Morning Report
The pair inclined to settle again above 1.2665, and in result it didn’t provide any daily closing below this level, which negates the breach seen with the start of this week. Therefore, we expect the pair to incline again, despite the several barriers facing the upside move, where the pair is still trading below the exponential moving averages, but trading above the mentioned level supports our bullish outlook to remain valid.
The trading range for today is among the major support at 1.2535 and the major resistance at 1.2900.
The short-term trend is to the upside with steady daily closing above 1.2220 targeting 1.3145
**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 1.2665, and take profit in stages at (1.2720 and 1.2875) and stop loss with 4-hour closing below 1.2620 might be appropriate today | ||||
Great British Pound (GBP)
Morning Report
The previous caught positive sign which appeared on Stochastic has been able to send the pair slightly upwards. Now, the previous broken support-turned into resistance- of the descending triangle pattern at 1.5420 could be retested before moving to the downside once more as we classify the current price behaviors as normal gathering momentum process. A breakout below 1.5270 will bring violent bearish wave while stability above 1.5420 will give us a reason for pause.
The trading range for today is among key support at 1.5125 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 | 1.5335 | 1.5270 | 1.5230 | 1.5180 | 1.5125 |
| Resistance | 1.5420 | 1.5490 | 1.5515 | 1.5555 | 1.5630 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5420 targeting 1.5230 and stop loss above 1.5555 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The pair continued moving between 61.8% and 76.4% Fibonacci retracement levels of the entire upside wave from 75.50 to 79.50 zones as seen on the provided daily graph. At the same time, Stochastic approached oversold areas; whilst Vortex continued reflecting the strength of the bearish pressure. The contradiction between indicators and the tight trading tight range are reasons that force us to continue staying aside over intraday basis. Breaching 76.50 will bring additional negative pressure and a break above 77.10 will be a positive technical indication.
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 | 77.30 | 77.55 | 77.90 |
| 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 declined again after it failed to settle above 0.9550, but this decline doesn’t changed the suggested trend, where the bullish technical structure shown above in red is still effective and any trading above 0.9400 supports the upside move to return significantly. But, downside correction is possible to support the pair to regain momentum from areas around the support level of 0.9480 and then the upside move could return again. Stochastic is within oversold areas, which supports our expectations over intraday basis.
The trading range for today is among the major support at 0.9365 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 | 0.9520 | 0.9550 | 0.9575 | 0.9590 | 0.9660 |
| 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 a daily closing below 0.9400 might be appropriate | ||||
Canadian Dollar (CAD)
Morning Report
The pair declined after settling below EMA around 1.0205 and breaching the support level at 1.0185. The bearishness is expected to continue today, as RSI is trading below the 50-point level, while Stochastic is negatively biased. Consolidation below 1.0205 is necessary to confirm our intraday expectations.
The trading range for today is among the major support at 0.9970 and the major resistance at 1.0275.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
| Support | 1.0100 | 1.0070 | 1.0025 | 1.0000 | 0.9970 |
| 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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