Morning Report
The pair continued the downside movement as expected, and now it approaches 88.6% Fibonacci correction of the bullish wave, which started from 1.3145 and ended at 1.4247. The mentioned correction is close to the support level of the technical structure shown in green. Stochastic is within oversold areas, while the relative strength index settled at the 30-point level. Therefore, we expect an upside correction today as long as the level of 1.3270 remains intact.
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 | 1.3300 | 1.3270 | 1.3220 | 1.3160 | 1.3145 |
| Resistance | 1.3350 | 1.3380 | 1.3410 | 1.3490 | 1.3515 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 1.3270, and take profit in stages at (1.3380 and 1.3490) and stop loss above 1.3145 might be appropriate | ||||
Great British Pound (GBP)
Morning Report
Cable continued its collapse that started with the beginning of this week, breaching through 76.4% Fibonacci retracement of the bullish wave from 1.5270 to 1.6615 as seen on the provided four-hour chart. This breakout has added further negative pressure on the pair suggesting that 88.6% followed by 100% will be revisited over upcoming sessions according to Fibonacci rules. Consequently, the bearishness is still favored over intraday basis, supported by the descending channel, the negative sign on Vortex. Note that RSI 14 is entering oversold areas and it may cause some kind of fluctuation.
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 | Based on the charts and explanations above our opinion is, selling the pair around 1.5480 targeting 1.5270 and stop loss above 1.5630 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
Respecting yesterday's analysis, the pair has moved aggressively upwards during the Asian session where it breached the pivotal resistance areas of 77.15. In the interim, the previous four-hour closing was achieved successfully above SMA 100 -colord in green-. Assessing momentum, the bullish momentum becomes very clear on Stochastic; thus, we hold onto our bullish expectations over intraday basis so long as 76.10-75.80 areas remain intact. Ultimately, 78.60 becomes under our technical microscope.
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)
Morning Report
The pair inclined to currently approach the potential reversal zone of the bearish Butterfly harmonic pattern. The level of 0.9235 represents a critical intraday barrier, while we expect the pair to enter a downside correction again. Stochastic supports our negative expectations, but consolidation above 0.9290 should negate our intraday expectations.
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 | Based on the chart and explanations above, our opinion is selling the pair around 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 still stable below 78.6% Fibonacci correction of the downside movement, which started from 1.0657 and ended at the bottom of 0.9894. Stochastic is excessively overbought, which drives us to expect a downside correctional movement today, which remains possible as long as the pair is stable below 1.0570.
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 | 1.0305 | 1.0275 |
| Resistance | 1.0495 | 1.0570 | 1.0620 | 1.0690 | 1.0765 |
| 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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