Midday Report
The pair’s attempts to consolidate above 1.3380 have failed until now, where we didn’t see any 4-hour closing above the mentioned level. Therefore, our morning expectations remain valid supported by the bearish technical structure.
The trading range for today is among the major support at 1.3145 and the major resistance at 1.3565.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
| Support | 1.3350 | 1.3310 | 1.3270 | 1.3220 | 1.3160 |
| Resistance | 1.3380 | 1.3410 | 1.3490 | 1.3515 | 1.3565 |
| Recommendation | Our morning expectations remain valid | ||||
Great British Pound (GBP)
Midday Report
The pair has rapidly lost its weak upside momentum which started at the lower line of the descending channel that dominates the bearish trend as it approaches 76.4% Fibonacci of the wave from 1.5270 to 1.6615 as seen on the provided four-hour chart. At the same time, Vortex -trend indicator- continued reflecting the strong bearish case that has beaten the oversold signal of RSI 14. Therefore, our bearish outlook attained more reliability during the previous session and a break of 76.4% will bring more selling interests.
The trading range for today is among key support at 1.5270 and key resistance at 1.5820.
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 | 1.5510 | 1.5475 | 1.5415 | 1.5375 | 1.5270 |
| 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 1.5560 targeting 1.5375 and stop loss above 1.5720 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The two new technical factors that are seen on our graph are:
- The previous candlestick's closing above 61.8% retracement of the wave from 75.50 to 79.50 areas.
- Stochastic showed the ability to overlap positively over coming hours.
Thus, our bullish scenario remains intact for the rest of the day, wile the important levels that should be breached reside at 77.30, followed by 77.60.
The trading range for today is among key support at 75.80 and key resistance now at 79.55.
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 | 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 trading sideways, but still below the level of 0.9235, which supports the Butterfly harmonic pattern to remain effective. A breach of 0.9125 should confirm the return of the downside movement.
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 | 0.9120 | 0.9080 | 0.9050 | 0.9010 |
| Resistance | 0.9235 | 0.9290 | 0.9335 | 0.9370 | 0.9400 |
| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
The pair declined sharply affected by 78.6% Fibonacci correction around 1.0490, which drives us to keep our eyes on the oversold signs seen on Stochastic. The pair needs correction; therefore, we expect a downside correction during the rest of the session unless the pair provided 4-hour closing above 1.0495.
The trading range for today is among the major support at 1.0275 and the major resistance at 1.0690.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0400 | 1.0365 | 1.0305 | 1.0275 | 1.0205 |
| Resistance | 1.0475 | 1.0495 | 1.0570 | 1.0620 | 1.0690 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 1.0450, and take profit in stages at (1.0365 and 1.0310) and stop loss with 4-hour closing above 1.0495 might be appropriate | ||||
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