Morning Report
The decline seen yesterday has sent the pair below the level of 1.3000; this move suggests the extension of the downside movement, where stability below the above mentioned level should support the descending channel to remain effective. MACD is negative, but momentum indicators are turning positive, which could trigger heavy fluctuations through the session today.
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)
Morning Report
Cable has slipped violently downwards reaching our suggested weekly technical objective at 1.5420 zones-check the weekly report- where it formed a long black candlestick pattern as seen on the provided daily graph. This decline has taken the pair below 23.6% Fibonacci retracement of the entire downside rally from 1.6615 to 1.5270 threatening the significant low of 1.5270 according to Fibonacci rules. Consequently, the bearishness came back into focus under the negative pressure from SMA 20 and SMA 50, supported by the negativity appearing on Stochastic. Ultimately, a break below 1.5420 will accelerate the awaited descending wave.
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 | 1.5420 | 1.5375 | 1.5335 | 1.5270 | 1.5180 |
| Resistance | 1.5490 | 1.5515 | 1.5555 | 1.5630 | 1.5680 |
| 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)
Morning Report
Yesterday, we have witnessed a long white candlestick formation that that took the pair towards the pivotal resistance of 78.00 where it achieved a four-hour closing above SMA 50 and SMA 100. But, during the Asian session, the pair declined forming two four-hour closings below the aforesaid moving averages combination. In the interim, a range trading areas has been created due to fluctuation between 77.60 and 78.00 zones forcing us to stay aside over intraday basis as risk versus reward ratio is too high.
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)
Morning Report
The pair confirmed the ascending channel, which suggests more upside moves during the coming period. Stochastic is within overbought areas which could trigger heavy fluctuations, but any trading above 0.9330 should support our positive outlook to remain valid.
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 | 0.9440 | 0.9490 | 0.9520 | 0.9590 | 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)
Morning Report
Without any daily closing below 1.0185, the formation of the triangle technical structure remains valid. Stochastic is turning positive, while the pair returned to settle above the ascending main support around 1.0205. Therefore, we expect an upside move during the upcoming period. Stabilizing above 1.0275 will reinforce our positive outlook.
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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