Midday Report
The pair inclined slightly, yet the pair provides no rebound signs, where the pair is trading below the resistance at 1.3045. Therefore, our morning expectations remain exactly as they are.
The trading range for today is among the major support at 1.2790 and the major resistance at 1.3160.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
**New York Candlesticks**
| Support | 1.2955 | 1.2875 | 1.2845 | 1.2790 | 1.2720 |
| Resistance | 1.3045 | 1.3080 | 1.3120 | 1.3160 | 1.3220 |
| Recommendation | Our morning expectations remain valid | ||||
Great British Pound (GBP)
Midday Report
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The pair rebounded sharply today, where we noticed signs of bullish divergence on Stochastic in addition to that a spinning top candlestick formation materialized yesterday as shown on the image. Accordingly we expect the upside pullback to extend further, however, bearishness may resume from levels near 1.5575 resistance.
The trading range for today is among key support at 1.5270 and key resistance at 1.5600.
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 | 1.5450 | 1.5420 | 1.5375 | 1.5325 | 1.5275 |
| Resistance | 1.5530 | 1.5575 | 1.5620 | 1.5660 | 1.5700 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5575 targeting 1.5420 and 1.5270 and stop loss above 1.5780 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The decline seen was not able to change our intraday outlook, where the level of 77.60 remains intact, while 23.6% Fibonacci correction at 77.85 attempts to support the pair’s positive momentum again. The decline seen has also weakened the oversold signs seen on RSI. Therefore, our morning 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 | 77.60 | 77.30 | 77.15 | 76.95 | 76.55 |
| Resistance | 78.10 | 78.30 | 78.45 | 79.15 | 79.55 |
| Recommendation | Our morning expectations remain valid | ||||
Swiss Franc (CHF)
Midday Report
The pair declined sharply, but it is stable now around EMA 20 and above the main support of the ascending channel. The pair didn’t provide any 4-hour closing below the support level at 0.9400, which drives us to hold onto our morning expectations as they are.
The trading range for today is among the major support at 0.9400 and the major resistance at 0.9750.
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 | 0.9335 | 0.9290 | 0.9260 |
| Resistance | 0.9490 | 0.9520 | 0.9590 | 0.9600 | 0.9660 |
| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
Despite the decline seen, we still see that the pair is stable above 61.8% Fibonacci correction at 1.0365. This reason could negate the negative crossover provided by Stochastic and supports us to hold onto our morning expectations as they are.
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 | 1.0365 | 1.0305 | 1.0275 | 1.0255 | 1.0205 |
| Resistance | 1.0400 | 1.0475 | 1.0495 | 1.0570 | 1.0620 |
| Recommendation | Our morning expectations remain valid | ||||
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