Morning Report
The pair surged to the upside breaching the main resistance for the downside wave transforming the formation to a falling wedge which is a positive pattern. Stability above 1.3380 is more reason for us to expect an upside move and probably retest areas around 1.3665. The price gap formed at 1.3200 areas was not covered yet stability above 1.3380 will force us to ignore the gap for now.
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 | 1.3415 | 1.3380 | 1.3365 | 1.3300 | 1.3270 |
| Resistance | 1.3490 | 1.3515 | 1.3565 | 1.3620 | 1.3665 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.3415, and take profit in stages at (1.3515 and 1.3695) and stop loss with 4-hour closing below 1.3315 might be appropriate today | ||||
Great British Pound (GBP)
Morning Report
Despite yesterday's aggressive inclines but the pair couldn't achieve a daily closing above our detected pivotal resistance areas of 1.5720. Now, we will move to the daily studies where we notice that yesterday's recorded high around 1.5780 has forced Cable to move downwards as it represents 38.2% Fibonacci retracement of the entire downside wave from 1.6615 to the significant low of 1.5270. Furthermore, SMA 50 provided the chart with a very solid resistance meeting 38.2% level. Those abovementioned negative technical factors contradicts the positivity appearing on momentum indicator-Stochastic- thus, the intraday traders should have some rest from our bearish technical trip which we started at 1.6075 on November, 14. It is time to watch the market until a rational technical setup presents itself over coming sessions; noting that, yesterday's closing was a monthly closing and we will discuss the monthly candlestick structure sooner.
The trading range for today is among key support at 1.5420 and key resistance at 1.5935.
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 | 1.5630 | 1.5590 | 1.5510 | 1.5460 | 1.5420 |
| Resistance | 1.5720 | 1.5780 | 1.5825 | 1.5880 | 1.5935 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Japanese Yen (JPY)
Morning Report
The pair has moved downwards re-testing SMA 100 which provided it with a very good support. Actually, yesterday's decline was useful for bulls as it activated a positive divergence on Stochastic that could assist the pair to beat the initial resistance level of 77.80 again. The consecutive four-hour closings above 50% Fibonacci retracement of the upside wave from 75.50 to 79.50 encourage us to suggest potential upside move but not before clearing 77.80 followed by 78.30 over coming hours.
The trading range for today is among key support at 76.10 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 | 78.10 | 78.45 | 79.15 | 79.55 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 77.80 targeting 79.55 and stop loss below 76.65 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
The pair declined yesterday affected by the bearish harmonic butterfly pattern in addition to the failed attempt to stabilize above 0.9235. The downside move reached the first target for the pattern and the 38.2% correction of the CD around 0.9110; nevertheless, we expect the pair to try to reach more downside targets and maybe reach the second target for the pattern which is the 61.8% correction at 0.8980 affected by stability below the MA 50 and as well as RSI stability below 50 points.
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 | 0.9160 | 0.9180 | 0.9235 | 0.9290 | 0.9335 |
| Recommendation | Based on the chart and explanations above, our opinion is selling the pair around 0.9180, and take profit in stages at (0.9110, 0.9045 and 0.8980) and stop loss above 0.9290 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
The Pair declined sharply yesterday and breached 1.0275 and 1.0205 and trading settled below the EMAs and also below 38.2% correction shown above at 1.0185. At the same time, Stochastic is attempting to crossover positively and also stable above 1.0070 which is the main upside support shown above. Therefore, we remain neutral today awaiting more confirmations.
The trading range for today is among the major support at 0.9970 and the major resistance at 1.0365.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0140 | 1.0100 | 1.0080 | 1.0080 | 1.0025 |
| Resistance | 0.9970 | 1.0275 | 1.0305 | 1.0365 | 1.0400 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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