Midday Report
The pair rebounded to the upside, but this incline is only a normal correction, where stability below 1.3565 and 1.3665 supports our general negative outlook, supported by the bearish technical structure. Therefore, our morning expectations remain as they are.
The trading range for today is among the major support at 1.3270 and the major resistance at 1.3665.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
| Support | 1.3515 | 1.3490 | 1.3410 | 1.3380 | 1.3350 |
| Resistance | 1.3565 | 1.3620 | 1.3665 | 1.3695 | 1.3740 |
| Recommendation | Our morning expectations remain valid | ||||
Great British Pound (GBP)
Midday Report
The pair didn't show any big move since morning as seen on the provided daily graph; whilst we still depend on yesterday's long black candlestick formation to suggest that the initial support of 23.6% Fibonacci retracement of the downside move from 1.6615 to 1.5270 will be breached sooner. Of note, Stochastic may cause some kind of fluctuation but we don't think it will change the clear bearish trend. In the interim, breaching 1.5630-1.5620 will accelerate decline.
The trading range for today is among key support at 1.5375 and key resistance at 1.5880.
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 | 1.5555 | 1.5475 | 1.5415 | 1.5375 | 1.5270 |
| Resistance | 1.5680 | 1.5720 | 1.5780 | 1.5825 | 1.5880 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair succeeded in achieving the first part of our morning scenario where it is currently relieving momentum indicators over four-hour time scale. But, the daily studies still offers bullish signs on momentum indicators and we think that it will assist the pair to beat the bearishness on the smaller time frames -check the morning report for more details-. Anyway, we should witness a break above 77.15 to confirm the suggested bullish scenario.
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 75.20 remain intact.
| Support | 76.60 | 76.40 | 76.10 | 75.80 | 75.50 |
| Resistance | 77.15 | 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 declines gradually, affected by the bearish Butterfly harmonic pattern, and now it attempts to breach 23.6% Fibonacci correction of the CD leg, which could send the pair to retest the pattern’s first target at 0.9050. We hold onto our negative expectations as long as the pair didn’t provide stability above 0.9235.
The trading range for today is among the major support at 0.8940 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 | 0.9080 | 0.9050 | 0.9010 | 0.8975 | 0.8940 |
| Resistance | 0.9160 | 0.9235 | 0.9290 | 0.9335 | 0.9370 |
| Recommendation | Based on the chart and explanations above, our opinion is selling the pair below 0.9200, and take profit in stages at 0.9105 and 0.9050 and stop loss above 0.9290 might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The pair settled for areas around 61.8% Fibonacci correction at 1.0365, which could support the upside move to extend further. Stochastic is within overbought areas, which could trigger heavy fluctuations, and maybe downside corrections. Therefore, our morning expectations remain as they are.
The trading range for today is among the major support at 1.0185 and the major resistance at 1.0570.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0365 | 1.0305 | 1.0275 | 1.0205 | 1.0185 |
| Resistance | 1.0400 | 1.0475 | 1.0495 | 1.0550 | 1.0570 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair above 1.0275, and take profit in stages at (1.0365 and 1.0475) and stop loss with below 1.0185 might be appropriate | ||||
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