Morning Report
The pair reversed to the downside after reaching areas around the resistance level at 1.3515, but by looking at the chart above, we find the pair is stable above the exponential moving averages 20 and 50. These moving averages provided a positive crossover, while MACD is positive, yet Stochastic is negative. Therefore, we expect the upside move to continue, but at the same time heavy fluctuations and maybe a downside correction are possible, affected by the negativity seen on Stochastic.
The trading range for today is among the major support at 1.3145 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
**New York Candlesticks**
| Support | 1.3415 | 1.3380 | 1.3365 | 1.3315 | 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
Cable has moved mildly downwards influenced by the strength of 1.5780 resistance as seen on the provided daily graph. This Fibonacci level took Stochastic over daily studies to overbought areas. Actually, we are well-disposed to the bearishness due to the negativity on the bigger time frames -check the previous report- but risk versus rewards ratio is too high for intraday traders. Consequently, we hold onto our neutral stance over intraday basis as a break above the above mentioned important level will bring buying interests. Of note, breaching through 1.5590 will activate the bearishness as well.
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 | 1.5375 |
| 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
According to our previous analysis for the USD/JPY pair, stable inclines have been witnessed during the Asian session where the pair was taken towards the initial resistance areas of 77.80 as seen on the provided four-hour chart. Stochastic needs some kind of relief before achieving the required attempt to breach through the pivotal areas of 77.80. The last candlestick formation in addition to the positivity of SMA 100 are rational reasons to propose potential upside move over intraday basis. Ultimately, a break above 78.30 will accelerate inclines.
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 | 77.60 | 77.30 | 77.15 | 76.95 | 76.55 |
| Resistance | 78.10 | 78.45 | 79.15 | 79.55 | 80.00 |
| 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 inclined again, yet this incline was not able to lift the pair above the exponential moving average 50, while the pair is still stable below the level of 0.9235. The incline seen supported Stochastic to enter overbought areas, while the 50-point level forms a strong resistance for the indicator. All these factors together support the continuous effect of the bearish Butterfly harmonic pattern which could pressure the pair to the downside today.
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 | 0.9065 | 0.9045 | 0.9010 |
| Resistance | 0.9180 | 0.9235 | 0.9290 | 0.9335 | 0.9370 |
| 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
Consolidation below 38.2% Fibonacci correction around 1.0185 could trigger more bearishness today, while the pair is currently approaching the support of the upside move at 1.0070. Stochastic is within oversold areas which could support the upside move to return. 4-hour closing below this support level could negate our expectations over intraday basis.
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 | 1.0070 | 1.0025 | 0.9970 |
| Resistance | 1.0185 | 1.0205 | 1.0275 | 1.0305 | 1.0365 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.0070, and take profit in stages at (1.0205 and 1.0365) and stop loss with 4-hour closing below 0.9970 might be appropriate | ||||
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