Morning Report
As we mentioned in our previous report, we indicated that we need for 4-hour closing above 1.3435 in order to confirm our positive outlook; however, the pair didn’t provide this closing. But, as long as the pair is stable above 78.6% as shown above, we will wait for the mentioned closing above 1.3435 which if seen could trigger an upside move today. Our bullish expectations depend on the falling wedge pattern, which is a bullish pattern shown above on the chart.
The trading range for today is among the major support at 1.3080 and the major resistance at 1.3620.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
**New York Candlesticks**
| Support | 1.3380 | 1.3365 | 1.3300 | 1.3270 | 1.3220 |
| Resistance | 1.3435 | 1.3490 | 1.3515 | 1.3565 | 1.3620 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair with 4-hour closing above 1.3435, and take profit in stages at (1.3515 and 1.3695) and stop loss with 4-hour closing below 1.3315 might be appropriate | ||||
Great British Pound (GBP)
Morning Report
The struggle continued around the pivotal support zones of 1.5590 where 23.6% Fibonacci retracement of the entire downside rally from 1.6615 to 1.5270 exists. Trading is still well capped below SMA 20 as seen on the provided daily graph, while Stochastic didn't change its bearish direction. Thus, the bearishness remains favored over intraday basis; noting that a new technical attempt to take 1.5590 may succeed this time. On the upside, areas around 1.5780 should remain intact in order to protect our bearish anticipations.
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 | 1.5555 | 1.5510 | 1.5460 | 1.5420 | 1.5375 |
| Resistance | 1.5660 | 1.5680 | 1.5720 | 1.5780 | 1.5820 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.5645 targeting 1.5420 and stop loss above 1.5780 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The pair was taken towards our yesterday's detected support of 77.60 assisting Stochastic to overlap positively as seen on the provided four-hour graph. All what we need now is to witness a sustained breakout above the initial resistance of 77.80 to make sure that the correction from 78.30 has been completed and the pair is on its way to resume the bullishness started at 76.55 which represents our risk limit.
The trading range for today is among key support at 76.55 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 | 77.15 | 76.95 | 76.55 | 76.10 |
| Resistance | 77.90 | 78.10 | 78.30 | 78.45 | 79.15 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 77.60 targeting 79.55 and stop loss below 76.65 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
The pair didn’t provide any 4-hour closing below 0.9180 yesterday, and now the exponential moving average moved to areas around 23.6% Fibonacci correction as shown above at 0.9195. Consolidation above 0.9235 should weaken the harmonic structure but will not negate it, but at the same time trading below 0.9195 should bring the negativity back, supported by the bearish Butterfly pattern.
The trading range for today is among the major support at 0.8980 and the major resistance at 0.9430.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
**New York Candlesticks**
| Support | 0.9235 | 0.9195 | 0.9110 | 0.9080 | 0.9045 |
| Resistance | 0.9290 | 0.9335 | 0.9370 | 0.9400 | 0.9430 |
| Recommendation | Based on the chart and explanations above, our opinion is selling the pair with 4-hour closing below 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)
Morning Report
The pair attempts to breach the ascending main support level as shown above, which threatens the upside move, yet the pair is not stable below 1.0070 to confirm the negativity. At the same time, the RSI is negative and trades below the 50-point level, which is also a negative sign. Our previous positive expectations require consolidation above the critical support level shown in blue; however, as long as the pair attempts to breach this support level, we remain neutral now, awaiting more signs to confirm the bearishness
The trading range for today is among the major support at 0.9865 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 | 1.0070 | 1.0025 | 0.9970 | 0.9905 | 0.9865 |
| Resistance | 1.0140 | 1.0185 | 1.0205 | 1.0275 | 1.0305 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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