Midday Report
The pair’s attempts to settle above the exponential moving average 20 failed, while Stochastic is negative. Therefore, our morning expectations remain valid, where the pair is trading within a descending channel, which could force it to extend the bearishness, supported by the EMA.
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 | 1.3000 | 1.2955 | 1.2875 | 1.2845 | 1.2790 |
| Resistance | 1.3045 | 1.3080 | 1.3120 | 1.3160 | 1.3220 |
| Recommendation | Our morning expectations remain valid | ||||
Great British Pound (GBP)
Midday Report
The pair is close to retest the several resistance levels of 1.5575-60, and in result we expect the pair to reverse to the downside from these areas. Stochastic is negative which supports our negative outlook.
The trading range for today is among the major support at 1.5270 and the major resistance at 1.5705.
The short-term trend is to the downside as far as 1.6875 remains intact targeting 1.4225.
| Support | 1.5510 | 1.5460 | 1.5420 | 1.5375 | 1.5325 |
| Resistance | 1.5560 | 1.5630 | 1.5665 | 1.5705 | 1.5780 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 1.5575, and take profit in stages at (1.5420 and 1.5270) and stop loss above 1.5780 might be appropriate | ||||
Japanese Yen (JPY)
Midday Report
The pair was able to provide a 4-hour closing above 77.85, and this is a positive sign that support our morning expectations to remain valid for the rest of the session today. Stochastic is stable above the 50-point level, which also supports our expectations.
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 | Our morning expectations remain valid | ||||
Swiss Franc (CHF)
Midday Report
Trading below the exponential moving average 20 and also below 127.2% Fibonacci correction around 0.9400 suggests that the pair will retest the mentioned support level. But, trading within the ascending channel in addition to the positivity on Stochastic support our morning expectations to remain valid.
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 | 0.9350 | 0.9325 | 0.9290 | 0.9260 | 0.9235 |
| Resistance | 0.9400 | 0.9440 | 0.9490 | 0.9520 | 0.9590 |
| Recommendation | Based on the chart and explanations above, our opinion is buying the pair around 0.9350, and take profit in stages at (0.9490, 0.9590 and 0.9660) and stop loss below 0.9235 might be appropriate today | ||||
Canadian Dollar (CAD)
Midday Report
The pair declined further, but this decline is needed to relieve the negativity seen on Stochastic. Consolidation above 1.0275 supports the possible return of the upside move during the session today, while 4-hour closing above 1.0365 should confirm our outlook.
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 | 1.0255 | 1.0205 | 1.0185 |
| 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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