Midday Report
The pair declined again to currently trade around 88.6% Fibonacci correction at 1.3270, but we don’t exclude any more negative pressures in order to close the opening gap seen with the start of this week. Consolidation below the exponential moving averages 20 and 50 supports the suggested extension of the downside movement 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 | 1.3270 | 1.3220 | 1.3160 | 1.3110 | 1.3080 |
| Resistance | 1.3300 | 1.3350 | 1.3380 | 1.3415 | 1.3490 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 1.3350, and take profit in stages at (1.3270 and 1.3220) and stop loss with 4-hour closing above 1.3415 might be appropriate today | ||||
Great British Pound (GBP)
Midday Report
The morning hinted long upper shadows of the four-hour candlesticks around 61.8% Fibonacci level forced the GBP/USD pair to move aggressively lower during the previous session, proving the solidity of the resistance around this aforesaid level. In the interim, the previous long black candlestick has motivated Vortex to start showing strength of the bearish signal -red- which is on its way to overlap negatively with the green one. Hence, the bearishness came back into focus and we will get more confirmations with a break below 1.5520-1.5510 zones. Note that any upside rallies should be capped below 1.5720-1.5750 for intraday traders.
The trading range for today is among key support at 1.5375 and key resistance at 1.5780.
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 | 1.5460 | 1.5415 | 1.5375 | 1.5335 |
| Resistance | 1.5585 | 1.5630 | 1.5680 | 1.5720 | 1.5780 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5590 targeting 1.5335 and stop loss above 1.5750 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
From our suggested entry point for bulls around 77.80, the pair has inclined sharply approaching the initial resistance of 78.30 as seen on the provided four-hour chart. Additionally, the positive sign continues on Stochastic along with stability above 77.80. Thereby, we hold onto our bullish predictions for the rest of the day so long as SMA 100 remains intact. For intraday traders, breaching through 78.30 will weaken 78.60 areas.
The trading range for today is among key support at 76.40 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 | 77.80 | 77.30 | 77.15 | 76.95 | 76.60 |
| Resistance | 78.45 | 79.10 | 79.55 | 80.00 | 80.50 |
| Recommendation | Our morning expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
The pair inclined again, yet it didn’t settle above the level of 0.9235, which supports our negative outlook to remain valid for now. Momentum indicators are positively biased, but this positivity will not be effective as long as the pair is stable below 0.9335, while consolidation below 0.9235 supports the harmonic pattern to remain strongly effective.
The trading range for today is among the major support at 0.8980 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 | 0.9200 | 0.9160 | 0.9110 | 0.9080 | 0.9045 |
| Resistance | 0.9260 | 0.9290 | 0.9335 | 0.9370 | 0.9400 |
| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
The pair is stable above the level of 1.0305 and also above the support level at 1.0275, which in result suggests that the pair could rebound to the upside in the rest of the session today. Our bullish expectations remain valid as long as the level of 1.0275 remains intact over intraday basis.
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.
**New York Candlesticks**
| Support | 1.0305 | 1.0275 | 1.0205 | 1.0185 | 1.0140 |
| Resistance | 1.0365 | 1.0400 | 1.0475 | 1.0495 | 1.0570 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.0305, and take profit in stages at (1.0400 and 1.0570) and stop loss with 4-hour closing below 1.0205 might be appropriate | ||||
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