Midday Report
The pair inclines to currently threaten the critical resistance of the downside movement, where it attempts now to provide a 4-hour closing above 1.3000. A breach of the mentioned level could support the pair to move higher towards 1.3120 and maybe 1.3210, while a failure to breach this resistance supports our negative outlook to return. Therefore, we adjust our morning expectations to depend now on the current candlestick seen on the provided 4-hour interval.
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 | 1.3000 | 1.2955 | 1.2900 | 1.2875 | 1.2845 |
| Resistance | 1.3045 | 1.3080 | 1.3120 | 1.3160 | 1.3220 |
| Recommendation | Our morning expectations remain valid, and in case the pair was able to provide 4-hour closing above 1.3000, we will negate our morning expectations, and recommend buying the pair above 1.3000, and take profit in stages at 1.3120 and 1.3210 and stop loss with 4-hour losing below 1.2955 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
The pair is presently struggling around our detected entry point where it intends to achieve the re-testing process of 23.6% of Fibonacci of the downside wave from 1.6615 to 1.5270 from below. Stochastic also continues the previous discussed relief process, but we believe that the bearishness appearing on the bigger time frames-check the weekly report- may beat the current recovery forcing Cable to move lower once more. A break of 1.5555 followed by 1.5460 is needed to confirm our scenario.
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 | 1.5555 | 1.5515 | 1.5460 | 1.5420 | 1.5375 |
| Resistance | 1.5585 | 1.5630 | 1.5680 | 1.5720 | 1.5780 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair didn't show any big move since morning where Stochastic attempts to enter the oversold areas as we discussed this morning. Consolidation above the sensitive areas of 76.4% Fibonacci retracement of the wave from 75.50 to 79.50 warns of potential reversal to the upside, but negativity of Vortex-trend indicator- contradicts with this technical prospect. Therefore, we will remain neutral for the rest of the day until a clearer sign appears to predict the next move.
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)
Midday Report
The pair attempts to confirm the breach of the ascending main support through providing a 4-hour closing below 0.9330. Therefore, we remain neutral now and negate our morning expectations around 0.9375.
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 | 0.9330 | 0.9290 | 0.9260 | 0.9235 | 0.9195 |
| Resistance | 0.9375 | 0.9400 | 0.9440 | 0.9490 | 0.9520 |
| Recommendation | Our morning expectations remain valid, but our opinion is negating our expectations around 0.9375. It is necessary to remain committed to our stop loss point. | ||||
Canadian Dollar (CAD)
Midday Report
The pair declined further, attempting to confirm the breakout below the ascending main support. This move could send the pair to areas around 1.0070, which if breached; the downside movement could extend further. For today, we expect the downside movement could continue affecting the pair, unless it return and settle above 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, our opinion is selling the pair around 1.0185, and take profit in stages at (1.0100 and 1.0070) and stop loss with 4-hour closing above 1.0205 might be appropriate | ||||
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