Midday Report
Consolidation above the level of 1.2875 is positive, where stability above this level confirms the breach of the downside movement. Currently, the upside move is expected to extend further, but heavy fluctuations and downside corrections are possible as Stochastic is within overbought areas. Consolidation above the exponential moving averages 20 and 50 around 1.2760 is required for our positive outlook to prevail.
The trading range for today is among the major support at 1.2665 and the major resistance at 1.3005.
The short-term trend is to the downside with steady daily closing below 1.3145 targeting 1.2220.
**New York Candlesticks**
| Support | 1.2875 | 1.2840 | 1.2795 | 1.2720 | 1.2665 |
| Resistance | 1.2955 | 1.3005 | 1.3045 | 1.3080 | 1.3120 |
| Recommendation | Based on the charts and explanations above, our opinion is buying the pair around 1.2875, and take profit in stages at (1.2955 and 1.3005) and stop loss with 4-hour closing below 1.2795 might be appropriate today | ||||
Great British Pound (GBP)
Midday Report
The same presented four-hour graph discussed in the morning report today is showing a new classical continuation probability where a rising wedge is on its way to be formed as well. Despite the narrow trading range seen during the previous session but we believe that the pair is currently gathering the momentum it needs to move lower. A break below 1.5370-1.5360 will confirm the bearishness. On the other side, breaching 1.5555 will give us a rational reason for pause.
The trading range for today is among key support at 1.5230 and key resistance at 1.5630.
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 | 1.5370 | 1.5335 | 1.5270 | 1.5230 | 1.5180 |
| Resistance | 1.5460 | 1.5515 | 1.5555 | 1.5630 | 1.5680 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 1.5370 targeting 1.5125 and stop loss above 1.5555 might be appropriate. | ||||
Japanese Yen (JPY)
Midday Report
Despite the moderate positivity on Stochastic, but the pair continued moving very narrowly for the fourteenth day between 76.4% and 61.8% Fibonacci levels. We need to witness a break above 61.8% or below 76.4% to pinpoint the upcoming big move. So that let us stay aside until the pair gives us a sign that we can trust.
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
The pair breached the ascending main support and now it is stable around 78.6% Fibonacci correction as shown above around 0.9365. Consolidation below 0.9400-15 suggests that the downside movement could extend towards areas around 0.9300 as a start and then towards 0.9225 in case the previous level was breached. Our negative expectations are threatened by the oversold signs seen on Stochastic, but consolidation below 0.9400 should negate the effect of Stochastic since the pair breached the support level.
The trading range for today is among the major support at 0.9235 and the major resistance at 0.9575.
The short-term trend is to the upside with steady weekly closing above 0.8850 targeting 0.9950.
**New York Candlesticks**
| Support | 0.9320 | 0.9300 | 0.9290 | 0.9260 | 0.9225 |
| Resistance | 0.9405 | 0.9420 | 0.9480 | 0.9520 | 0.9575 |
| Recommendation | Based on the chart and explanations above, our opinion is selling the pair below 0.9400, and taking profit in stages at (0.9300 and 0.9225) and stop loss with a daily closing above 0.9480 might be appropriate | ||||
Canadian Dollar (CAD)
Midday Report
The pair is still biased to the downside, affected by the continuous formation of the CD leg of the suggested harmonic pattern, which should be completed in area around 1.0010. Our negative expectations remain valid as long as the pair is stable below the bottom of (B) point at 1.0138.
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 | 1.0070 | 1.0025 | 1.0000 | 0.9970 | 0.9905 |
| Resistance | 1.0140 | 1.0185 | 1.0205 | 1.0255 | 1.0275 |
| Recommendation | Based on the charts and explanations above, our opinion is selling the pair around 1.0140, and take profit in stages at (1.0070 and 1.0010) and stop loss with 4-hour closing above 1.0205 might be appropriate | ||||
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