Midday Report
The pair is trading within a very narrow range; 20-30 pips range movement within the last four-hours of trading. Avoiding getting into the market at the current market conditions is preferred. In general, our morning scenario remains valid for the rest of the day.
The trading range for this week is among the major support at 1.2790 and the major resistance at 1.3400.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
**New York Candlesticks**
| Support | 1.3040 | 1.3015 | 1.2980 | 1.2950 | 1.2910 |
| Resistance | 1.3075 | 1.3100 | 1.3120 | 1.3160 | 1.3200 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.3200 targeting 1.3120 and 1.3020, stop loss four-hour closing above 1.3235 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair has been trapped within a very tight range due to the thin trading controlling the market, while SMA 50 continues covering the movements. Hence, our outlook remains unchanged for the rest of the day. Breaching through 1.5585 will confirm our scenario.
The trading range for today is among key support at 1.5460 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 | 1.5630 | 1.5585 | 1.5555 | 1.5515 | 1.5460 |
| Resistance | 1.5680 | 1.5720 | 1.5750 | 1.5780 | 1.5820 |
| Recommendation | Our weekly expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair continued taking RSI 14 to oversold areas where we expect that the pair will start a new upside wave. A break with stability above 78.00 zones is urgently required to fix the negative signal on Stochastic. Of note, areas of 76.60 should hold during the upcoming sessions to keep our overview valid.
The trading range for today is among key support at 76.60 and key resistance now at 78.80.
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 | 78.10 | 78.30 | 78.45 | 78.80 | 79.15 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 77.80 targeting 79.55 and stop loss below 76.60 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
Trading remains within a tight range above 0.9330 and accordingly we hold onto our morning expectations supported by the MA 50.
The trading range for this week is among the major support at 0.9180 and the major resistance at 0.9775.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.9330 | 0.9290 | 0.9260 | 0.9235 | 0.9180 |
| Resistance | 0.9400 | 0.9440 | 0.9490 | 0.9590 | 0.9660 |
| Recommendation | Our weekly expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
The pair is trading within a tight trading range since morning with a slight upside bias, where our morning scenario remains valid based on stability above the main ascending support at 1.0185.
The trading range for this week is among the major support at 1.0070 and the major resistance at 1.0520.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0185 | 1.0140 | 1.0100 | 1.0070 | 1.0055 |
| Resistance | 1.0205 | 1.0255 | 1.0305 | 1.0360 | 1.0450 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair around 1.0185 targeting 1.0275 and 1.0365 and stop loss with four-hour closing below 1.0070 might be appropriate | ||||
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