Midday Report
The pair is moving in line with the suggested scenario mentioned in our morning report, where any trading above the level of 1.3880 supports the positivity to prevail, which consolidation above 1.3415 should confirm the suggested scenario. In general, our morning expectations remain valid.
The trading range for today is among the major support at 1.3145 and the major resistance at 1.3665.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
**New York Candlesticks**
| Support | 1.3415 | 1.3380 | 1.3365 | 1.3300 | 1.3270 |
| Resistance | 1.3490 | 1.3515 | 1.3565 | 1.3620 | 1.3665 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.3415, and take profit in stages at (1.3515 and 1.3695) and stop loss with 4-hour closing below 1.3315 might be appropriate today | ||||
Great British Pound (GBP)
Midday Report
The pair didn't show any big move since morning as it seems that it is taking a breath after staring the recovery from 1.5420. Furthermore, the awaited NFP data has its special affect for today's trading since the candlesticks over smaller time frames reflect technical hesitation within narrow range. Thereby, we remain neutral for the rest of the day; noting that the price behaviors around SMA 50 may define the next big move.
The trading range for today is among key support at 1.5420 and key resistance at 1.5935.
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 | 1.5590 | 1.5510 | 1.5460 | 1.5375 |
| Resistance | 1.5720 | 1.5780 | 1.5825 | 1.5880 | 1.5935 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Japanese Yen (JPY)
Midday Report
The pair is steadily moving upwards neglecting the morning overbought sign on Stochastic as seen on the provided four-hour graph. Areas above 77.80 are under attack despite moving within tight range since morning. The candlesticks formation suggest more incline for the rest of the day and a break of 78.30 will accelerate the bullishness started obviously above SMA 100.
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 | 77.60 | 77.30 | 77.15 | 76.95 | 76.55 |
| Resistance | 78.10 | 78.45 | 79.15 | 79.55 | 80.00 |
| Recommendation | Our morning expectations remain valid. | ||||
Swiss Franc (CHF)
Midday Report
The exponential moving average 50 formed a strong resistance that prevented the pair from extending the upside move. The Butterfly harmonic pattern supports us to hold onto our negative expectations for the rest of the session today, while consolidation below 0.9235 suggests that the current downside movement could continue.
The trading range for today is among the major support at 0.8980 and the major resistance at 0.9370.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.9110 | 0.9080 | 0.9065 | 0.9010 | 0.8980 |
| Resistance | 0.9235 | 0.9290 | 0.9335 | 0.9370 | 0.9400 |
| Recommendation | Based on the chart and explanations above, our opinion is selling the pair around 0.9180, and take profit in stages at (0.9110, 0.9045 and 0.8980) and stop loss above 0.9290 might be appropriate | ||||
Canadian Dollar (CAD)
Midday Report
The pair is stable below 38.2% Fibonacci correction around 1.0185, which triggered more bearishness, where currently the pair is approaching the support level of the upside move at 1.0070. Stochastic is within oversold areas, which could give the pair incentives to incline again. 4-hour closing below 1.0070 could negate our intraday expectations.
The trading range for today is among the major support at 0.9970 and the major resistance at 1.0275.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0100 | 1.0070 | 1.0025 | 1.0000 | 0.9970 |
| Resistance | 1.0205 | 1.0275 | 1.0305 | 1.0365 | 1.0400 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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