Morning Report
The pair is stable below the Exponential Moving Averages 20 and 50, and also below the neckline of the bearish technical structure at 1.3665 and below 61.8% Fibonacci correction of the upside wave, which started from 1.3145 and ended at 1.4247, where this correction is at 1.3565. Therefore, we expect the pair to enter a downside movement again to test areas around 1.3380, which if breached, the pair could move further towards areas around 1.3270.
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 | 1.3410 | 1.3380 | 1.3350 | 1.3310 | 1.3270 |
| Resistance | 1.3490 | 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)
Morning Report
Cable has collapsed violently forming a long black candlestick pattern as seen on the provided daily Chart. This decline confirms resuming the bearish effect of the potential head and shoulders top pattern of the four-hour interval -check the previous report for more details about this classical probability- where we believe that the pair is on its way to achieve the extended targets of this pattern. Moving to today's chart we will depend on the negativity of yesterday's candlestick to suggest potential breakout below 23.6% Fibonacci retracement of the entire downside move from 1.6615 to 1.5270, chiefly targeting the initial support of 1.5420 and a break of which will send cable lower towards the full correctional level around 1.5270.
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 | Based on the charts and explanations above our opinion is, selling the pair around 1.5665 targeting 1.5425 and stop loss above 1.5840 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
In line with yesterday's suggested scenario, the pair has incline achieving a confirmed four-hour closing above 77.10-77.15 zones as seen on our provided graph. Now, Stochastic and RSI 14 are in need for some kind of relief before reflecting oversold case but we can see how Stochastic of the daily studies -secondary image- has turned bullish. Henceforth, the bullish sign of the bigger time frame may beat the one of the smaller time scale encouraging us to predicate potential resumption for the upside reversal which started at 75.50. Breaching through 76.10-75.80 will threaten the bottom around 75.50.
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)
Morning Report
Consolidation below 0.9235 reflects the effect of the bearish Butterfly harmonic pattern, where this pattern could trigger a downside movement towards 0.9050 and maybe 0.8940, as these levels represent the pattern’s targets at 38.2% and 61.8% Fibonacci corrections of the CD leg respectively.
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 | 0.9105 | 0.9080 | 0.9050 |
| Resistance | 0.9200 | 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)
Morning Report
The pair is stable above 61.8% Fibonacci correction of the bearish wave, which started from 1.0657 and ended at the bottom of 0.9894, where this correction is at 1.0365. Stability above 1.0275 suggests that the upside move could extend further towards 78.6% Fibonacci correction at 1.0495. Stochastic is within overbought areas which could trigger heavy fluctuations.
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 | 1.0570 | 1.0620 |
| 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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