Midday Report
The pair is still fluctuating around the exponential moving average 20. The pair is still trading in the same areas since our morning report, but trading within the descending channel forces us to remain negative, yet consolidation below 1.3000 is necessary to confirm our negative outlook.
The trading range for today is among the major support at 1.2790 and the major resistance at 1.3220.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
**New York Candlesticks**
| Support | 1.3000 | 1.2975 | 1.2955 | 1.2875 | 1.2845 |
| Resistance | 1.3080 | 1.3120 | 1.3160 | 1.3220 | 1.3270 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair with 4-hour closing below 1.3000, and take profit in stages at (1.2875 and 1.2790) and stop loss with 4-hour closing above 1.3120 might be appropriate | ||||
Great British Pound (GBP)
Midday Report
The pair has been trapped within a very narrow range, consolidating below SMA 50 as seen on the main daily chart. The secondary image of the hourly interval shows the importance of 1.5650 which we defined to be the intraday pivotal support for intraday traders. We need a breakout below the aforesaid level to confirm our morning bearish scenario.
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 of 1.6875 areas remain intact.
| Support | 1.5630 | 1.5555 | 1.5515 | 1.5460 | 1.5420 |
| Resistance | 1.5720 | 1.5780 | 1.5820 | 1.5880 | 1.5935 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.5650 targeting 1.5420 and stop loss above 1.5795 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The pair is moving slowly downwards affected by the negativity on momentum indicator. But, we do believe that the bigger time frames will beat these bearish signals; noting that trend indicators -Moving averages- are still supporting the bullishness. A break above 78.30 will accelerate inclines and will fix the above hinted negativity over four-hour interval.
The trading range for today is among key support at 76.10 and key resistance now at 79.55.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 77.80 | 77.60 | 77.30 | 77.15 | 76.95 |
| Resistance | 78.30 | 78.45 | 78.80 | 79.15 | 79.55 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 77.85 targeting 79.55 and stop loss below 76.70 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
Consolidation above 0.9330 suggests forming a new ascending channel indeed, which led us to turn positive today, but 4-hour closing above 0.9400 is required to confirm our positive outlook.
The trading range for today is among the major support at 0.9180 and the major resistance at 0.9590.
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 | 0.9260 | 0.9235 | 0.9180 |
| Resistance | 0.9400 | 0.9440 | 0.9490 | 0.9520 | 0.9590 |
| Recommendation | Based on the chart and explanations above, our opinion is buying the pair above 0.9330, and take profit in stages at (0.9490, 0.9590 and 0.9660) and stop loss with 4-hour closing below 0.9235 might be appropriate | ||||
Canadian Dollar (CAD)
Midday Report
The pair reaches now the level of 1.0185, while we expect the pair to rebound to the upside as long as it is stable above this level, supported by the triangle formation. Stochastic is currently within oversold areas and attempts to provide positive crossover. In result, our morning expectations remain as they are.
The trading range for today is among the major support at 1.0070 and the major resistance at 1.0490.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0185 | 1.0140 | 1.0100 | 1.0070 | 1.0055 |
| Resistance | 1.0205 | 1.0255 | 1.0275 | 1.0305 | 1.0375 |
| Recommendation | Our morning expectations remain valid | ||||
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