Morning Report
Currently, the pair is trading around the critical resistance of the downside movement, which meets the exponential moving average 50 and 161.8% Fibonacci as shown above on the chart at 1.3000. The downside movement could control the pair’s movement again, affected by the mentioned levels. Stability below 1.3120 is required for our negative outlook to prevail.
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 | 1.2955 | 1.2900 | 1.2875 | 1.2845 | 1.2790 |
| Resistance | 1.3000 | 1.3045 | 1.3080 | 1.3120 | 1.3160 |
| 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 today | ||||
Great British Pound (GBP)
Morning Report
After explaining our technical overview over short term basis in the weekly report, we will move to the daily studies where we can see how the correction from the former low of 1.5360 continues towards SMA 20-colored in green-. Having a deeper look at the retest levels, we will notice that 23.6% Fibonacci retracement of the entire bearish wave from 1.6615 to 1.5270 represents a very solid resistance. In the interim, a potential momentum resistance may start affecting Cable negatively once it is touched. Thereby, the bearishness is in favor over intraday basis; whilst a break back below 1.5460 will accelerate declines.
The trading range for today is among key support at 1.5270 and key resistance at 1.5780.
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 | 1.5515 | 1.5460 | 1.5420 | 1.5375 | 1.5320 |
| Resistance | 1.5585 | 1.5630 | 1.5680 | 1.5720 | 1.5780 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5585 targeting 1.5270 and stop loss above 1.5780 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The pair didn't show any big move during the Asian session where trading continued below 61.8% Fibonacci retracement of the entire upside wave from 75.50 to 79.50 as seen on the provided four-hour chart. As we discussed in our weekly report, the pair is very close to very sensitive areas as it approaches 76.4% Fibonacci while Stochastic enters the oversold areas. As a consequence, we hold onto our neutrality until we see how the pair will behave around the aforementioned levels. A break above 77.40 will bring strong buying interests.
The trading range for today is among key support at 75.80 and key resistance now at 77.90.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 76.60 | 76.40 | 76.10 | 75.80 | 75.50 |
| Resistance | 76.95 | 77.30 | 77.60 | 77.90 | 78.30 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside since the risk versus reward ratio is very high. | ||||
Swiss Franc (CHF)
Morning Report
The pair approaches again the ascending main support level at 0.9360, where despite the negativity seen on momentum indicators, stability above this level supports the return of the upside move. A breakout below 0.9330 could trigger a downside correction activating the negativity seen on momentum indicators.
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 0.8850 targeting 0.9950.
**New York Candlesticks**
| Support | 0.9365 | 0.9330 | 0.9290 | 0.9260 | 0.9235 |
| Resistance | 0.9400 | 0.9440 | 0.9490 | 0.9520 | 0.9590 |
| Recommendation | Based on the chart and explanations above, our opinion is buying the pair around 0.9375, and take profit in stages at (0.9490, 0.9590 and 0.9660) and stop loss with 4-hour closing below 0.9290 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
The pair has declined breaching the ascending main support level, where this breakout weakens the formation of the technical structure mentioned in our weekly report. Stochastic and the Relative Strength Index are negative, but on the other hand, stability above 1.0070 prevents us from confirming the downside movement. Therefore, we remain neutral and negate our weekly expectations in case the pair tests areas around 1.0185.
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 | 0.9970 | 0.9905 |
| Resistance | 1.0185 | 1.0205 | 1.0255 | 1.0275 | 1.0305 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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