Midday Report
The pair’s positive momentum stopped in areas around the resistance level at 1.3210 and also around the main resistance of the descending channel. Now, Stochastic and the relative strength index are negative. Therefore, we expect the downside movement to return again in case the pair settled below 1.3210 and provided 4-hour closing below it.
The trading range for today is among the major support at 1.2955 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 | 1.3080 | 1.3045 | 1.3000 | 1.2975 | 1.2955 |
| Resistance | 1.3120 | 1.3160 | 1.3220 | 1.3270 | 1.3315 |
| Recommendation | Our morning expectations remain valid | ||||
Great British Pound (GBP)
Midday Report
After touching the major resistance at 1.5780 where the 50-days SMA is located; the pair reversed sharply, this area is a potential upside barrier as the descending resistance of the main descending channel is just above the horizontal 1.5780 level. Accordingly, we expect the downside movement to extend further within the coming few session, targeting mainly 1.5550.
The trading range for today is among key support at 1.5420 and key resistance at 1.5880.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of1.6875 areas remain intact.
| Support | 1.5630 | 1.5555 | 1.5515 | 1.5460 | 1.5420 |
| Resistance | 1.5680 | 1.5720 | 1.5780 | 1.5820 | 1.5880 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5720 targeting 1.5555 and 1.5430. Stop loss above 1.5790. | ||||
Japanese Yen (JPY)
Midday Report
The pair dropped this morning to activate our bullish intraday scenario at 77.65 and rebound again to trade now around 77.80. We continue to anticipate further incline awaiting a breach of the important resistance area among 78.00-78.30 which will accelerate the bullish move.
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 of75.20 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 | Our morning expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
The pair inclined again, and attempts now to settle above 0.9330 and then 0.9350. Consolidation above 0.9350 supports the return of the positive outlook, especially when momentum indicators are positive and support our bullish expectations.
The trading range for today is among the major support at 0.9110 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 | 0.9290 | 0.9260 | 0.9235 | 0.9180 | 0.9110 |
| Resistance | 0.9350 | 0.9400 | 0.9440 | 0.9490 | 0.9520 |
| Recommendation | Based on the chart and explanations above, our opinion is buying the pair with 4-hour closing above 0.9350, and take profit in stages at (0.9490, 0.9590 and 0.9660) and stop loss below 0.9235 might be appropriate | ||||
Canadian Dollar (CAD)
Midday Report
The downside movement stopped, affected by the minor support level at 1.0205, which in turn sent the pair to settle again between the exponential moving average 20 and 50. We remain neutral for the rest of the session, where consolidation above 1.0275 is necessary to confirm the return of the positive outlook, while a breach of 1.0140 could trigger a deep downside correction.
The trading range for today is among the major support at 1.0140 and the major resistance at 1.0400.
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, we remain neutral awaiting more confirmations | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment