Morning Report
The pair was not able to breach and settle below the level of 1.3000. But at the same time, the pair is still trading below the resistance level at 1.3120 within the descending channel shown above. In addition, we see positive crossover on the exponential moving averages and positivity on Stochastic but on the other hand the relative strength index and MACD are moving weakly. Therefore, we still expect the downside movement to return, but consolidation below 1.3000 is required to negate the positive seen on technical indicators.
The trading range for today is among the major support at 1.2790 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 | 1.3000 | 1.2975 | 1.2955 | 1.2875 | 1.2845 |
| Resistance | 1.3080 | 1.3120 | 1.3160 | 1.3220 | 1.3270 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair with 4-hour closing 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
The pair didn't show any big move during the Asian session after achieving a new daily closing below SMA 50 as seen on the provided daily chart. Meanwhile, Stochastic started to show the tendency to overlap negatively as we anticipated yesterday. Thereby, we still classify the recovery from 1.5405 as a healthy correction and gathering momentum process to resume the downside rally started at 1.6615. A break of 1.5590 will bring aggressive selling interests.
The trading range for today is among key support at 1.5420 and key resistance at 1.5880.
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 | 1.5555 | 1.5515 | 1.5460 | 1.5420 |
| Resistance | 1.5720 | 1.5780 | 1.5820 | 1.5880 | 1.5935 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.5650 targeting 1.5420 and stop loss above 1.5795 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The USD/JPY pair continued closing positively above 78.00 zones despite the negativity on momentum indicators -RSI 14 and Stochastic- thus, we believe that it may move mildly lower before resuming the bullishness started at 77.00 zones, supported by the positivity of the daily studies as seen on the secondary image. Our scenario is supported by stability above SMA 50 and SMA 100; whilst breaching through 78.30 will accelerate inclines.
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 | 77.80 | 77.60 | 77.30 | 77.15 | 76.95 |
| Resistance | 78.30 | 78.45 | 78.80 | 79.15 | 79.55 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 77.85 targeting 79.55 and stop loss below 76.70 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
The pair is moving sideways between the level of 0.9400 and 0.9330 but with a slight negative bias. However, the pair could have been attempting to form a new ascending channel with its main support at 0.9290, but to confirm this channel consolidation above 0.9400 is required to negate the negativity seen on Stochastic. Therefore, we remain neutral in our morning report awaiting more confirmations.
The trading range for today is among the major support at 0.9180 and the major resistance at 0.9590.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
**New York Candlesticks**
| Support | 0.9330 | 0.9290 | 0.9260 | 0.9235 | 0.9180 |
| Resistance | 0.9400 | 0.9440 | 0.9490 | 0.9520 | 0.9590 |
| Recommendation | Based on the charts and explanations above we remain neutral, awaiting more confirmations | ||||
Canadian Dollar (CAD)
Morning Report
As shown on the daily interval, the pair attempts to form a triangle technical formation, which could trigger an upside move in the coming period, where the pair is currently trading around the main support of the upside move, and also around the support level of the suggested triangle formation and finally around 38.2% Fibonacci correction, as all these level met at 1.0185. We expect an upside move today as long as the pair is stable above 1.0185, but a breach of 1.0070 could trigger a strong bearish wave.
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 | 1.0185 | 1.0140 | 1.0100 | 1.0070 | 1.0055 |
| 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 1.0185, and take profit in stages at (1.0275 and 1.0365) and stop loss with 4-hour closing below 1.0070 might be appropriate | ||||
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