Midday Report
The pair is still stable below 1.3565, and also below 1.3665 since November 14, which drives us to expect the downside movement to continue, where these levels confirm the effect of the bearish technical structure. Therefore, our morning expectations remain valid for the rest of the session today, noting that the pair is negatively biased since the morning.
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 | 1.3380 | 1.3350 | 1.3310 | 1.3270 | 1.3490 |
| Resistance | 1.3410 | 1.3515 | 1.3565 | 1.3620 | 1.3665 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 1.3515, and take profit in stages at (1.3380 and 1.3270) and stop loss above 1.3620 might be appropriate | ||||
Great British Pound (GBP)
Midday Report
With consecutive four-hour closings below 1.5610, Cable has been capable of breaching through 61.8% Fibonacci retracement of the entire upside rally from 1.5270 to 1.6615 as seen on our provided graph. The negativity continued appearing on trend indicator- Vortex- while the pair neglected the oversold sign on RSI 14. Thus, we hold onto our bearish predictions for the rest of the day supported by the above mentioned technical facts in addition to the descending channel that dominates the bearish effect of the classical pattern discussed several times before.
The trading range for today is among key support at 1.5270 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 | 1.5475 | 1.5415 | 1.5375 | 1.5270 | 1.5235 |
| Resistance | 1.5580 | 1.5630 | 1.5680 | 1.5720 | 1.5780 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5645 targeting 1.5425 and stop loss above 1.5825 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
In accordance with our morning predictions, the pair has inclined re-attacking our defined key level of 77.10-7715 which represents 61.8% of the one shot of BOJ intervention rally from 75.50 to 79.50 as seen on the provided four-hour chart. The strength of bullish sign appearing on Stochastic increased; thus, we keep our morning anticipations intact for the rest of the day as far as 76.10-75.80 remain intact. Ultimately, breaching 77.80 will accelerate inclines.
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 | 76.95 | 76.60 | 76.40 | 76.10 | 75.80 |
| Resistance | 77.30 | 77.60 | 77.90 | 78.45 | 79.55 |
| Recommendation | Our morning expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
The pair reached the awaited support level at 0.9200 and attempts now to achieve the awaited bearish reversal. Therefore, our suggested morning scenario is activated now, noting that consolidation below 0.9125 is necessary to support the Bearish Butterfly harmonic pattern to remain effective.
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 | 0.9160 | 0.9125 | 0.9080 | 0.9050 | 0.9010 |
| Resistance | 0.9200 | 0.9235 | 0.9290 | 0.9335 | 0.9400 |
| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
The sharp incline seen is expected to continue as we expected in our morning report, but we don’t exclude heavy fluctuations led by the Relative Strength Index, which is within overbought areas. But, consolidation above 1.0275 supports our bullish expectations to remain valid, while Stability above 1.0375 supports the bullishness to extend further.
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 | 1.0435 | 1.0475 | 1.0495 | 1.0550 | 1.0570 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair above 1.0375, and take profit in stages at (1.0475 and 1.0570) and stop loss with below 1.0275 might be appropriate | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment