 | 1.5780 | 1.5820 | 1.5880 | 1.5935 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5780 targeting 1.5425 and stop loss above 1.6000 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The pair started to stabilize above 76.4% Fibonacci retracement of the upside wave from 75.50 to 79.50 as seen on the provided four-hour chart. In the interim, the negativity of RSI was fixed; thus, we may witness the awaited breakout above the initial resistance of 77.10-77.15 to confirm our suggested bullish scenario. Only a break below 75.80-76.10 will give us reason for concern.
The trading range for today is among key support at 75.80 and key resistance now at 77.90.
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 | 75.50 |
| Resistance | 76.95 | 77.30 | 77.60 | 77.90 | 78.45 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 77.15 targeting 78.80 and stop loss below 75.80 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair is moving positively to retest D1 point at 0.9235. Consolidation below this level supports our weekly expectations to remain as they are. Stochastic is within overbought areas, which supports our expectations.
The trading range for this week is among the major support at 0.8810 and the major resistance at 0.9370.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.9185 | 0.9120 | 0.9080 | 0.9050 | 0.9000 |
| Resistance | 0.9235 | 0.9270 | 0.9335 | 0.9370 | 0.9400 |
| Recommendation | Our weekly expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
The pair rebounded to the upside to currently approach 61.8% Fibonacci correction at 1.0365. Stochastic is within overbought areas, which could support the mentioned level to lift the pair higher, yet downside corrections are possible. Our weekly expectations remain valid, supported by the bullish technical structure and consolidation above the ascending main support level.
The trading range for this week is among the major support at 0.9700 and the major resistance at 1.0475.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0305 | 1.0275 | 1.0205 | 1.0185 | 1.0140 |
| Resistance | 1.0375 | 1.0400 | 1.0475 | 1.0500 | 1.0560 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.0275, and take profit in stages at (1.0375 and 1.0475) and stop loss with 4-hour closing below 1.0185 might be appropriate | ||||
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