Midday Report
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The area around the 50% Fibonacci correction halted today's downside attempts for the pair, where it rebounded and currently testing the 50 days SMA just below the 38.2% Fibonacci level, Stochastic has crossed over positively; therefore, we will anticipate an upside move following a breach above 1.3825 over four-hour basis, targeting mainly 1.3930.
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.
| Support | 1.3760 | 1.3710 | 1.3650 | 1.3605 | 1.3565 |
| Resistance | 1.3825 | 1.3870 | 1.3935 | 1.3970 | 1.4025 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair with four-hour closing above 1.3825 targeting 1.3880,1.3930 . Stop loss with four-hour closing below 1.3790 might be appropriate | ||||
Great British Pound (GBP)
Midday Report
Over daily basis, our technical concept remains unchanged, where we believe that the bullish effect of the bullish harmonic AB=CD pattern might have been limited earlier at 61.8% Fibonacci of CD leg. Moving to the four-hour chart, the battle continues between bears and bulls around the neckline areas of the head and shoulders top pattern. A sustained break below 1.5900 will trigger a panic sell-off chiefly targeting 1.5630 zones. Of note, GBP/USD is currently trading inside the suggested selling areas of 1.5935-1.5940 which represent previous pivotal zones.
The trading range for today is among key support at 1.5630 and key resistance at 1.6150.
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 | 1.5880 | 1.5820 | 1.5780 | 1.5725 | 1.5630 |
| Resistance | 1.5970 | 1.6000 | 1.6075 | 1.6125 | 1.6150 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair is still moving 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 recap, we hold onto our morning perditions for the rest of the day as far as areas between 76.80 and 76.40 remain intact. Note that Stochastic may cause some kind of fluctuation before achieving the awaited bullish movements.
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 | Based on the charts and explanations above our opinion is, buying the pair around 77.90 targeting 80.05 and stop loss below 76.40 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair has failed in its first technical attempt to beat the pivotal resistance highlighted in our morning report -we recommend reviewing it- as it started to move lower after touching 0.8885 zones. RSI 14 continued pressuring the pair but moving outside the descending channel may fix this sign sooner. Of note, SMA 50 -red- may assist the pair to clear the resistance areas. To summarize this, only a break of 0.8890 will be able to activate the bullishness; whilst breaching through 0.8740 with a four-hour closing will negate it.
The trading range for today is among key support at 0.8560 and key resistance now at 0.9140.
The general trend over short term basis is to the upside targeting 0.9400 as far as areas of 0.8020 remain intact.
| Support | 0.8805 | 0.8780 | 0.8740 | 0.8695 | 0.8625 |
| Resistance | 0.8890 | 0.8945 | 0.8990 | 0.9030 | 0.9080 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 0.8890 targeting 0.9080 and stop loss below 0.8740 might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
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The pair declined earlier to reach the ascending channel’s main support as shown above, while the negativity seen on Stochastic explains this bearishness. In general, stability above the mentioned support level drives us to hold onto our morning expectations as they are, supported by the moving average 50.
The trading range for today is among the major support at 1.0030 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 | 1.0110 | 1.0085 | 1.0030 | 1.0000 | 0.9910 |
| Resistance | 1.0210 | 1.0245 | 1.0275 | 1.0330 | 1.0360 |
| Recommendation | Based on the charts and explanations above, we recommend buying the pair with a breach of 1.0210, and take profit at 1.0360 and stop loss below 1.0110 might be appropriate. | ||||
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