Midday Report
Downside pressures are significantly affecting the pair, which is currently attempting to breach the support levels at 1.2900 and 1.2875, where consolidation below these levels could support the downside movement to extend further towards areas around 1.2790 and maybe 1.2665. MACD is negative, while a breach of 1.2875 should negate the positivity seen on momentum indicators.
The trading range for today is among the major support at 1.2720 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 | 1.2900 | 1.2875 | 1.2845 | 1.2790 | 1.2720 |
| Resistance | 1.2955 | 1.3000 | 1.3045 | 1.3080 | 1.3120 |
| 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 1.3120 might be appropriate | ||||
Great British Pound (GBP)
Midday Report
As we anticipated this morning, the breakout below the pivotal support-turned into resistance- around 1.5420 has caused acceleration to the downside during the previous session. According to Fibonacci rules, areas of 1.5270 should be under attack sooner since the current collapse has proved the solidity of 23.6% retracement of the downside wave from 1.6615 to 1.5270.On the upside, SMA 20 and SMA 50 should act as ceilings for any upside attempts.
The trading range for today is among key support at 1.5180 and key resistance at 1.5680.
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 | 1.5335 | 1.5270 | 1.5180 | 1.5125 | 1.5075 |
| Resistance | 1.5420 | 1.5460 | 1.5490 | 1.5515 | 1.5555 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5485 targeting 1.5270 and stop loss above 1.5630 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The pair has found a very good support around 77.65 zones where it started to move higher once more. Trading continued seen inside the recently established range, where the conflicting signs between momentum indicators and moving averages are still noticed on the four-hour chart. Thus, we hold onto our neutrality for the rest of the day until the clears one of both edges of the range trading areas.
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 pair inclines gradually, affected by stability above 0.9400. We expect the pair to extend the upside move and negate the negativity seen on Stochastic due to the consolidation above the mentioned level. But, a break below 0.9330 should weaken our suggested scenario.
The trading range for today is among the major support at 0.9235 and the major resistance at 0.9660.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
**New York Candlesticks**
| Support | 0.9400 | 0.9375 | 0.9330 | 0.9290 | 0.9260 |
| Resistance | 0.9490 | 0.9520 | 0.9590 | 0.9610 | 0.9660 |
| Recommendation | Based on the chart and explanations above, our opinion is buying the pair around 0.9400, and take profit in stages at (0.9490, 0.9590 and 0.9660) and stop loss below 0.9290 might be appropriate | ||||
Canadian Dollar (CAD)
Midday Report
The pair attempts to breach the exponential moving averages 20 and 50, where these attempts should be confirmed once the pair settles above the level of 1.0275. The upside move is expected to extend due to the positivity seen on Stochastic in addition to the stability above 1.0205, and especially when the pair could form a symmetrical triangle formation as shown on the provided daily chart.
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 | 1.0205 | 1.0185 | 1.0140 | 1.0100 | 1.0070 |
| Resistance | 1.0255 | 1.0275 | 1.0305 | 1.0375 | 1.0400 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.0205, and take profit in stages at (1.0305 and 1.0400) and stop loss with 4-hour closing below 1.0100 might be appropriate | ||||
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