Midday Report
The exponential moving average 50 was able to stop the pair’s negative momentum, where the pair didn’t provide any 4-hour closing below this level, which in result drive us to return positive, especially when Stochastic provides a positive crossover and the negativity seen on RSI stopped from extending further. 4-hour closing above 1.3435 suggests the return of the positive outlook.
The trading range for today is among the major support at 1.3080 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
**New York Candlesticks**
| Support | 1.3380 | 1.3365 | 1.3300 | 1.3270 | 1.3220 |
| Resistance | 1.3435 | 1.3490 | 1.3515 | 1.3565 | 1.3620 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.3435, and take profit in stages at (1.3515 and 1.3695) and stop loss with 4-hour closing below 1.3315 might be appropriate | ||||
Great British Pound (GBP)
Midday Report
As we mentioned this morning, areas of 1.5590 are very important as they represent the potential support which could cause some kind of fluctuation over intraday basis. Any upside rallies towards SMA 20 should be sold off since Stochastic continues reflecting the bearish momentum. Our risk limit is currently seen at 1.5780 zones.
The trading range for today is among key support at 1.5375 and key resistance at 1.5820.
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 | 1.5590 | 1.5555 | 1.5510 | 1.5460 | 1.5420 |
| Resistance | 1.5660 | 1.5680 | 1.5720 | 1.5780 | 1.5820 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The USD/JPY pair continued struggling around SMA 50; whilst Stochastic continued preparing for drawing the required positive overlap sign as seen on the provided four-hour chart. Hence, our bullish overview remains intact for the rest of the day; noting that a break of 78.10-78.30 areas will accelerate the potential upside wave. On the other side, areas around 76.65-76.55 should protect our scenario.
The trading range for today is among key support at 76.55 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 | 76.55 | 76.10 |
| Resistance | 77.90 | 78.10 | 78.30 | 78.45 | 79.15 |
| Recommendation | Our morning expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
The incline seen earlier today failed to continue, and now the pair returned to decline sharply as we can see a long bearish 4-hour candlestick. In case the pair provided 4-hour closing below 0.9180, the positive effects of the bullish technical structure will stop, while the negative impact of the bearish Butterfly harmonic pattern will return. Stochastic provides a negative crossover within overbought areas.
The trading range for today is among the major support at 0.8980 and the major resistance at 0.9400.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
**New York Candlesticks**
| Support | 0.9180 | 0.9110 | 0.9080 | 0.9045 | 0.9010 |
| Resistance | 0.9235 | 0.9290 | 0.9335 | 0.9370 | 0.9400 |
| Recommendation | Based on the chart and explanations above, our opinion is selling the pair with 4-hour closing below 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)
Midday Report
The downside pressures returned and now the pair is trading around 1.0140, which is expected to support the pair’s positive momentum. Stochastic is still positive, but the RSI requires stability above 1.0185 and above 1.0205 is much better to confirm the positivity.
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 | 1.0255 | 1.0275 | 1.0305 |
| Recommendation | Our morning expectations remain valid | ||||
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