Morning Report
The decline seen stopped in areas around the support level of 1.2665, while the pair didn’t provide any 4-hour closing below this level, which confirms the importance of this level to determine the pair's next move. Currently, the upside move is still available, as we expect the pair to attempt breaching the level of 1.2795 in order to head towards higher areas. Stochastic is less negative, while RSI is positive. These factors together drive us to expect another bullish attempt 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 | 1.2700 | 1.2665 | 1.2620 | 1.2570 | 1.2535 |
| Resistance | 1.2745 | 1.2795 | 1.2820 | 1.2875 | 1.2900 |
| 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)
Morning Report
In accordance with our technical overview which we espoused during the previous two months, the pair has slipped aggressively clearing the pivotal support of 1.5420. This decline has activated the classical pattern over daily studies discussed yesterday and we recommend reviewing the previous report for more details about this classical structure. Back to the harmonic overview over weekly basis where we can see the CD leg of duplicated harmonic formation is in progess as follows:
- A harmonic Butterfly pattern starting from X2 point.
- A harmonic Bat pattern starting from X1 point.
To recap, the allover trajectory remains bearish while focusing now is on the psychological level of 1.5000.
The trading range for today is among key support at 1.5075 and key resistance at 1.5555.
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 | 1.5270 | 1.5210 | 1.5180 | 1.5125 | 1.5075 |
| Resistance | 1.5360 | 1.5420 | 1.5460 | 1.5515 | 1.5555 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5350 targeting 1.5080 and stop loss above 1.5555 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The pair has been trapped within a very tight range since the opening of this week while consolidation continued above 76.4% Fibonacci of the upside rally from 75.50 to 79.50 as seen on the provided daily graph. At the same time, the contrarian between momentum and trend indicators continued appearing on the chart; thus, the neutrality is favored over intraday basis. Ultimately, a break below 76.50 will encourage bears but a breakout 77.10 will give advantage for bulls.
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)
Morning Report
The pair inclined yesterday as expected to settle above the exponential moving averages 20 and 50. Furthermore, RSI is trading above the 50-point level. But, Stochastic is negative and consolidation above 0.9575 is required to relieve the indicator from this negativity. We expect an upside move today, supported by the bullish technical structure. But, a breach of 0.9450 is sufficient to negate our positive outlook.
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 | 0.9520 | 0.9480 | 0.9450 | 0.9430 | 0.9410 |
| Resistance | 0.9575 | 0.9590 | 0.9600 | 0.9660 | 0.9740 |
| Recommendation | Based on the chart and explanations above, our opinion is buying the pair above 0.9480, and taking profit in stages at (0.9600 and 0.9740) and stop loss with 4-hour closing below 0.9400 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
The pair retested the exponential moving averages from below and the previously breached ascending main support, and then the pair returned to trade around 1.0185. Consolidation below 1.0205 suggests that the downside movement is still available in the coming period.
The trading range for today is among the major support at 1.0000 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 | 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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