Morning Report
The pair declined sharply to trade again within the descending channel and below the exponential moving averages 20 and 50, which indicates that the upside correction was limited. But, Stochastic is negative now, while the pair didn’t provide any 4-hour closing below 1.2900. Therefore, we will stay aside today, waiting for more confirmations regarding the end of the correction, and to make sure that the pair will not settle above 1.3000 again.
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 | 1.3045 | 1.3080 | 1.3120 | 1.3160 |
| Recommendation | Based on the chart and explanations above, we remain neutral awaiting more confirmations | ||||
Great British Pound (GBP)
Morning Report
The pivotal resistance areas near 1.5780 which we discussed its importance in our harmonic outlook has proved its solidity sending the pair lower as seen on the provided daily graph. Moreover, SMA 50 has played a big role in assisting the aforementioned resistance to move bearishly. The negativity appearing on the four-hour interval suggests more downside movements over intraday basis, while breaching through 23.6% retracement of the wave from 1.6615 to 1.5270 will confirm our predictions. Of note, areas around 1.5420 could be the soft technical objective followed by retesting the significant trough of 1.5360.
The trading range for today is among key support at 1.5360 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 | 1.5585 | 1.5555 | 1.5515 | 1.5460 | 1.5420 |
| Resistance | 1.5680 | 1.5720 | 1.5750 | 1.5780 | 1.5820 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.5585 targeting 1.5270 and stop loss above 1.5780 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The trading continued between 61.8% and 76.4% Fibonacci retracement of the upside wave from 75.80 to 79.50 zones where the pair has stabilized above 76.4% as seen on the provided four-hour chart. Furthermore, Stochastic has given off crossover inside oversold areas, but Vortex continues supporting the bearish trend. Consequently, the contrarian between those signs makes us keep our neutrality intact; noting that, risk versus reward ratio is still too high for intraday traders. Finally, any setbacks should be well supported at 75.80 for bulls and areas of 77.30 should the ceiling for bears.
The trading range for today is among key support at 75.50 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 | 77.60 | 77.40 | 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 inclined again benefiting from 23.6% Fibonacci correction as shown above at 0.9315. This correction was able to push the pair above the exponential moving averages, which negated our negative expectations yesterday. Now, we will stay aside, where Stochastic is within overbought areas and the pair is still trading outside the scope of the upside move, and now we are waiting for further confirmation to specify the pair’s next move.
The trading range for today is among the major support at 0.9235 and the major resistance at 0.9520
The short-term trend is to the upside with steady weekly closing above 0.8850 targeting 0.9950.
**New York Candlesticks**
| Support | 0.9400 | 0.9375 | 0.9315 | 0.9290 | 0.9260 |
| Resistance | 0.9440 | 0.9490 | 0.9520 | 0.9590 | 0.9600 |
| Recommendation | Based on the charts and explanations above we remain neutral, awaiting more confirmations | ||||
Canadian Dollar (CAD)
Morning Report
The pair inclined yesterday, but this incline was limited in areas below 1.0185 and also below the previously breached ascending main support, and also below the exponential moving averages 20 and 50, which have provided a negative crossover for the first time since July. Therefore, our negative outlook remains valid, and we expect the pair to decline again today.
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 | 1.0000 | 0.9970 |
| 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 below 1.0185, and take profit in stages at (1.0070 and 0.9970) and stop loss with 4-hour closing above 1.0255 might be appropriate | ||||
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