Midday Report
The pair has barely moved since yesterday and within a very narrow range. Accordingly, we will continue monitoring price action within the upcoming period awaiting a clear directional signal.
The trading range for the day is among the major support at 1.2900 and the major resistance at 1.3200.
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 , we recommend staying aside awaiting further confirmations. | ||||
Great British Pound (GBP)
Midday Report
The pair is still moving within the same trading levels since the opening of this week, reflecting the nature of this period of the year. At the same time, we can see the contrarian between trend and momentum indicators. Thereby, we hold onto our neutrality; noting that a break of 1.5590-1.5585 will confirm the major bearish outlook which we discussed in the weekly report.
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 | Based on the charts and explanations above our opinion is, staying aside today until an actionable setup presents itself to pinpoint the intraday direction. | ||||
Japanese Yen (JPY)
Midday Report
The pair continued struggling around the morning hinted support levels; whilst RSI 14 started to enter the oversold areas. But, coming below SMA 50 and SMA 100 is the reason behind our technical choice to stay aside over intraday basis. A break of 78.00-78.10 will bring an upside rally. We should be careful since fast and sudden moves might be seen.
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 | 77.60 | 77.30 | 77.15 | 76.95 | 76.60 |
| Resistance | 78.00 | 78.10 | 78.30 | 78.45 | 78.80 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside today until an actionable setup presents itself to pinpoint the intraday direction. | ||||
Swiss Franc (CHF)
Midday Report
The sideways trading range is controlling the pair since morning and stable above 0.9330-10 and accordingly our morning scenario remains valid as far as we do not witness a breach to the mentioned levels.
The trading range for today is among the major support at 0.9230 and the major resistance at 0.9590.
The short-term trend is to the upside with steady weekly closing above 0.8850 targeting 0.9950.
| Support | 0.9330 | 0.9290 | 0.9260 | 0.9235 | 0.9180 |
| Resistance | 0.9400 | 0.9440 | 0.9490 | 0.9590 | 0.9660 |
| Recommendation | Based on the charts and explanations above we remain neutral awaiting more confirmations | ||||
Canadian Dollar (CAD)
Midday Report
The pair is trading negatively since morning breaching now the pivotal support at 1.0185 while Stochastic is approaching oversold areas. In general, our morning expectations remain valid as far as we do not witness a daily closing above 1.0185.
The trading range for today is among the major support at 1.0070 and the major resistance at 1.0450.
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 | Our morning expectations remain valid | ||||
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