Midday Report
The pair attempts to turn positive, supported by the positive crossover seen on Stochastic, where the pair attempts to settle above the exponential moving average 20 and also above the psychological level of 1.3000. Consolidation above these levels and also above 1.3045 could postpone our negative expectations. Therefore, we negate our weekly expectations and remain neutral of the rest of the session today awaiting more confirmations.
The trading range for this week is among the major support at 1.2740 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 | 1.3045 | 1.3080 | 1.3120 | 1.3160 | 1.3210 |
| Recommendation | Based on the chart and explanations above, we negate our weekly expectations and remain neutral awaiting more confirmations | ||||
Great British Pound (GBP)
Midday Report
After touching areas around the intraday resistance of 1.5515, the pair started to decline once more affected by the negative pressure from SMA 20 as seen on the provide daily chart. We still believe that Stochastic may cause fluctuation but we don’t think it will be able to change the clear bearish direction since the pair is stable below 23.6% Fibonacci of the downside wave from 1.6615 to 1.5270; thus, the path is clear towards re-testing the former low at 1.5270. The technical obstacle resides at 1.5420 and a break of which will accelerate declines.
The trading range for today is among key support at 1.5270 and key resistance at 1.5680.
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 | 1.5420 | 1.5375 | 1.5320 | 1.5270 | 15235 |
| Resistance | 1.5515 | 1.5560 | 1.5630 | 1.5680 | 1.5720 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5555 targeting 1.5180 and stop loss above 1.5780 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
Despite drawing a bearish sign on Stochastic, but the pair continues stabilizing above SMA 50 and SMA 100 as seen on the provided our-hour graph. A break of the initial resistance areas between 78.10 and 78.30 will confirm the positive scenario supported by stability above 50% Fibonacci of the entire upside wave from 75.50 to 79.50. On the downside, breaching through 76.65-76.40 will give us a reason for concern.
The trading range for today is among key support at 76.10 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 | 77.60 | 77.30 | 77.15 | 76.95 | 76.40 |
| Resistance | 78.10 | 78.30 | 78.45 | 78.80 | 79.15 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 77.65 targeting 79.55 and stop loss below 76.40 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair declines now, but it is still stable above the main support of the upside move and also above 0.9330. These factors are sufficient for us to hold onto our weekly expectations as they are despite the negativity seen on momentum indicators, where this negativity will not affect the pair as long as the mentioned support level remains intact.
The trading range for this week is among the major support at 0.9045 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 | 0.9330 | 0.9290 | 0.9235 | 0.9195 | 0.9110 |
| Resistance | 0.9400 | 0.9480 | 0.9560 | 0.9590 | 0.9660 |
| Recommendation | Based on the chart and explanations above, our opinion is buying the pair above 0.9330, and take profit in stages at (0.9415, 0.9560 and 0.9660) and stop loss below 0.9235 might be appropriate | ||||
Canadian Dollar (CAD)
Midday Report
The pair declined to reach areas around 1.0365, which are expected to support the pair to gain positive momentum again. Our weekly expectations remain valid, noting that consolidation above the mentioned level is necessary for our outlook to remain as it is. A breach of 1.0275 and consolidation below it is negative.
The trading range for this week is among the major support at 1.0110 and the major resistance at 1.0765.
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 | 1.0400 | 1.0475 | 1.0500 | 1.0560 | 1.0620 |
| Recommendation | Our morning expectations remain valid | ||||
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