Morning Report
The pair declined again, and it is currently stable below 1.2790, which represents 224% Fibonacci of the bullish wave that started at the level of 1.2945 and ended at 1.3198. Consolidation below the mentioned level suggests the extension of the downside movement towards 161.8% Fibonacci at1.2665, supported by the negativity seen on MACD.
The trading range for today is among the major support at 1.2535 and the major resistance at 1.3000.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
**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 selling the pair around 1.2790, and take profit at 1.2665 and stop loss with 4-hour closing above 1.2875 might be appropriate today | ||||
Great British Pound (GBP)
Morning Report
If you checked our weekly report, you will find that we have hinted the momentum resistance areas of Stochastic as resistance for Cable's upside rallies over daily basis. Indeed, Stochastic has adopted a favorable reaction to this probability as it overlapped negatively with the long black candlestick formed yesterday under the negative pressure from moving averages where the closing was seen below 23.6% Fibonacci of the entire downside wave from 1.6615 to 1.5270. Henceforth, the bearishness is still favored over intraday basis and a break of 1.5420 will weaken the pivotal support around 1.5360.
The trading range for today is among key support at 1.5180 and key resistance at 1.5780.
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 | 1.5420 | 1.5360 | 1.5335 | 1.5270 | 1.5180 |
| Resistance | 1.5515 | 1.5555 | 1.5585 | 1.5630 | 1.5680 |
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 1.5515 targeting 1.5270 and stop loss above 1.5690 might be appropriate. | ||||
Japanese Yen (JPY)
Morning Report
The pair has moved violently upwards after finding a solid support above 76.4% Fibonacci retracement of the entire upside rally from 75.50 to 79.50 areas as seen on the provided daily graph. Despite the negativity of moving averages and Vortex but the chart offers the following positive factors that encourage us to expect additional bullishness over intraday basis:
- Forming a long white candlestick formation after achieving stability above 76.4% Fibonacci.
- Achieving a bullish crossover on Stochastic.
- Closing bullishly above 61.8% level.
The above technical factors may assist the pair to beat the negativity of trend indicator once 77.55 areas are taken.
The trading range for today is among key support at 76.10 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 | 76.340 | 76.10 | 75.80 |
| 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 78.45 and stop loss below 76.10 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
According to the weekly interval, we find the pair returned and confirmed the stability above 50% Fibonacci of the CD leg of the Deep Crab harmonic pattern. Consolidation above this level at 0.9400 suggests the extension of the upside move during the coming period. Today, stability above 0.9480 is necessary to confirm our expectations over intraday basis.
The trading range for today is among the major support at 0.9375 and the major resistance at 0.9785.
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 | 0.9430 | 0.9400 | 0.9375 |
| Resistance | 0.9590 | 0.9600 | 0.9660 | 0.9740 | 0.9785 |
| Recommendation | Based on the chart and explanations above, our opinion is buying the pair above 0.9480, and take profit in stages at (0.9630 and 0.9740) and stop loss below 0.9375 might be appropriate. | ||||
Canadian Dollar (CAD)
Morning Report
The incline seen is still limited in areas below the exponential moving averages 20 and 50 as shown on the daily chart. This consolidation could support the pair to return below the ascending main support level around 1.0185. Stability below this support level supports the downside movement to return again. A breach of 1.0275 and stability above is sufficient for the upside move to return.
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 | 1.0185 | 1.0140 | 1.0100 | 1.0070 | 1.0025 |
| 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 with 4-hour closing below 1.0185, and take profit in stages at (1.0070 and 0.9970) and stop loss with 4-hour closing above 1.0255 might be appropriate | ||||
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