Midday Report
The pair declined significantly to currently trade around the level of 1.2795, which is the critical level that is expected to specify the pair's next movement. Stochastic is negative, while RSI tests the 50-point level in attempts to breach it. All the negativity seen depends on consolidation below the mentioned level, but without any 4-hour closing below 1.2795 the positivity will return. Therefore, our morning expectations remain as they are.
The trading range for today is among the major support at 1.2665 and the major resistance at 1.3160.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
**New York Candlesticks**
Support | 1.2765 | 1.2720 | 1.2665 | 1.2620 | 1.2570 |
Resistance | 1.2830 | 1.2875 | 1.2900 | 1.2900 | 1.2955 |
Recommendation | Our morning expectations remain valid |
Great British Pound (GBP)
Midday Report
After approaching the awaited re-testing level of 1.5420-previous broken support- of our recently caught descending triangle, the pair slumped sharply during the previous session. Now, Stochastic is showing a bearish tendency despite approaching oversold areas; thus, the bearishness is still favored for the rest of the day. A break back below 1.5270 will trigger a panic sell-off.
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 | Our morning expectations remain valid. |
Japanese Yen (JPY)
Midday Report
The current price behaviors reflect a clear case of indecision such as that case appearing on technical indicators. Thereby, our neutral stance remains unchanged for the rest of the day. But, 77.10 is the protection of bears and 76.50 is the protection 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 | 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 level of 0.9400-15 was able to stop the pair's negative momentum, which is a positive sign indeed, but at the same time the pair is still stable below the exponential moving averages 20 and 50 and also below the level of 0.9480. Therefore, we remain neutral for the rest of the session today, awaiting the breach of the mentioned levels or retesting lower areas.
The trading range for today is among the major support at 0.9235 and the major resistance at 0.9660.
The short-term trend is to the upside with steady weekly closing above 0.8850 targeting 0.9950.
**New York Candlesticks**
Support | 0.9430 | 0.9415 | 0.9400 | 0.9365 | 0.9300 |
Resistance | 0.9480 | 0.9520 | 0.9575 | 0.9590 | 0.9600 |
Recommendation | Based on the charts and explanations above we remain neutral, awaiting more confirmations |
Canadian Dollar (CAD)
Midday Report
The pair is trading narrowly below the level of 1.0185, which confirms the continuous downside pressures on the pair. Consolidation below the mentioned level is sufficient for our morning expectations to remain valid, especially when RSI is stable below the 50-point level.
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 | 0.9970 |
Resistance | 1.0185 | 1.0205 | 1.0255 | 1.0275 | 1.0305 |
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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