Midday Report
According to the daily interval, we find a bullish candlesticks structure, which could support the pair to continue the upside correctional move. The level of 1.2795 is the first resistance level facing the current upside move, while we should pay attention that the level of 1.2875 represents a critical resistance and it could identify the pair’s next trend.
The trading range for this week is among the major support at 1.2455 and the major resistance at 1.3000.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
**New York Candlesticks**
| Support | 1.2740 | 1.2700 | 1.2665 | 1.2620 | 1.2570 |
| Resistance | 1.2795 | 1.2845 | 1.2875 | 1.2910 | 1.2955 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.2700, and take profit in stages at (1.2790 and 1.2875) and stop loss with 4-hour closing below 1.2665 might be appropriate today | ||||
Great British Pound (GBP)
Midday Report
Adding to the bearish catalysts discussed in our weekly report, we can notice on the same daily graph a potential continuation classical pattern. Actually, the pattern will not be accurate unless we witness a decisive breakout below 1.2360 zones. At the same time, Stochastic continues giving off bearish signal. In result, our weekly predictions remain intact; noting that a break of 1.5680 will give us reason for pause; whilst breaching 1.5780 will negate.
The trading range for today is among key support at 1.5215 and key resistance at 1.5630.
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 | 1.5420 | 1.5360 | 1.5335 | 1.5270 | 15215 |
| Resistance | 1.5460 | 1.5490 | 1.5515 | 1.5555 | 1.5630 |
| Recommendation | Our weekly expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair continued its correction for past Thursday's bullish candlestick structure while Stochastic didn't show any sign of change. Henceforth, our weekly anticipations remain unchanged, but we need to witness a sustained breakout above 77.10 to make sure that the recovery started above 76.4% of the wave from 75.50 to 79.50. Conversely, a break below 76.10-75.80 will damage the bullish probability.
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 | 76.00 | 75.80 |
| Resistance | 76.95 | 77.10 | 77.55 | 77.90 | 78.30 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 77.10 targeting 79.00 and stop loss below 75.80 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair declined slightly, but the exponential moving averages 20 and 50 protects the upside move. Any trading above 0.9480 should support the extension of the upside move in the coming period.
The trading range for this week is among the major support at 0.9235 and the major resistance at 0.9855.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
**New York Candlesticks**
| Support | 0.9520 | 0.9480 | 0.9400 | 0.9375 | 0.9330 |
| Resistance | 0.9590 | 0.9660 | 0.9740 | 0.9785 | 0.9855 |
| Recommendation | Based on the chart and explanations above, our opinion is buying the pair above 0.9480, and taking profit in stages at (0.9590 and 0.9660) and stop loss with daily closing below 0.9400 might be appropriate. In case the pair reached the suggested stop loss point, our opinion is selling the pair around 0.9335 and taking profit in stages at (0.9235 and 0.9110) and stop loss with 4-hour closing above 0.9400 might be appropriate. | ||||
Canadian Dollar (CAD)
Midday Report
The pair declined reaching areas around 1.0275, and now we should track the pair’s movement closely, where Stochastic is negative, which could force more downside pressures of the pair, but consolidation above the ascending main support and above the exponential moving averages is significant as shown above. Therefore, we remain neutral awaiting more confirmation.
The trading range for this week is among the major support at 1.0000 and the major resistance at 1.0620.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0275 | 1.0255 | 1.0205 | 1.0185 | 1.0140 |
| Resistance | 1.0305 | 1.0365 | 1.0475 | 1.0500 | 1.0560 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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