Midday Report
The pair's attempts to settle above the level of 1.2665 failed so far, therefore the pair doesn’t benefit from the positivity seen on momentum indicators. But at the same time, oversold signs seen on the indicators prevent us from expecting a downside movement. Therefore, we remain natural for the rest of the session today.
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 1.2220 targeting 1.3145.
**New York Candlesticks**
| Support | 1.2620 | 1.2570 | 1.2535 | 1.2500 | 1.2455 |
| Resistance | 1.2685 | 1.2740 | 1.2795 | 1.2845 | 1.2875 |
| Recommendation | Based on the chart and explanations above, we remain neutral awaiting more confirmations | ||||
Great British Pound (GBP)
Midday Report
The pair didn't show any big move since morning and now, we move to the daily chart where we can notice a moderate positive crossover on Stochastic that may cause some kind of fluctuation. But, stability below the previous broken support line is another technical catalyst that could assist the pair to continue its downside journey. The bearishness remains in favor for the rest of the day supported by the negativity on the longer time frames and we recommend reviewing the weekly report for more details. A break below 1.5230 will trigger violent downside wave.
The trading range for today is among key support at 1.5075 and key resistance at 1.5515.
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 | 1.5230 | 1.5180 | 1.5125 | 1.5075 |
| Resistance | 1.5360 | 1.5420 | 1.5490 | 1.5515 | 1.5555 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5360 targeting 1.5075 and stop loss above 1.5555 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
The pair has been trapped within a very tight range sine the opening of this week and couldn't hit the initial resistance of 77.10 during the Asian session. Now, consolidating between 61.8% and 76.4% Fibonacci retracement level supposes a neutral case. Only a break above 77.10 or below 76.50 can change this neutral outlook.
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
According to the 4-hour interval, the pair is currently stable in areas around the resistance level of 0.9550. A breach of this level should trigger more positivity today. But, Stochastic is negative and within overbought areas, which could trigger downside corrections. But in general, consolidation above 0.9400 drives us to remain positive over weekly basis due to the reasons mentioned in our weekly report.
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 0.8850 targeting 0.9950.
**New York Candlesticks**
| Support | 0.9520 | 0.9480 | 0.9400 | 0.9375 | 0.9330 |
| Resistance | 0.9550 | 0.9590 | 0.9660 | 0.9740 | 0.9855 |
| Recommendation | Based on the chart and explanations above, our opinion is buying the pair above 0.9520, and taking profit in stages at (0.9660 and 0.9785) and stop loss with a daily closing below 0.9400 might be appropriate | ||||
Canadian Dollar (CAD)
Midday Report
The pair returned to trade below EMA 20 and 50 and also below the ascending main support level. But on the other hand, the pair is stable above the critical barrier of 1.0185, while Stochastic is positive. Therefore, we remain neutral for the rest of the session today awaiting further confirmations.
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 | 1.0205 | 1.0185 | 1.0140 | 1.0110 | 1.0070 |
| Resistance | 1.0255 | 1.0275 | 1.0305 | 1.0365 | 1.0475 |
| Recommendation | Based on the charts and explanations above, we remain neutral awaiting more confirmations | ||||
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