Midday Report
Stability above 1.3695 was able to push the pair towards areas above 1.3800 before returning to trade below this level. But, the decline seen was limited, while any trading above 1.3695 supports our morning expectations to remain valid.
The trading range for today is among the major support at 1.3380 and the major resistance at 1.4080.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
**New York Time Scale**
| Support | 1.3740 | 1.3695 | 1.3620 | 1.3565 | 1.3515 |
| Resistance | 1.3825 | 1.3885 | 1.3910 | 1.3940 | 1.3990 |
| Recommendation | Our morning expectations remain valid | ||||
Great British Pound (GBP)
Midday Report
The pair started to decline from our previous detected technical resistance as seen on the secondary image. The decline from 1.6050 zones may help the pair to form the right shoulder of the potential Bulkowski's complex head and shoulders to pattern. The previous four-hour candlestick could be another indication that confirms our classical construction. Anyway, we keep our bearish predictions for the rest of the day, while breaching 1.5905 will accelerate. We recommend reviewing the weekly report for more details about the bigger harmonic daily pattern.
The trading range for today is among key support at 1.5720 and key resistance at 1.6295.
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 | 1.5935 | 1.5820 | 1.5780 | 1.5720 | 1.5630 |
| Resistance | 1.6075 | 1.6125 | 1.6150 | 1.6225 | 1.6295 |
| Recommendation | Our morning expectations remain valid | ||||
Japanese Yen (JPY)
Midday Report
The pair is still trapped within a very tight range since morning. Actually, it continued consolidating above the classical support -previous resistance- of 77.70 as seen on the provided daily chart; thus, we look forward to a new technical attempt to maintain levels above 79.80 to make sure that 79.55 will fall. To summarize this, we hold onto our morning perditions for the rest of the day as far as areas between 76.80-76.40 remain intact.
The trading range for today is among key support at 76.10 and key resistance now at 82.25.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 77.90 | 77.20 | 76.95 | 76.60 | 76.10 |
| Resistance | 78.80 | 79.55 | 79.90 | 80.05 | 81.15 |
| Recommendation | Our morning expectations remain valid | ||||
Swiss Franc (CHF)
Midday Report
The pair failed in a first attempt to breach the Exponential Moving Average 50 and consolidate below it. But, the pair returned and provided stability below the descending main resistance level at 0.8890, which drives us to hold onto our morning expectations as they are.
The trading range for today is among the major support at 0.8505 and the major resistance at 0.9030.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.8805 | 0.8780 | 0.8740 | 0.8695 | 0.8625 |
| Resistance | 0.8890 | 0.8990 | 0.8930 | 0.9030 | 0.9080 |
| Recommendation | Based on the chart and explanations above, we recommend selling the pair around 0.8900, and take profit in stages at (0.8805 and 0.8740) and stop loss above 0.8990 might be appropriate today | ||||
Canadian Dollar (CAD)
Midday Report
The pair declined but returned to trade higher around the resistance level at 1.0185. Stochastic contradicts this incline. Therefore, we remain neutral for the rest of the session today.
The trading range for today is among the major support at 0.9905 and the major resistance at 1.0360.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0125 | 1.0085 | 1.0025 | 0.9970 | 0.9905 |
| Resistance | 1.0205 | 1.0255 | 1.0275 | 1.0305 | 1.0340 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmation | ||||
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