Midday Report
The pair is trading weakly above the level of 1.3380, where the pair didn’t provide any major movement since the release of our morning report. Therefore, our morning expectations remain valid, and we recommend review our morning report of more details.
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 | 1.3380 | 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 1.3380, and take profit in stages at (1.3515 and 1.3695) and stop loss with 4-hour closing below 1.3270 might be appropriate | ||||
Great British Pound (GBP)
Midday Report
The pair didn't show any big move since morning and as we discussed earlier, breaching SMA 20 with a daily closing which occurred yesterday could be a false one since the solidity of 38.2% Fibonacci level at 1.5780 has proved its strength several times before. At the same time, we can't neglect the bullish sign on Stochastic; thus, the contrarian between those facts forces us to stay aside for the rest of the day. Breaching 1.5590 will bring the negativity back on the graph.
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 | 1.5680 | 1.5630 | 1.5590 | 1.5555 | 1.5510 |
| Resistance | 1.5750 | 1.5780 | 1.5820 | 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)
Midday Report
Finally, the pair has moved and despite its price actions were somewhat bearish, but we have captured two new technical signs:
- The probability of forming a positive divergence on Stochastic remains intact despite the aforesaid decline.
- RSI 14 touched the oversold areas.
Hence, we hold onto our bullish predictions for the rest of the day, while coming above 77.80 is required to confirm the scenario.
Shall it form a huge cup with handle pattern? Let us see if it will be able to complete the formation over upcoming hours.
The trading range for today is among key support at 76.55 and key resistance now at 79.15.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 77.15 | 76.95 | 76.55 | 76.10 | 75.80 |
| Resistance | 77.60 | 77.90 | 78.10 | 78.30 | 78.45 |
| Recommendation | Our morning expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
The pair attempts to settle below the level of 0.9235 as if it succeeded to provide stability below this level, the downside movement could be confirmed by consolidation below 0.9180. Therefore, our morning expectations, which depend on the awaited 4-hour closing below 0.9180, remain as they are.
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 | 0.9195 | 0.9110 | 0.9080 | 0.9045 | 0.9010 |
| 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 is stable in areas below the ascending support level, but it is also stable above 23.6% Fibonacci correction as shown above. We remain neutral for the rest of the session today, where confirming the breach of 1.0070 could pressure the pair to the downside, while consolidation above 1.0140 could trigger an upside move especially if the pair settled above 1.0185.
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.
| Support | 1.0070 | 1.0025 | 1.0000 | 0.9970 | 0.9905 |
| Resistance | 1.0110 | 1.0140 | 1.0185 | 1.0205 | 1.0275 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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