Midday Report
The pair reached the resistance level around 1.3220 and then reversed to the downside, confirming the negativity despite the bullish attempts seen on momentum indicators. Consolidation below 1.3220 supports our negative outlook to remain highly possible, while stability below 1.3270 is required to support our intraday expectations to remain as they are.
The trading range for today is among the major support at 1.3000 and the major resistance at 1.3380.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
**New York Candlesticks**
| Support | 1.3160 | 1.3120 | 1.3080 | 1.3030 | 1.3000 |
| Resistance | 1.3220 | 1.3270 | 1.3315 | 1.3365 | 1.3380 |
| Recommendation | Our morning expectations remain valid | ||||
Great British Pound (GBP)
Midday Report
During the previous session, the pair has achieved a retest of SMA 20 -colored in green- where it started to move sharply lower once again attacking the initial support of 1.5590 as seen on the provided daily chart. Stochastic continues reflecting its bearish tendency; thus, we hold onto our bearish predictions over intraday basis, supported by the harmonic outlook over short term basis. A break of 1.5420 will accelerate the decline towards 1.5270.
The trading range for today is among key support at 1.5375 and key resistance at 1.5820.
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 | 1.5540 | 1.5510 | 1.5460 | 1.5420 | 1.5375 |
| Resistance | 1.5630 | 1.5680 | 1.5720 | 1.5780 | 1.5820 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.5590 targeting 1.5270 and stop loss above 1.5780 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The pair has been provided with a very good support from SMA 50 -red- as seen on the provide four-hour graph. The required technical process of relieving momentum indicator is in progress before resuming the highly anticipated upside rally. A break above 78.10-78.30 will accelerate the move, whilst a break below 76.55 will give us a reason for concern.
The trading range for today is among key support at 76.65 and key resistance now at 79.15.
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 | 76.55 |
| Resistance | 78.10 | 78.30 | 78.45 | 79.15 | 79.55 |
| Recommendation | Our morning expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
The pair declined sharply after reaching areas around 0.9400, where this decline is the first sign that signals the completion of the bearish Butterfly harmonic pattern. Momentum indicators are currently negative, where drives us to expect some more bearishness today. But, caution is required as we will put our stop-loss point in areas slightly above 0.9400.
The trading range for today is among the major support at 0.9180 and the major resistance at 0.9400.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
**New York Candlesticks**
| Support | 0.9335 | 0.9290 | 0.9260 | 0.9235 | 0.9180 |
| Resistance | 0.9370 | 0.9400 | 0.9415 | 0.9420 | 0.9495 |
| Recommendation | Based on the chart and explanations above, our opinion is selling the pair below 0.9400, and take profit in stages at (0.9335, 0.9290 and 0.9235) and stop loss with 4-hour closing above 0.9410 might be appropriate | ||||
Canadian Dollar (CAD)
Midday Report
Consolidation above the exponential moving average 20 and 50 and trading above 1.0205 are sufficient to lead us to expect the pair to provide another bullish attempt to incline and settle above 1.0275. Stochastic is within overbought areas, but till now the indicator didn’t provide any negative crossover signs.
The trading range for today is among the major support at 1.0100 and the major resistance at 1.0495.
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 | 1.0125 | 1.0100 |
| Resistance | 1.0275 | 1.0305 | 1.0365 | 1.0400 | 1.0475 |
| Recommendation | Our morning expectations remain valid | ||||
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