Midday Report
The pair provided the awaited 4-hour closing above 1.3435, but then declined to currently trade around 78.6% Fibonacci correction at 1.3380. Stochastic is negative, while the RSI breached the 50-point level negatively, but our morning positive expectations remain valid as long as the pair is stable above 1.3315.
The trading range for today is among the major support at 1.3080 and the major resistance at 1.3620.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
**New York Candlesticks**
| Support | 1.3365 | 1.3315 | 1.3270 | 1.3220 | 1.3160 |
| Resistance | 1.3435 | 1.3490 | 1.3515 | 1.3565 | 1.3620 |
| Recommendation | Our morning expectations remain valid | ||||
Great British Pound (GBP)
Midday Report
The market has been trapped within a very tight range where Cable continued struggling around 23.6% Fibonacci retracement if the entire downside wave from 1.6615 to the significant low of 1.5270 as seen on the provided daily chart. Once more, any upside rally should be sold off as far as trading continues below SMA 20 and SMA 50; whilst 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 | 1.5555 | 1.5510 | 1.5460 | 1.5420 | 1.5375 |
| Resistance | 1.5660 | 1.5680 | 1.5720 | 1.5780 | 1.5820 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5645 targeting 1.5420 and stop loss above 1.5780 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
RSI 14 is on its way to touch oversold areas as seen on the provided four-hour graph. Henceforth, 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 pair is still trading positively above 0.9235, while Stochastic provides now a positive crossover, in the time the RSI is stable above the 50-point level. These factors could delay the downside movement, but once the pair provides 4-hour closing below 0.9195-80 the negative effects of the bearish Butterfly harmonic pattern should return again.
The trading range for today is among the major support at 0.8980 and the major resistance at 0.9430.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
**New York Candlesticks**
| Support | 0.9235 | 0.9195 | 0.9110 | 0.9080 | 0.9045 |
| Resistance | 0.9260 | 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 pair built a base around 1.0090 and then inclined to currently attempt to settle above the ascending main support level. But, more confirmations are required to confirm the return of the upside move. A breach of the mentioned support level could negate the upside move. Therefore, we remain neutral for the rest of the session today.
The trading range for today is among the major support at 0.9865 and the major resistance at 1.0275.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0070 | 1.0025 | 0.9970 | 0.9905 | 0.9865 |
| Resistance | 1.0140 | 1.0185 | 1.0205 | 1.0275 | 1.0305 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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