Midday Report
After the decline seen, which sent the pair to areas around the support level at 1.2740; the pair rebounded sharply to the upside to currently reach the main resistance level of the downside movement as shown above. The levels of 1.2840 and 1.2875 are the critical barrier facing the pair today, where it should breach these levels in order to extend the upside movement. Our morning expectations remain valid, but the mentioned breach is necessary to confirm our outlook.
The trading range for today is among the major support at 1.2535 and the major resistance at 1.2955.
The short-term trend is to the downside with steady daily closing below 1.3145 targeting 1.2220.
**New York Candlesticks**
| Support | 1.2795 | 1.2740 | 1.2720 | 1.2665 | 1.2620 |
| Resistance | 1.2840 | 1.2875 | 1.2900 | 1.2955 | 1.3000 |
| Recommendation | Our morning expectations remain valid | ||||
Great British Pound (GBP)
Midday Report
Once again, the resistance levels between 1.5380 and 1.5400 prove its solidity as seen on the secondary image of the four-hour time scale. In the interim, RSI 14 shows that the pair is gradually losing its upside momentum via double topping; thus, the bearish outlook remains intact for the rest of the day supported by the classical probability over bigger time frames. A break of 1.5270 will accelerate declines and a break below 1.5230 will trigger a panic sell-off.
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 | 1.5270 | 1.5230 | 1.5180 | 1.5125 | 1.5075 |
| Resistance | 1.5370 | 1.5420 | 1.5490 | 1.5515 | 1.5555 |
| Recommendation | Our morning expectations remain valid. | ||||
Japanese Yen (JPY)
Midday Report
The provided daily chart reflects the thin trading case dominating the USD/JPY pair's movements as it didn’t show any big move since morning. Thereby, we hold onto our neutral stance for the rest of the day; noting that 76.50 is the floor for buyers and 77.10 is the ceiling for sellers.
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)
Midday Report
Negative pressures are affecting the pair sharply, where it is currently reaching the level of 0.9415 near the critical support at 0.9400. As shown above on the chart, we find that 50% Fibonacci correction of the CD leg of the bullish Deep Crab harmonic pattern affected the pair sharply during the past period. Therefore, consolidation above the mentioned level supports our positive expectations to remain as they are.
The trading range for today is among the major support at 0.9300 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 | 0.9400 | 0.9365 | 0.9300 | 0.9290 | 0.9260 |
| Resistance | 0.9480 | 0.9520 | 0.9575 | 0.9600 | 0.9660 |
| Recommendation | Our morning expectations remain valid | ||||
Canadian Dollar (CAD)
Midday Report
The pair is moving as expected, where it is currently trading negatively below the bottom of the (B) point of the Butterfly harmonic pattern. The negative crossover seen on Stochastic also supports our negative expectation to remain valid, affected by the formation of the CD leg of the suggested harmonic pattern.
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 | 1.100 | 1.0070 | 1.0025 | 1.0000 | 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 below 1.0185, and take profit in stages at (1.0070 and 1.0010) and stop loss with 4-hour closing above 1.0255 might be appropriate | ||||
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