Midday Report
The pair inclined to settle now in areas between 1.3000 and 1.3120, which could trigger more bullish attempts. The Relative Strength Index attempts to consolidate above the 50-point level in order to confirm the positivity. But on the other hand, the pair is still within the descending channel and stable below the exponential moving average 50. Therefore, we remain neutral for the rest of the session today.
The trading range for today is among the major support at 1.2875 and the major resistance at 1.3120.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
**New York Candlesticks**
| Support | 1.3045 | 1.3000 | 1.2975 | 1.2955 | 1.2910 |
| Resistance | 1.3080 | 1.3120 | 1.3160 | 1.3185 | 1.3220 |
| Recommendation | Based on the chart and explanations above, we remain neutral awaiting more confirmations | ||||
Great British Pound (GBP)
Midday Report
Adopting a favorable reaction to the oversold sign on Stochastic, Cable corrected upwards during the previous session where it succeeded in passing over SMA 20 -green- and 23.6% Fibonacci hinted this morning. Although we didn't change our bearish outlook, but Stochastic remains positive threatening SMA 50. Consequently, we prefer watching the price behaviors for the rest of the day until we get a better opportunity to catch up with the new downside wave. Breaching 1.5555 will be able to negate the positivity of momentum indicator.
The trading range for today is among key support at 1.5270 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 | 1.5555 | 1.5460 | 1.5420 | 1.5375 | 1.5320 |
| Resistance | 1.5680 | 1.5720 | 1.5780 | 1.5820 | 1.5845 |
| Recommendation | Based on the charts and explanations above our opinion is, closing the morning position and staying aside until an actionable setup presents itself to pinpoint the next intraday direction. | ||||
Japanese Yen (JPY)
Midday Report
The pair found a solid support around SMA 50 and SMA 100 as seen on the provided four-hour graph. The bullishness on the daily studies -secondary image- reinforces the technical prospects of clearing the initial resistance of 78.30 as well. Thereby, we keep our predictions intact for the rest of the day so long as area of 76.40 holds.
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 breached the main support of the upside move, which threatens our positive expectations. But, the pair should confirm this breach by providing 4-hour closing below 0.9290 initially and then a daily closing below the support level at 0.9260, or we witness consolidation below the level of 0.9235. For the rest of the session today, our expectations should remain valid, but the pair should settle above 0.9330 again to confirm our outlook.
The trading range for today is among the major support at 0.9235 and the major resistance at 0.9495.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
**New York Candlesticks**
| Support | 0.9290 | 0.9260 | 0.9235 | 0.9180 | 0.9110 |
| Resistance | 0.9330 | 0.9350 | 0.9400 | 0.9440 | 0.9490 |
| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
The pair declined sharply, but this decline is required to relieve momentum indicators from the negativity and this move is only a correction, where the pair is stable above 1.0275 and also above the exponential moving average 20. Therefore, our morning expectations remain valid, but the pair should return above 1.0365 to 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 | 1.0520 |
| Recommendation | Our morning expectations remain valid | ||||
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