Morning Report
Yesterday, the pair attempted to incline; however, the Exponential Moving Average 50 and 61.8% Fibonacci correction at 1.3565 were able to stop the pair’s positive momentum. There factors support the bearish technical structure to remain valid, supported by the negativity seen on Stochastic. In result, we expect the pair to provide another bearish attempt today, while a breach of 1.3380 could support the downside movement to extend further.
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
Analyzing yesterday's recovery towards the resistance of 1.5695 occurred before the collapse will be clearer on four-hour interval where we can see how history repeated itself inside the recently established bearish channel. Re-attacking Fibonacci retracement of 61.8% once more proves the strength of the bearish trend that was confirmed with a breakout below 1.5905 and we believe that it will continue during the upcoming sessions since Vortex reflects the strength of this bearishness. The intraday potential support resides at 1.5580 where a break of which will trigger a panic sell-off towards 1.5480 followed by 1.5420.
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 | 1.5555 | 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 1.5645 targeting 1.5425 and stop loss above 1.5825 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
In the previous report, you will find that the first required step of yesterday's scenario -mild downside recovery- has occurred ideally to relieve momentum indicators and it was followed by the expected bullish crossover that started to push the pair higher as seen on the provided four-hour graph. Now, we need to witness a breakout above 77.15 to make sure that the pair will continue moving higher over upcoming sessions. On the other side, 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
The pair found a support level around 0.9125, where this level represents 23.6% Fibonacci correction of the CD leg of the bearish Butterfly harmonic pattern. But, any trading below 0.9235 suggests more bearishness, as the bearish Butterfly harmonic pattern remains effective as long as the pair is below this level. MACD is negative, which supports our expectations, but a breach of 0.9125 is required 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.
| Support | 0.9125 | 0.9080 | 0.9050 | 0.9010 | 0.8975 |
| Resistance | 0.9160 | 0.9200 | 0.9235 | 0.9290 | 0.9335 |
| 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
Momentum indicators are almost within overbought areas, but they don’t provide any negative sign at the moment. The pair is stable above 61.8% Fibonacci correction around 1.0365, which also supports the continuation of the upside move today. Testing areas around 78.6% and maybe 88.6% Fibonacci corrections at 1.0495 and 1.0570 respectively is possible, while any trading above 1.0365 should support our positive outlook.
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 | ||||
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