Midday Report
The pair provided a clear breach of the support level shown above in green and also breached 88.6% Fibonacci correction. These factors drive us to expect the pair to extend the downside movement, as the breach of these levels should support the bearish technical structure to remain effective. At the same time, momentum indicators are within oversold areas, which prevents us from confirming the extension of the downside movement. Therefore, we negate our negative expectations and remain neutral for the rest of the session today.
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 | 1.3220 | 1.3160 | 1.3110 | 1.3080 | 1.3030 |
| Resistance | 1.3270 | 1.3300 | 1.3350 | 1.3380 | 1.3410 |
| Recommendation | Based on the chart and explanations above we negate our morning expectations with the retest of 1.3270 and we remain neutral after then; however, we recommend sticking to the stop loss order in case the mentioned retest failed. | ||||
Great British Pound (GBP)
Midday Report
We are presently witnessing some kind of bounce to the upside due to facing the lower line of the descending channel and the oversold sign on RSI 14, but we believe that the previous broken 76.4% Fibonacci retracement of the wave from 1.5270 to 1.6615. Vortex is still negative designating that the bearishness is still strong inside the aforesaid bearish channel. Thereby, we hold onto our negative predications for the rest of the day; whilst a break of 1.5415 will accelerate declines towards the full correctional level at 1.5270 zones.
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 | 1.5415 | 1.5375 | 1.5270 | 1.5235 | 1.5180 |
| Resistance | 1.5510 | 1.5580 | 1.5630 | 1.5680 | 1.5720 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair has achieved consecutive four-hour closing above SMA 100 as seen on the provided four-hour graph. Stochastic may cause a retest of the previous broken important resistance of 77.15 -turned into support- before resuming the bullishness suggested for intraday traders. A break of 77.60 will bring more buying interests towards 78.00 areas followed by 78.60 zones.
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 | 77.15 | 76.95 | 76.60 | 76.40 | 76.10 |
| Resistance | 77.60 | 77.90 | 78.45 | 79.55 | 80.00 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 77.15 targeting 78.80 and stop loss below 75.80 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The sharp rebound seen supported the pair to breach the level of 0.9235, which weakens the effect of the bearish Butterfly harmonic pattern, especially when a 4-hour closing above this level was seen. But, Stochastic is currently within overbought areas, which suggests the failure of this breach. Therefore, we will hold onto our negative expectations, but trading below 0.9235 is necessary to confirm our negative outlook.
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.
**New York Candlesticks**
| Support | 0.9235 | 0.9160 | 0.9120 | 0.9080 | 0.9050 |
| Resistance | 0.9250 | 0.9290 | 0.9335 | 0.9370 | 0.9400 |
| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
The breach of 78.6% Fibonacci correction is critical, where this breach was accompanied with the overbought signs seen on Stochastic. Therefore, any 4-hour closing below 1.0495 is sufficient to negate our intraday morning expectations, while consolidation below 1.0570 could support creating another bullish wave and eliminate the possibility of downside corrections. Currently, we will hold onto our morning expectations as they are, but we recommend tracking the current 4-hour candlestick.
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.
**New York Candlesticks**
| Support | 1.0475 | 1.0400 | 1.0365 | 1.0320 | 1.0305 |
| Resistance | 1.0570 | 1.0620 | 1.0620 | 1.0690 | 1.0765 |
| Recommendation | Our morning expectations remain valid | ||||
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