Midday Report
As shown above on the chart, we find the pair is still trading below the resistance at 1.2795, but Stochastic attempts to remain positive, while the pair attempts to settle above the exponential moving average 20. Therefore, our morning expectations remain as they are, but the pair should not breach the level of 1.2665, as we prefer it to remain stable above 1.2720.
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 | 1.2720 | 1.2665 | 1.2620 | 1.2570 | 1.2535 |
| Resistance | 1.2795 | 1.2820 | 1.2875 | 1.2900 | 1.2955 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.2720, and take profit in stages at (1.2795 and 1.2875) and stop loss with 4-hour closing below 1.2665 might be appropriate today | ||||
Great British Pound (GBP)
Midday Report
The pair is steadily moving downwards where the support line of the potential descending triangle becomes under attack as seen on the provided chart. The secondary image proves reinforces the technical prospects of breaching this aforesaid support as the candlesticks formations are definitely negative. Thereby, we keep our morning predictions intact for the rest of the day; noting that, a break below 1.5360 will accelerate declines.
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 | 1.5360 | 1.5335 | 1.5270 | 1.5215 | 1.5180 |
| Resistance | 1.5490 | 1.5515 | 1.5555 | 1.5630 | 1.5680 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The pair is moving slightly to the upside where the sign of Stochastic was fixed as well. At the same time, Vortex continues reflecting a bearish signal; thus, we will continue watching the pair until one of the above mentioned signs modifies the other. Anyway, the neutrality is our technical choice for the time being; noting that 76.50 and 77.10 are the edges of sideways trading.
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 | 77.10 | 77.55 | 77.90 | 78.30 | 78.45 |
| 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 level of 0.9480 was able to support the pair's positive momentum, where the pair returned to trade positively above the exponential moving averages 20 and 50. Currently, consolidation above 0.9525 should confirm the return of the upside move, where stability above this level could relieve the negativity seen on Stochastic, which is currently within overbought areas.
The trading range for today is among the major support at 0.9300 and the major resistance at 0.9740.
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 | 0.9365 | 0.9300 |
| Resistance | 0.9525 | 0.9590 | 0.9600 | 0.9660 | 0.9740 |
| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
Stability below 1.0185 confirms the continuity of the downside movement, while the negativity seen on Stochastic and RSI supports our bearish scenario. All these factors together drive us to hold onto our morning expectations as they are, supported by the breach of the ascending main support and the stability below the exponential moving averages.
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 | 1.0185 | 1.0205 | 1.0275 | 1.0305 | 1.0375 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 1.0185, and take profit in stages at (1.0070 and 0.9970) and stop loss with 4-hour closing above 1.0275 might be appropriate | ||||
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