Midday Report
The pair declined sharply, confirming the strength of the downtrend affected by trading below the main resistance of the downside channel, and consolidation below the exponential moving averages 20 and 50 in addition to the negativity seen on MACD and the downside tendency seen on RSI. All these factors together suggest that the downside movement could continue for the rest of the day.
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 | 1.2845 | 1.2790 | 1.2760 | 1.2720 | 1.2665 |
| Resistance | 1.2875 | 1.2900 | 1.2955 | 1.3000 | 1.3045 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 1.2875, and take profit in stages at (1.2795 and 1.2720) and stop loss with 4-hour closing above 1.2955 might be appropriate today | ||||
Great British Pound (GBP)
Midday Report
The pair has slipped violently breaching through the pivotal support –turned into resistnace-23.6% Fibonacci of the downside wave from 1.6615 to 1.5270 as seen on the provided daily. SMA 20 also has been taken while Stochastic is gradually losing its bullish momentum. In result, our morning predications remain valid for the rest of the day and focus is now on 1.5420.
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 | 1.5515 | 1.5460 | 1.5420 | 1.5375 | 1.5270 |
| Resistance | 1.5585 | 1.5630 | 1.5680 | 1.5720 | 1.5780 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair continued consolidating between 61.8% and 76.4% Fibonacci retracement while the contradiction remains seen between Stochastic and Vortex. Thereby, our morning neutral stance remains unchanged for the rest of the day; noting that coming above 77.10 will bring buying interests and above 77.30 will change the technical situation into bullish.
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 | 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
As shown above on the chart, we recognize a bullish technical structure that negated our negative outlook suggested earlier this week. The pair attempts now to confirm the stability above the level of 0.9480, which represents 78.6% Fibonacci correction as shown above. RSI is positive, and stability above the mentioned level is expected to create an upside wave that could send the pair higher towards 0.9550 initially and then towards 0.9630 in case the pair was able to breach the first level.
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 | 0.9480 | 0.9430 | 0.9400 | 0.9375 | 0.9330 |
| Resistance | 0.9520 | 0.9550 | 0.9590 | 0.9630 | 0.9660 |
| Recommendation | Based on the chart and explanations above, our opinion is buying the pair above 0.9480, and take profit in stages at (0.9490, 0.9550 and 0.9630) and stop loss with 4-hour closing below 0.9375 might be appropriate | ||||
Canadian Dollar (CAD)
Midday Report
The pair retests areas around the level of 1.0185 now after the incline seen, which is still limited below the exponential moving averages 20 and 50. Our morning expectations remain as they are, supported by the breach of the ascending main support in addition to the stability below the mentioned moving averages.
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 | 1.0140 | 1.0100 | 1.0070 | 1.0025 | 0.9970 |
| Resistance | 1.0185 | 1.0205 | 1.0255 | 1.0275 | 1.0305 |
| Recommendation | Our morning expectations remain valid | ||||
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