Morning Report
The decline seen yesterday was not able to provide any 4-hour closing below 1.3315, and also the pair didn’t consolidate below 1.3270. The upside move is expect to return in case the mentioned areas remain intact, but in general stability above 1.3380 is required to confirm the return of the upside move.
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 | 1.3315 | 1.3270 | 1.3220 | 1.3160 | 1.3110 |
| Resistance | 1.3365 | 1.3380 | 1.3435 | 1.3490 | 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)
Morning Report
First of all, I want you to check the previous report where we have defined the strong resistance level of 1.5780 -strong Fibonacci level meeting SMA 50- to prevent the pair from achieving more bullishness. Actually, this aforesaid level has proved its strength as it caused an aggressive and fast bearish wave that sent Cable to the initial support around 1.5590 zones as seen on the provided daily graph. Additionally, the negative closings below SMA 20 and SMA 50 combination in addition to the bearishness on Stochastic are technical factors that argue to predicate more bearish actions over intraday basis. Ultimately, the four-hour chart solidifies the constructive bearish outlook.
The trading range for today is among key support at 1.5420 and key resistance at 1.5780.
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 | 1.5590 | 1.5555 | 1.5510 | 1.5460 | 1.5420 |
| Resistance | 1.5630 | 1.5680 | 1.5720 | 1.5780 | 1.5820 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5630 targeting 1.5420 and stop loss above 1.5780 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The strong Fibonacci level of 61.8% has activated yesterday's suggested positive overlap which appeared on Stochastic. Now, the pair started to stabilize above 50% Fibonacci of the entire upside rally from 75.50 to 79.50 zones. Moreover, we still see chances for achieving the classical probability-huge cup with handle pattern-; thus, the positivity is still favored over intraday basis. Breaching through 77.80 will weaken the initial resistance of 78.30 later.
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)
Morning Report
The pair is stable between the level of 0.9235 and the top of the suggested (D) point of the bearish Butterfly harmonic pattern. Stochastic is within overbought areas which could lead the pair to settle below the previously mentioned levels, where a breach of this level could trigger a downside movement towards 0.9195-80 in attempts to provide 4-hour closing below it. Consolidation below 0.9180 should bring the negativity back.
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 | 0.9235 | 0.9195 | 0.9110 | 0.9080 | 0.9045 |
| Resistance | 0.9290 | 0.9335 | 0.9370 | 0.9400 | 0.9430 |
| 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)
Morning Report
The pair didn’t provide any 4-hour closing below the level of 1.0070, which supported the pair to settle above the ascending main support again, and in result triggered the strong bullish wave seen yesterday. The incline seen left the pair above the exponential moving averages 20 and 50 and also above 38.2% Fibonacci correction at 1.0185. The pair is expected to extend the upside move during the session today, while any 4-hour closing above 1.0275 could confirm the suggested bullishness.
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 | 1.0205 | 1.0185 | 1.0140 | 1.0100 | 1.0070 |
| Resistance | 1.0275 | 1.0305 | 1.0365 | 1.0400 | 1.0475 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.0205, and take profit in stages at (1.0305 and 1.0400) and stop loss with 4-hour closing below 1.0100 might be appropriate | ||||
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