Morning Report
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 | 1.2955 | 1.2875 | 1.2845 | 1.2790 | 1.2710 |
| Resistance | 1.3000 | 1.3045 | 1.3080 | 1.3120 | 1.3160 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair below 1.3000, and take profit in stages at (1.2875 and 1.2790) and stop loss with 4-hour closing above 1.3080 might be appropriate | ||||
Great British Pound (GBP)
Morning Report
One more negative daily closing for the pair accompanied with testing the latest critical low and support level at 1.5420, after breaching the important support level around 1.5575-1.5600 the downside pressure accelerated and a breach below this aforementioned low may confirm further bearishness initially toward1.5300 areas. We continue to anticipate further bearishness today and in the near term so long as trading remains steady below 1.5600.
The trading range for today is among key support at 1.5270 and key resistance at 1.5600.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of1.6875 areas remain intact.
| Support | 1.5420 | 1.5375 | 1.5325 | 1.5275 | 1.5240 |
| Resistance | 1.5460 | 1.5500 | 1.5535 | 1.5575 | 1.5620 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5530 targeting 1.5420 and 1.5275, stop loss above 1.5750 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The upside move continues as the pair is stable above 23.6% Fibonacci correction and also above the main resistance of the minor downside movement. Stochastic attempts now to provide a positive crossover above the 50-point level. The upside move is expected to continue during the session today, but the level of 77.60 should remain intact in order to support our outlook to remain valid.
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 | Based on the charts and explanations above, our opinion is buying the pair around 77.85, targeting 79.15 and stop loss below 76.65 might be appropriate | ||||
Swiss Franc (CHF)
Morning Report
The pair continues moving to the upside within the ascending channel as shown above, ignoring the overbought signs seen on momentum indicators. We expect that the pair could provide more upside moves to test areas around 0.9590 and maybe 0.9650, which resides the main resistance of the upside move. Consolidation above 0.9490 should support the upside move to continue and should negate the overbought signs seen on momentum indicators.
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 | 0.9520 | 0.9490 | 0.9440 | 0.9400 | 0.9370 |
| Resistance | 0.9590 | 0.9660 | 0.9685 | 0.9710 | 0.9750 |
| Recommendation | Based on the chart and explanations above, our opinion is buying the pair around 0.9520, and take profit in stages at (0.9590, 0.9660 and 0.9710) and stop loss below 0.9400 might be appropriate today | ||||
Canadian Dollar (CAD)
Morning Report
Stability above 61.8% Fibonacci correction as shown above is a positive sign that drives us to expect more upside moves today, where consolidation above this level at 1.0365 negates the negative sign seen on Stochastic. All these factors together drive us to expect the upside move to extend further today, where this move could leave the pair to retest areas around 1.0495 and maybe then testing areas around 1.0570.
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 | 1.0365 | 1.0305 | 1.0275 | 1.0255 | 1.0205 |
| Resistance | 1.0400 | 1.0475 | 1.0495 | 1.0570 | 1.0620 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair 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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