Midday Report
The pair settled in areas around the resistance level at 1.2795, in attempts to confirm the stability above this level. Stochastic is within overbought areas; however, consolidation above the mentioned level is required to negate the indicator’s effect and to head towards the main resistance of the downside movement at 1.2875. We expect the upside move to continue, but due to the high risks associated to our expectations, we remain neutral for the rest of the session today.
The trading range for today is among the major support at 1.2535 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 | 1.2760 | 1.2720 | 1.2665 | 1.2620 | 1.2570 |
| Resistance | 1.2820 | 1.2875 | 1.2900 | 1.2955 | 1.3000 |
| Recommendation | Based on the chart and explanations above, we remain neutral awaiting more confirmations | ||||
Great British Pound (GBP)
Midday Report
After touching the awaited resistance level of at the psychological level of 1.5500, the pair started to move steadily downwards. But, the overall movements are trapped within tight range. Thus, our outlook remains unchanged for the rest of the day and a break of 1.5420 will support bears to dominate the upcoming session.
The trading range for today is among key support at 1.5215 and key resistance at 1.5680.
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 | 1.5215 |
| Resistance | 1.5515 | 1.5555 | 1.5630 | 1.5680 | 1.5720 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The difference between the recorded high and recorded low is about 15 pips reflecting the technical hesitation. Stability is seen above 76.4% Fibonacci while indicators are still unclear. So that, we remain neutral for the rest of the day until an actionable setup presents itself over upcoming session.
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, staying aside as risk versus reward ratio is too high today. | ||||
Swiss Franc (CHF)
Midday Report
The negative pressures are still affecting the pair, where the pair is stable below the exponential moving average 20, but on the other hand, the support level around 0.9450 was able to stop the pair’s negative momentum. Stochastic attempts to exit oversold areas, which supports our morning expectations to remain as they are. RSI breached the 50-point level, which requires stability above 0.9480 again to support our expectations.
The trading range for today is among the major support at 0.9300 and the major resistance at 0.9660.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
**New York Candlesticks**
| Support | 0.9450 | 0.9430 | 0.9400 | 0.9635 | 0.9300 |
| Resistance | 0.9480 | 0.9520 | 0.9590 | 0.9600 | 0.9660 |
| Recommendation | Based on the chart and explanations above, our opinion is buying the pair around 0.9450, and taking profit in stages at (0.9590 and 0.9660) and stop loss with 4-hour closing below 0.9365 might be appropriate | ||||
Canadian Dollar (CAD)
Midday Report
The pair is trading negatively now, attempting to breach the support level at 1.0185, supported by the negativity seen on momentum indicators in addition to the stability below the exponential moving averages 20 and 50 and also below the previously breached ascending main support. All these factors together drive us to expect the downside movement to extend during the rest of the session today.
The trading range for today is among the major support at 1.0025 and the major resistance at 1.0305.
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 | 1.0000 |
| Resistance | 1.0205 | 1.0255 | 1.0275 | 1.0305 | 1.0375 |
| Recommendation | Our morning expectations remain valid | ||||
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