Midday Report
The pair rebounded to the upside, to currently attempt to breach the level of 1.3415, while we can see technical indicators are more positive, which could trigger more bullish bias. Consolidation above 1.3380 should support the upside move to extend, but still, due to the high risks associated to our expectations we remain neutral for the rest of the session 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 | 1.3380 | 1.3350 | 1.3300 | 1.3270 | 1.3220 |
| Resistance | 1.3415 | 1.3490 | 1.3515 | 1.3565 | 1.3620 |
| Recommendation | Based on the chart and explanations above we remain neutral awaiting more confirmations | ||||
Great British Pound (GBP)
Midday Report
The pair inclined sharply breaching the resistance line of our captured descending channel as seen on the provided graph. Vortex indicator also has turned bullish, but we have two technical obstacles that prevent us from suggesting more bullishness as follows:
- RSI 14 moves gradually to the overbought areas; noting that it is frequently respected by Cable.
- The strong resistance which resides around 1.5690.
Hence, we may witness a pullback during the coming session, but breaching 1.5690 will weaken our risk limit at 1.5750 zones. For short term traders; we may change our bearish outlook if the pair succeeded in taking 1.5780 with a daily closing.
The trading range for today is among key support at 1.5270 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 | 1.5585 | 1.5510 | 1.5460 | 1.5415 | 1.5370 |
| Resistance | 1.5630 | 1.5680 | 1.5720 | 1.5780 | 1.5825 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
We suggested a bounce to the downside to relieve momentum indicators in our morning report and the pair obeyed the scenario moving downwards during the morning session as the pair declined taking Stochastic and RSI 14 to the downside. At the same time, SMA 100 continues carrying the bullishness started at 76.55 as seen on the provided four-hour graph. Hence, we hold onto our bullish predictions despite coming below 77.80; noting that a break below SMA 100 will threaten the initial support of 77.15.
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 | 77.30 | 77.15 | 76.95 | 76.60 | 76.40 |
| Resistance | 77.80 | 78.45 | 79.10 | 79.55 | 80.00 |
| Recommendation | Our morning expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
The pair reversed sharply to the downside, which confirms the continuous effect of the bearish Butterfly harmonic pattern. The breach of the exponential moving average 50 around 0.9185 suggests more bearishness. Therefore, our morning expectations remain exactly as they are.
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 | 0.9110 | 0.9080 | 0.9045 | 0.9010 | 0.8980 |
| Resistance | 0.9185 | 0.9235 | 0.9290 | 0.9335 | 0.9370 |
| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
The pair declined to reach areas around 1.0275, which represents 50% Fibonacci correction and also the ascending support level shown in red. Currently, we expect the pair to regain positive momentum, while consolidation above 1.0185 supports our positive expectations to remain valid for the rest of the session today.
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 | 1.0275 | 1.0205 | 1.0185 | 1.0140 | 1.0100 |
| Resistance | 1.0305 | 1.0365 | 1.0400 | 1.0475 | 1.0495 |
| Recommendation | Our morning expectations remain valid | ||||
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