Midday Report
Without any 4-hour closing below 1.3315, and also without consolidation below 1.3270, we cannot expect the downside movement to extend, which has been already seen, where the pair returned to incline again. Consolidation above 1.3380 should confirm the return of the upside move, and then we will look for further confirmation through stability above 1.3435.
The trading range for today is among the major support at 1.3080 and the major resistance at 1.3560.
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 | 1.3380 | 1.3435 | 1.3490 | 1.3515 | 1.3565 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair above 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
A bounce to the upside is currently witnessed due to touching the pivotal support around 1.5590 once more and this bounce started to fix the bearishness on Stochastic. But, so long as the daily closing is seen below 1.5780 and below SMA 20 we will continue preserving our bearish outlook. Moreover, the bigger time frames, particularly the weekly basis reflect clear bearish direction and we recommend reviewing the harmonic outlook over short term basis.
The trading range for today is among key support at 1.5420 and key resistance at 1.5880.
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 | 1.5555 | 1.5510 | 1.5460 |
| Resistance | 1.5720 | 1.5780 | 1.5820 | 1.5880 | 1.5935 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
Consecutive positive closings are currently witnessed above SMA 100 -green- and above 50% Fibonacci retracement of the entire upside rally from 75.50 to 79.50 areas. Thus, the bullish scenario remains intact and we recommend reviewing the morning report where we discussed a bullish classical probability over the same four-hour time scale. Finally, Stochastic may cause some kind of fluctuation in the last session of this week.
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 | 77.30 | 77.15 | 76.95 | 76.55 | 76.10 |
| Resistance | 77.90 | 78.10 | 78.30 | 78.45 | 79.15 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 77.40 targeting 79.15 and stop loss below 76.65 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair attempts to settle below 0.9195-80. Therefore, our negative expectations remain valid supported by the bearish harmonic structure. Stochastic provides negative crossover, while the relative strength index attempts to breach the 50-point level bearishly.
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 decline slightly, but it is still stable above areas of 1.0185, where consolidation above this level supports the return of the upside move. Therefore, our morning expectations remain as they are.
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 | 1.0185 | 1.0140 | 1.0100 | 1.0070 | 1.0025 |
| Resistance | 1.0255 | 1.0275 | 1.0305 | 1.0365 | 1.0400 |
| Recommendation | Our morning expectations remain valid | ||||
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