Midday Report
The pair declined sharply, yet it is still above the support level at 1.2870, which supports our positive outlook to remain valid. In fact, the decline seen is only a correction, especially as this week comes to an end. In addition, this decline should relieve the negativity seen on Stochastic. Our morning expectations remain as they are, affected by the breach of the main resistance of the downside movement as shown above.
The trading range for today is among the major support at 1.2795 and the major resistance at 1.3195.
The short-term trend is to the downside with steady daily closing below 1.3145 targeting 1.2220.
**New York Candlesticks**
Support | 1.2900 | 1.2875 | 1.2840 | 1.2795 | 1.2720 |
Resistance | 1.2955 | 1.3005 | 1.3035 | 1.3080 | 1.3135 |
Recommendation | Our morning expectations remain valid |
Great British Pound (GBP)
Midday Report
The Fibonacci level of 61.8% at 1.5500 zones for the wave from 1.5665 to the significant low of 1.5230 has sent the pair aggressively downwards during the previous session confirming the solidity of the upper line -resistance- of the classical continuation pattern discussed this morning. Moreover, a bearish candlestick formation was formed activating a negative sign on Stochastic as seen on our provided four-hour graph. Thereby, we hold onto our bearish predictions for the rest of the day and a break of 1.5370-1.5360 will reinforce this negative scenario.
The trading range for today is among key support at 1.5230 and key resistance at 1.5680.
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 | 1.5515 | 1.5555 | 1.5630 | 1.5680 | 1.5720 |
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
The pair continued stabilizing above 61.8% Fibonacci retracement of the entire bullish wave from 75.50 to 79.50 as seen on the provided daily chart. The positivity appearing on Stochastic and Vortex are fair enough to predicate resumption for the bullishness started yesterday above the initial support of 76.4% Fibonacci retracement. Only a break below 76.50 will give us a reason for pause while breaching 76.10 will damage the positive outlook.
The trading range for today is among key support at 76.00 and key resistance now at 78.45.
The general trend over short term basis is to the upside targeting 87.45 as far as areas of 75.20 remain intact.
Support | 76.95 | 76.60 | 76.40 | 76.10 | 76.00 |
Resistance | 77.30 | 77.55 | 77.90 | 78.30 | 78.45 |
Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 77.00 targeting 79.00 and stop loss below 76.10 might be appropriate. |
Swiss Franc (CHF)
Midday Report
The pair rebounded sharply to the upside after reaching areas around 0.9305. This reaction is normal due to the oversold signs seen on momentum indicators; in addition this rebound is still within the current downside movement as the pair is still stable below 0.9400-0.9415, where stability below this level supports the formation of the suggested harmonic structure.
The trading range for today is among the major support at 0.9225 and the major resistance at 0.9485.
The short-term trend is to the upside with steady weekly closing above 0.8850 targeting 0.9950.
**New York Candlesticks**
Support | 0.9305 | 0.9290 | 0.9260 | 0.9225 | 0.9180 |
Resistance | 0.9365 | 0.9405 | 0.9430 | 0.9485 | 0.9520 |
Recommendation | Our morning expectations remain valid |
Canadian Dollar (CAD)
Midday Report
The pair returned to decline settling for the upside correction seen before, while Stochastic provides a negative crossover after reversing below the 50-point level. All these factors together support us to hold our negative expectations as they are amid the continuous 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 | 1.0100 | 1.0070 | 1.0055 | 1.0025 | 0.9970 |
Resistance | 1.0140 | 1.0185 | 1.0205 | 1.0255 | 1.0305 |
Recommendation | Our morning expectations remain valid |
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment