Midday Report
The pair is trading within narrow levels above the psychological level of 1.3000, which could in result support the pair to gain negative momentum and breach this level. Our negative expectations remain valid, but a breach of the psychological level at 1.3000 with 4-hour closing is required in order to negate the positivity seen on momentum indicators, which are currently within oversold areas.
The trading range for today is among the major support at 1.2790 and the major resistance at 1.3270.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
**New York Candlesticks**
| Support | 1.3000 | 1.2955 | 1.2875 | 1.2845 | 1.2790 |
| Resistance | 1.3080 | 1.3120 | 1.3160 | 1.3220 | 1.3270 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair with 4-hour closing below 1.3000, and take profit in stages at (1.2910 and 1.2845) and stop loss with 4-hour closing above 1.3080 might be appropriate | ||||
Great British Pound (GBP)
Midday Report
A pullback to the upside grabbed the pair above 1.5500 this morning; however, a retest of the previously breached support level around 1.5575 -which should turn into resistance- is preferred now to expect the resumption of the bearish wave. Therefore, we hold onto our morning scenario.
The trading range for today is among key support at 1.5350 and key resistance at 1.5780.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of1.6875 areas remain intact.
| Support | 1.5500 | 1.5460 | 1.5420 | 1.5375 | 1.5325 |
| Resistance | 1.5535 | 1.5575 | 1.5630 | 1.5690 | 1.5735 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5575 targeting 1.5270 and stop loss above 1.5780 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
Consolidation above 77.85 negates the negativity driven from the overbought signs and the negative crossover seen on Stochastic. A breach of the main resistance of the downside movement, which started from 78.28 and ended at 77.12, suggests that the pair will provide more bullish attempts. Therefore, our morning positive expectations remain as they are.
The trading range for today is among the major support at 76.55 and the major resistance at 79.15.
The short-term trend is to the upside as far as 75.20 remains intact targeting 87.45.
| Support | 77.85 | 77.60 | 77.30 | 77.15 | 76.95 |
| Resistance | 78.10 | 78.30 | 78.45 | 79.15 | 79.55 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 77.85, targeting 79.15 and stop loss below 77.15 might be appropriate | ||||
Swiss Franc (CHF)
Midday Report
According to the 4-hour interval, the pair is trading within an intraday ascending channel, which could support the upside move to extend further during the rest of the session. Stochastic is within overbought areas, which could trigger heavy fluctuations and maybe downside corrections, but trading above the channel’s main support level at 0.9250 should support the bullishness to remain valid, while consolidation above 0.9330 should provide further support to our positive outlook.
The trading range for today is among the major support at 0.9235 and the major resistance at 0.9660.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
**New York Candlesticks**
| Support | 0.9400 | 0.9370 | 0.9330 | 0.9290 | 0.9250 |
| Resistance | 0.9495 | 0.9520 | 0.9580 | 0.9600 | 0.9660 |
| Recommendation | Based on the chart and explanations above, our opinion is buying the pair above 0.9400, and take profit in stages at (0. 9495 and 0.9580) and stop loss below 0.9330 might be appropriate today | ||||
Canadian Dollar (CAD)
Midday Report
The pair’s first attempt to settle above 61.8% Fibonacci correction at 1.0365 has failed, but consolidation above 1.0275 supports our positive expectations to remain valid, where stability above this level and also above the EMA 20 and 50 should trigger an upside rebound sooner or later.
The trading range for today is among the major support at 1.0205 and the major resistance at 1.0570.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0305 | 1.0275 | 1.0205 | 1.0185 | 1.0140 |
| Resistance | 1.0365 | 1.0400 | 1.0475 | 1.0495 | 1.0570 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair with 4-hour closing above 1.0365, and take profit in stages at (1.0400 and 1.0570) and stop loss with 4-hour closing below 1.0275 might be appropriate | ||||
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